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Prices & public finance · Europe & Central Asia · Upper-middle income
North Macedonia: prices, money and public finance
Inflation is 4.1% (2025), 54th of 180 in the world and 15th of 49 in Europe & Central Asia. GDP deflator is 4.6% (2025), 70th of 209 in the world and 19th of 56 in Europe & Central Asia. Lending rate is 5.4% (2025), 105th of 136 in the world and 18th of 24 in Europe & Central Asia.
Inflation
North MacedoniaEurope & Central AsiaUpper-middle incomeWorld
GDP deflator
North MacedoniaEurope & Central AsiaUpper-middle incomeWorld
13 indicators
Prices & public finance: North Macedonia in detail
Latest reported value, world rank and rank within Europe & Central Asia; values around 2000, 2010, 2020; group and world columns are World Bank aggregates.
| Indicator | Latest | World rank | In region | ~2000 | ~2010 | ~2020 | 10-year change | Region | Income group | World | Since 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| InflationInflation, consumer prices, annual % | 4.1%2025 | 54/180 | 15/49 | 6.6% | 1.5% | 1.2% | +4.4 ppsince 2015 | 3.7% | 3.3% | 3.0% | |
| GDP deflatorInflation, GDP deflator, annual % | 4.6%2025 | 70/209 | 19/56 | 8.2% | 2.0% | 1.4% | +2.6 ppsince 2015 | 3.6% | 3.3% | 3.3% | |
| Lending rateLending interest rate, % | 5.4%2025 | 105/136 | 18/24 | · | 10.7% | 5.2% | −2.0 ppsince 2015 | — | — | — | |
| Real interest rateReal interest rate, % | 0.8%2025 | 112/136 | 19/24 | · | 8.5% | 3.8% | −4.6 ppsince 2015 | — | — | — | |
| Exchange rateOfficial exchange rate, local currency per US$ | 54.652025 | 78/210 | 10/57 | 65.90 | 46.49 | 54.14 | −1.6%since 2015 | — | — | — | |
| Tax revenueTax revenue, % of GDP | 18.8%2024 | 55/142 | 30/48 | · | 16.9% | 16.1% | +2.5 ppsince 2014 | 19.7% | 10.4% | 13.9% | |
| Government revenueGovernment revenue excluding grants, % of GDP | 30.9%2024 | 45/142 | 32/48 | · | 28.9% | 27.7% | +4.9 ppsince 2014 | 34.7% | 18.5% | 24.0% | |
| Government expenseGovernment expense, % of GDP | 33.4%2023 | 43/142 | 30/47 | · | 30.1% | 34.9% | +5.1 ppsince 2013 | 38.9% | — | 28.5% | |
| External debtExternal debt stocks, % of GNI | 81.2%2024 | 18/119 | 3/20 | 39.9% | 55.2% | 85.6% | +21.2 ppsince 2014 | — | 21.3% | — | |
| Private creditDomestic credit to private sector, % of GDP | 56.3%2025 | 61/169 | 23/48 | · | 48.1%2012 | 55.8% | +4.3 ppsince 2015 | 82.1% | 139.0% | 140.3% | |
| Broad moneyBroad money, % of GDP | 60.5%2024 | 71/146 | 12/28 | 18.0% | 51.5% | 65.2% | +7.0 ppsince 2014 | — | 167.9% | 135.7% | |
| Reserves, months of importsTotal reserves in months of imports | 4.62025 | 79/165 | 21/49 | 2.9 | 4.7 | 5.3 | +8.1%since 2015 | 6.3 | 9.9 | 8.6 | |
| Military spendingMilitary expenditure, % of GDP | 1.97%2025 | 66/156 | 29/47 | 1.85% | 1.38% | 1.19% | +1.0 ppsince 2015 | 2.83% | 1.87% | 2.48% |
Source: World Bank, World Development Indicators (CC BY 4.0)“·” — no value reported within two years of that date. World rank counts countries with a recent value.
Better than ten years ago
- Reserves, months of imports+8.1%4.6 in 2025
Worse than ten years ago
- Inflation+4.4 pp4.1% in 2025
- External debt+21.2 pp81.2% in 2024
Only indicators where higher or lower is clearly better are rated (for example, unemployment down is better, life expectancy up is better).
neighbours
North Macedonia and its neighbours
Countries sharing a land border with North Macedonia. Latest values since 2005; the highest in each row is marked.
| Indicator | North Macedonia | Greece | Serbia | Bulgaria | Albania | Kosovo |
|---|---|---|---|---|---|---|
| Inflation | 4.1%2025 | 2.5%2025 | 3.9%2025 | 4.6%2025 | 2.1%2025 | 3.9%2025 |
| GDP deflator | 4.6%2025 | 2.8%2025 | 4.5%2025 | 7.4%2025 | 1.4%2025 | 2.8%2025 |
| Lending rate | 5.4%2025 | — | 4.8%2010 | 4.2%2025 | 6.4%2024 | 6.7%2018 |
| Real interest rate | 0.8%2025 | — | -0.2%2010 | -3.0%2025 | 4.0%2024 | 5.1%2018 |
| Exchange rate | 54.652025 | 0.882025 | 103.982025 | 1.742025 | 86.802025 | 0.892025 |
| Tax revenue | 18.8%2024 | 27.4%2024 | 23.9%2022 | 20.7%2024 | 18.0%2024 | — |
| Government revenue | 30.9%2024 | 44.8%2024 | 38.6%2022 | 34.4%2024 | 26.1%2024 | — |
| Government expense | 33.4%2023 | 47.3%2023 | 35.5%2022 | 35.8%2023 | 25.4%2023 | — |
| External debt | 81.2%2024 | — | 62.2%2024 | 55.1%2022 | 39.7%2024 | 38.6%2024 |