North Macedonia's GDP changed from approximately $2B 443M in 1992 to $15B 873M in 2024, showing an overall 549.7% sharply increased during the period.
The lowest GDP was recorded in 1992 at $2B 443M, and the highest in 2024 at $15B 873M.
Over the 32-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 6.0%.
For comparison, the average annual growth rate of Albania was 6.0%, and that of Serbia was 9.3%.
Overview of North Macedonia's GDP (1992–2024)
The Gross Domestic Product (GDP) of North Macedonia recorded a 549.7% sharply increased from 1992 to 2024.
The average GDP during this period was $8B 256M, and the median was $9B 400M.
GDP fluctuated within a range of $13B 430M, with a standard deviation of $4B 31M.
The average annual change was $405M 524K.
North Macedonia GDP from 1992 to 2024
The total market value of goods and services produced annually in North Macedonia.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
Highest and Lowest GDP Records
- Lowest GDP: 1992, $2B 443M
- Highest GDP: 2024, $15B 873M
- Most Recent GDP: 2024, $15B 873M
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and North Macedonia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $12B 609M → $12B 385M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $8B 337M → $9B 400M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $3B 774M → $3B 709M
- Outcome: declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $3B 928M → $3B 764M
- Outcome: declined
Key Economic Indicators of North Macedonia (1992–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1992 | $ 2B 443M | $ 1,263.86 | $ 5,987.64 | $ 11B 572M | 0 % | -0.379 % | 4.34 % | 0 % | 1M 933K people |
1993 | $ 2B 687M | $ 1,383.54 | $ 5,642.42 | $ 10B 957M | -7.5 % | -4.075 % | 2.05 % | 0 % | 1M 942K people |
1994 | $ 3B 561M | $ 1,824.42 | $ 5,630.39 | $ 10B 990M | -1.8 % | -8.57 % | 3.02 % | 0 % | 1M 952K people |
1995 | $ 4B 687M | $ 2,387.16 | $ 5,651.61 | $ 11B 97M | -1.1 % | -5.83 % | 14.49 % | 0 % | 1M 963K people |
1996 | $ 4B 642M | $ 2,348.11 | $ 5,783.99 | $ 11B 436M | 1.2 % | -7.14 % | 13.23 % | 0 % | 1M 977K people |
1997 | $ 3B 928M | $ 1,980.43 | $ 5,944.41 | $ 11B 790M | 1.351 % | -7.57 % | 12.94 % | 1.662 % | 1M 983K people |
1998 | $ 3B 764M | $ 1,888.76 | $ 6,184.57 | $ 12B 326M | 3.381 % | -8.253 % | 14.14 % | 0.174 % | 1M 993K people |
1999 | $ 3B 867M | $ 1,931.99 | $ 6,515.95 | $ 13B 43M | 4.348 % | -2.522 % | 16.20 % | 1.438 % | 2M 1K people |
2000 | $ 3B 774M | $ 1,878.24 | $ 6,939.17 | $ 13B 944M | 4.539 % | -1.791 % | 19.37 % | 4.048 % | 2M 9K people |
2001 | $ 3B 709M | $ 1,839.62 | $ 6,855.26 | $ 13B 821M | -3.067 % | -6.694 % | 10.99 % | -4.155 % | 2M 16K people |
2002 | $ 3B 991M | $ 1,974.06 | $ 7,046.24 | $ 14B 245M | 1.494 % | -8.927 % | 10.61 % | -3.858 % | 2M 21K people |
2003 | $ 4B 946M | $ 2,440.81 | $ 7,327.92 | $ 14B 850M | 2.223 % | -3.881 % | 14.06 % | 0.947 % | 2M 25K people |
2004 | $ 5B 684M | $ 2,796.62 | $ 7,852.99 | $ 15B 962M | 4.674 % | -7.914 % | 13.14 % | 1.234 % | 2M 33K people |
2005 | $ 6B 257M | $ 3,071.90 | $ 8,463.91 | $ 17B 240M | 4.724 % | -2.436 % | 17.41 % | 1.06 % | 2M 37K people |
2006 | $ 6B 860M | $ 3,362.43 | $ 9,157.97 | $ 18B 684M | 5.137 % | -0.428 % | 20.98 % | 0.429 % | 2M 40K people |
2007 | $ 8B 337M | $ 4,079.52 | $ 9,998.66 | $ 20B 433M | 6.473 % | -6.925 % | 16.80 % | 1.359 % | 2M 44K people |
2008 | $ 9B 912M | $ 4,842.22 | $ 10,731.40 | $ 21B 966M | 5.472 % | -12.792 % | 15.20 % | -0.296 % | 2M 47K people |
2009 | $ 9B 400M | $ 4,583.67 | $ 10,739.07 | $ 22B 22M | -0.359 % | -6.776 % | 18.99 % | -2.038 % | 2M 51K people |
2010 | $ 9B 415M | $ 4,581.31 | $ 11,211.02 | $ 23B 39M | 3.359 % | -2.029 % | 22.44 % | -1.685 % | 2M 55K people |
2011 | $ 10B 499M | $ 5,100.37 | $ 11,689.92 | $ 24B 64M | 2.34 % | -2.509 % | 24.41 % | -1.726 % | 2M 59K people |
