ARCHIVE // MK // TIME-SERIES
Economic overview
North Macedonia — 33 years of data
Historical Values
| Year | Value |
|---|---|
| 1992 | Macedonia, although the poorest among the six republics of a disintegrated Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. As a breakaway republic, however, it will move down toward a bare subsistence level of life unless economic ties are reforged or enlarged with its neighbors Serbia, Albania, Greece, and Bulgaria. The economy depends on outside sources for all of its oil and gas and its modern machinery and parts. Continued political |
| 1993 | Macedonia, although the poorest among the six republics of a dissolved Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. It will, however, move down toward a bare subsistence level of life unless economic ties are reforged or enlarged with its neighbors Serbia and Montenegro, Albania, Greece, and Bulgaria. The economy depends on outside sources for all of its oil and gas and its modern machinery and parts. Continued political turmoil, both |
| 1994 | The Former Yugoslav Republic of Macedonia, although the poorest republic in the former Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. Its economic decline will continue unless ties are reforged or enlarged with its neighbors Serbia and Montenegro, Albania, Greece, and Bulgaria. The economy depends on outside sources for all of its oil and gas and its modern machinery and parts. Continued political turmoil, both internally and in the reg |
| 1995 | The Former Yugoslav Republic of Macedonia, although the poorest republic in the former Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. Its economic decline will continue unless ties are reforged or enlarged with its neighbors Serbia and Montenegro, Albania, Greece, and Bulgaria. The economy depends on outside sources for all of its oil and gas and most of its modern machinery and parts. An important supplement of GDP is the remittances f |
| 1996 | The Former Yugoslav Republic of Macedonia, although the poorest republic in the former Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. Its economic decline will continue unless ties are reforged or enlarged with its neighbors Serbia and Montenegro, Albania, Greece, and Bulgaria. The economy depends on outside sources for all of its oil and gas and most of its modern machinery and parts. An important supplement of GDP is the remittances f |
| 1997 | The Former Yugoslav Republic of Macedonia, although the poorest republic in the former Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. The economy slowly rebounded in 1996 after years of recession. Continued recovery depends on Macedonia's ability to redevelop trade ties with Greece and Serbia and Montenegro; as well as on Skopje's continued commitment to economic liberalization. The economy depends on outside sources for all of its oil |
| 1998 | The Former Yugoslav Republic of Macedonia, although the poorest republic in the former Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. The economy slowly rebounded in 1996-97 after years of recession. Continued recovery depends on Macedonia's ability to attract investment, to redevelop trade ties with Greece and Serbia and Montenegro, and to maintain its commitment to economic liberalization. The economy depends on outside sources for al |
| 1999 | The breakup of Yugoslavia in 1991 deprived Macedonia, its poorest republic, of key protected markets and large transfer payments from the center. Worker remittances and foreign aid have softened the subsequent volatile recovery period. Continued recovery depends on Macedonia's ability to attract investment, to redevelop trade ties with Greece and Serbia and Montenegro, and to maintain its commitment to economic liberalization. The economy can meet its basic food needs but depends on outside sour |
| 2000 | The breakup of Yugoslavia in 1991 deprived Macedonia, then its poorest republic, of key protected markets and large transfer payments from the center. Worker remittances and foreign aid have softened the subsequent volatile recovery period. Continued recovery depends on Macedonia's ability to attract investment, to redevelop trade ties with Greece and Serbia and Montenegro, and to maintain its commitment to economic liberalization. The economy can meet its basic food needs but depends on outside |
| 2002 | At independence in November 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the center and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on Yugoslavia, one of its largest markets, and a Greek economic embargo over a dispute about the country's constitutional name and flag hindered economi |
| 2003 | At independence in November 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the center and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on Yugoslavia, one of its largest markets, and a Greek economic embargo over a dispute about the country's constitutional name and flag hindered economi |
| 2004 | At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the center and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on Yugoslavia, one of its largest markets, and a Greek economic embargo over a dispute about the country's constitutional name and flag hindered econom |
| 2005 | At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the center and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the down-sized Yugoslavia, one of its largest markets, and a Greek economic embargo over a dispute about the country's constitutional name and flag |
| 2006 | At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the downsized Yugoslavia, one of its largest markets, and a Greek economic embargo over a dispute about the country's constitutional nam |
| 2007 | At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the downsized Yugoslavia, and a Greek economic embargo over a dispute about the country's constitutional name and flag hindered economic |
| 2008 | At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the downsized Yugoslavia, and a Greek economic embargo over a dispute about the country's constitutional name and flag hindered economic |
| 2009 | Having a small, open economy makes Macedonia vulnerable to economic developments in Europe and dependent on regional integration and progress toward EU membership for continued economic growth. At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free |
| 2010 | Having a small, open economy makes Macedonia vulnerable to economic developments in Europe and dependent on regional integration and progress toward EU membership for continued economic growth. At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free |
| 2011 | Having a small, open economy makes Macedonia vulnerable to economic developments in Europe and dependent on regional integration and progress toward EU membership for continued economic growth. At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free |
| 2012 | Macedonia is vulnerable to economic developments in Europe - due to strong banking and trade ties - and dependent on regional integration and progress toward EU membership for continued economic growth. At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of the Socialist Federal Republic of Yugoslavia ended transfer payments from the central government and eliminated ad |
| 2013 | Macedonia is vulnerable to economic developments in Europe - due to strong trade ties - and dependent on regional integration and progress toward EU membership for continued economic growth. At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of the Socialist Federal Republic of Yugoslavia ended transfer payments from the central government and eliminated advantages fro |
| 2014 | Since its independence in 1991, Macedonia has made significant progress in liberalizing its economy and improving its business environment, but has lagged the Balkan region in attracting foreign investment. Unemployment has remained consistently high at more than 30% since 2008, but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP, that is not captured by official statistics. Macedonia’s economy is closely linked to Europe as a cust |
| 2015 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment, but has lagged the Balkan region in attracting foreign investment. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. Unemployment has remained consistently high at more than 30% since 2008, but may be overstated based on the existence of an extensive gray market, estimated to |
| 2016 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment, but has lagged the Balkan region in attracting foreign investment. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. | Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the e |
| 2017 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. | Macedonia’s economy is closely linked to Europe as a customer for exports and source of in |
| 2018 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. Macedonia’s economy is closely linked to Europe as a customer for exports and source of inve |
| 2019 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. Macedonia’s economy is closely linked to Europe as a customer for exports and source of inve |
| 2020 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. Macedonia’s economy is closely linked to Europe as a customer for exports and source of inve |
| 2021 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. Macedonia s economy is closely linked to Europe as a customer for exports and source of inve |
| 2022 | Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. Macedonia s economy is closely linked to Europe as a customer for exports and source of inve |
| 2023 | growing upper middle-income European economy; EU accession stalled due to Bulgarian dispute; new NATO member; private consumption-driven growth; investment declined due to COVID-19; regional economic power gains since Greek naming resolution |
| 2024 | upper-middle-income European economy; recovering from energy-driven inflation; macroeconomic support from IMF and EU lending facilities; stalled progress on EU accession; fiscal consolidation hampered by deficit spending on public works; structural challenges of emigration, low productivity growth, and governance |
| 2025 | upper-middle-income European economy; GDP growth driven by private consumption, public infrastructure investments, and wage growth; stalled progress on EU accession; public debt rising due to high pensions, wages, and interest payments; structural challenges of emigration, low productivity growth, and governance |