North Macedonia: public finances

What is North Macedonia's public debt?

North Macedonia's public debt was EUR 10,064.1 million, or 59.4% of GDP, at the end of 2025, 2.0 percentage points lower than a year earlier, according to the Ministry of Finance's annual public debt management report. Central government debt was EUR 8,752.8 million, or 51.6% of GDP.

Public debt includes central government debt plus guaranteed and non-guaranteed debt of state-owned enterprises and municipalities. The debt strategy sets a ceiling of 60% of GDP for public debt. External public debt was EUR 5,493.9 million. The Ministry publishes quarterly and annual debt reports.

Official sources: Ministry of Finance: Annual report on public debt management 2025 (PDF, in Macedonian) · Ministry of Finance: Public debt reports

Where is North Macedonia's budget deficit published?

The Ministry of Finance publishes the budget of the Republic of North Macedonia, its revisions and monthly budget execution data on its Budget 2026 page, where the 2026 budget amendment (rebalance) is posted. No deficit figure for 2026 could be read from the ministry's pages when checked on 15 October 2026.

The ministry's annual public debt report records that short-term loans were signed in December 2025 to finance the budget deficit, and gives public debt at 59.4% of GDP at the end of 2025. The State Audit Office audits the annual budget accounts after the year ends.

Official sources: Ministry of Finance: Budget 2026 · Ministry of Finance: Public debt report 2025 (PDF)

What is North Macedonia's government debt?

In 2025, general government gross debt in North Macedonia was 52.6% of GDP, according to the IMF. Its high point since 2005 was 2024, at 54.0% of GDP; its low point was 2008, at 20.4% of GDP. It is 24th highest of 51 in Europe & Central Asia, where the median is 46.9% of GDP. World rank, highest first: 97th of 185.

What is North Macedonia's fiscal deficit?

According to the IMF, general government net lending or borrowing in North Macedonia was -4.0% of GDP in 2025 (a deficit). The peak was 0.6% of GDP in 2007 and the low -8.0% of GDP in 2020. Across Europe & Central Asia the middle value was -2.4% of GDP, and North Macedonia placed 40th highest of 51. Worldwide: 130th of 188.

How much does North Macedonia's government take in?

32.2% of GDP: that is general government revenue in North Macedonia for 2025, according to the IMF. Its high point since 2005 was 2008, at 32.8% of GDP; its low point was 2014, at 27.5% of GDP. Europe & Central Asia median: 41.3% of GDP; North Macedonia is 39th highest of 50. Worldwide: 67th of 187.

How big is North Macedonia's government spending as a share of GDP?

According to the IMF, general government spending in North Macedonia was 36.2% of GDP in 2025. Its high point since 2005 was 2020, at 36.4% of GDP; its low point was 2018, at 30.3% of GDP. Across Europe & Central Asia the middle value was 43.3% of GDP, and North Macedonia placed 37th highest of 50. Of 186 countries with 2025 data, 68th highest.

What is tax revenue in North Macedonia?

In 2024, central government tax revenue in North Macedonia was 18.8% of GDP, according to the IMF. Its high point since 2005 was 2007, at 19.1% of GDP; its low point was 2013, at 15.7% of GDP. Europe & Central Asia median: 20.8% of GDP; North Macedonia is 27th highest of 42. World rank, highest first: 42nd of 92.

How much does North Macedonia spend on its military?

According to SIPRI, military spending in North Macedonia was 2.0% of GDP in 2025. Since 2005 it has ranged from 0.9% of GDP (2017) to 2.0% of GDP (2005). It is 29th highest of 46 in Europe & Central Asia, where the median is 2.0% of GDP. Worldwide: 62nd of 149.