Editing Economy of North Macedonia (section)

==Macroeconomics==
Real GDP in the first half of 2011 increased by 5.2%. This robust growth was mainly driven by 23.6% growth in the construction sector; 13.2% in mining, quarrying, and manufacturing; 12.4% in wholesale and retail trade; and 4.2% in transport and communication services. Industrial output in the first 8 months of 2011 was 7.5% higher than in the same period of 2010. Low public and external debt and a comfortable level of foreign exchange reserves allowed for further relaxation of monetary policy, with the reference interest rate of the Central Bank decreasing to 4%. Due to rising prices for energy, fuel, and food on international markets, inflation increased in the first half of 2011, but later decreased to an annualized rate of 3.4% at the end of September. The official unemployment rate dropped to 24.6% in the fourth quarter of 2015, but remained one of the highest in Europe. Many people work in the gray economy, and many experts estimate North Macedonia's actual unemployment is lower.

The government budget has generally kept within projections. The budget deficit at the end of August 2011 reached about 2% of GDP, and fiscal authorities seemed committed to keeping it under the projected target of 2.5% of GDP by the end of the year. In addition to 220 million euros (approx. $298 million) drawn from an IMF Precautionary Credit Line (PCL) in March, financing mostly came from domestic borrowing. However, by the end of the year a financing gap remained of about 50 million to 60 million euros (approx. $67 million to $81 million), which the government plans to cover by borrowing from international capital markets, supported by a policy-based guarantee by the World Bank. The central government's public debt remained low at 26% of GDP, but represents a gradual increase from previous years. Despite lowering the Central Bank bills rate, the Central Bank has not changed liquidity indicators for banks or the reserve requirement since 2009, curbing credit growth to 7.5% in the first three-quarters of 2011. Nikola Gruevski says the government will pay off its entire debt to the private sector by February 2013 in order to improve the economy's overall liquidity.<ref>{{cite web|url=http://www.balkaninsight.com/en/article/pm-macedonia-to-repay-debt-to-companies|title=Macedonia PM Vows to Repay Private Sector Debt|date=26 September 2012|access-date=3 March 2015}}</ref>
North Macedonia's external trade struggled in 2010 due to the slow recovery from the economic crisis of its main trading partners, particularly EU members. Starting from a very low base, export growth in the first 8 months of 2011 reached 41.7%, topping import growth of 36.8%. The trade deficit has widened to 18.3% of GDP, approaching the end-year target of 21.9% of GDP. At the same time, the current account balance deficit significantly improved and the end-year projection was revised upward to 5.5% of GDP. This was due primarily to a 4.4% higher inflow of current transfers, mostly during the summer, and came despite a poor level of foreign direct investment (FDI) of only $237.2 million by end-July 2011. Foreign currency reserves remained at about $2.6 billion, a level that comfortably covers 4 months of imports and about 110% of the country's short-term debt.

In October 2010, the World Bank Board of Directors approved a new Country Partnership Strategy (CPS) with North Macedonia for the period 2011–2014. This CPS will provide the country assistance of about $100 million in funding for the first 2 years to improve competitiveness, strengthen employability and social protection, and increase the use of sustainable energy. This assistance also includes a commitment of $30 million in direct budget support in the form of a policy-based guarantee by the World Bank to the government to facilitate its access to financing from international capital markets, a process that had been started as of November 2011.

North Macedonia became the first country eligible for the IMF's Precautionary Credit Line in January 2011. This program gives North Macedonia a line of credit worth 475 million euros (about $675 million) over 2 years, intended to be accessed only in case of need brought about by external shocks. The credit line was approved after extensive consultations with the IMF in October and December 2010. The IMF expects that there will be no additional withdrawals from the PCL.

North Macedonia has the best [[economic freedom]] in the region, according to the 2012 [[Index of Economic Freedom]], released in January, 2012 by the conservative U.S. think tank Heritage Foundation and the Wall Street Journal.<ref>{{cite web|url=http://www.balkaninsight.com/en/article/serbia-bosnia-rank-low-on-economic-freedom-index|title=Serbia, Bosnia Rank Low on Economic Freedom Index|date=13 January 2012|access-date=3 March 2015}}</ref>

===Macroeconomic trends===
{| class="wikitable" style="text-align:center;"
|- style="font-weight:bold;"
! style="vertical-align:middle;" | Year<ref>{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=962,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=1980&ey=2024&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=2025-01-25 |website=IMF |language=en}}</ref>
! GDP <br />(in bil. US$ PPP)
! style="vertical-align:middle;" | GDP per capita<br />(in US$ PPP)
! style="vertical-align:middle;" | GDP <br />(in bil. US$ nominal)
! style="vertical-align:middle;" | GDP per capita<br />(in US$ nominal)
! style="vertical-align:middle;" | GDP growth rate
|- style="vertical-align:middle;"
|1992
|12.5
|6,470
|2.4
|1,264
|n/a
|-
|1993
|11.8
|6,097
|2.7
|1,384
| -7.5%
|-
|1994
|11.9
|6,084
|3.6
|1,824
| -1.8%
|-
|1995
|12.0
|6,107
|4.7
|2,387
| -1.1%
|-
|1996
|12.4
|6,250
|4.6
|2,348
|1.2%
|-
|1997
|12.7
|6,423
|3.9
|1,980
|1.4%
|-
|1998
|13.3
|6,683
|3.8
|1,889
|3.4%
|-
|1999
|14.1
|7,041
|3.9
|1,932
|4.3%
|-
|2000
|15.1
|7,498
|3.8
|1,878
|4.5%
|-
|2001
|14.9
|7,407
|3.7
|1,840
| -3.1%
|-
|2002
|15.4
|7,614
|4.0
|1,974
|1.5%
|-
|2003
|16.0
|7,918
|4.9
|2,441
|2.2%
|-
|2004
|17.2
|8,527
|5.7
|2,810
|4.7%
|-
|2005
|18.6
|9,289
|6.3
|3,120
|4.7%
|-
|2006
|20.2
|10,123
|6.9
|3,440
|5.1%
|-
|2007
|22.1
|11,134
|8.3
|4,204
|6.5%
|-
|2008
|23.7
|12,039
|9.9
|5,027
|5.5%
|-
|2009
|23.8
|12,148
|9.4
|4,799
| -0.4%
|-
|2010
|24.9
|12,790
|9.4
|4,837
|3.4%
|-
|2011
|26.0
|13,421
|10.5
|5,419
|2.3%
|-
|2012
|26.4
|13,662
|9.8
|5,053
| -0.5%
|-
|2013
|27.6
|14,354
|10.8
|5,629
|2.9%
|-
|2014
|29.1
|15,175
|11.4
|5,933
|3.6%
|-
|2015
|30.5
|15,949
|10.1
|5,264
|3.9%
|-
|2016
|31.7
|16,612
|10.7
|5,605
|2.8%
|-
|2017
|32.6
|17,161
|11.3
|5,971
|1.1%
|-
|2018
|34.9
|18,460
|12.7
|6,720
|2.9%
|-
|2019
|37.9
|20,223
|12.6
|6,720
|3.9%
|-
|2020
|37.1
|19,962
|12.4
|6,673
| -4.7%
|-
|2021
|41.1
|22,373
|14.0
|7,625
|4.5%
|-
|2022
|45.0
|24,572
|13.7
|7,499
|2.2%
|-
|2023
|47.1
|25,718
|14.8
|8,063
|1.0%
|-
|2024
|49.3
|26,912
|15.9
|8,659
|2.2%
|}