North Macedonia: economy, interest rate and stock market
The central bank's policy rate is 4.25% (down 1.10 points over 12 months). Inflation was 4.1% in 2025 and GDP grew 3.5% (World Bank).
Interest rate
4.25% set by National Bank of the Republic of Macedonia. Last change: +0.25 pt on 17 Jun 2026. Over 12 months: −1.10 pt. As of 9 Oct 2026.
| Took effect | Rate | Change |
|---|---|---|
| 17 Jun 2026 | 4.25% | +0.25 pt |
| 24 Dec 2025 | 4.00% | −1.35 pt |
| 5 Feb 2025 | 5.35% | −0.20 pt |
| 18 Dec 2024 | 5.55% | −0.25 pt |
| 24 Oct 2024 | 5.80% | −0.25 pt |
| 18 Sep 2024 | 6.05% | −0.25 pt |
| 20 Sep 2023 | 6.30% | +0.15 pt |
| 3 Aug 2023 | 6.15% | +0.15 pt |
| 21 Jun 2023 | 6.00% | start of our data |
All countries: central bank interest rates. Rates move stocks through borrowing costs and the currency: rising rates usually weigh on rate-sensitive stocks and help banks, falling rates the opposite.
Economy at a glance
| Measure | Latest | Year |
|---|---|---|
| Economy size (GDP) | $19.1 billion | 2025 |
| GDP per person | $10,490 | 2025 |
| GDP growth | 3.5% | 2025 |
| Inflation (consumer prices) | 4.1% | 2025 |
| Unemployment | 12.3% | 2025 |
| Population | 1.8 million | 2025 |
| Current account balance, % of GDP | -4.3% | 2025 |
| Exports of goods and services, % of GDP | 59.6% | 2025 |
| Imports of goods and services, % of GDP | 73.4% | 2025 |
Source: World Bank World Development Indicators, annual figures. The latest year is usually the previous calendar year, so these numbers are not live and are revised later by the World Bank.
Trade structure
Share of merchandise exports and imports by product group. ■ exports ■ imports.
High-technology products are 6.4% of manufactured exports (2024).
- Fuels are 2.8% of merchandise exports and 10.8% of imports, so energy prices are not the main swing factor in its trade.
- Manufactured goods are 80.3% of merchandise exports: the economy sells made goods abroad, which ties it to global demand and to its exchange rate.
- Exports plus imports equal 133% of GDP, so the economy is very open to trade: global conditions reach it quickly.
- The current account was a deficit of 4.3% of GDP (2025): the country spends more abroad than it earns and relies on foreign capital to fill the gap.
These describe the structure of trade, using the figures above. They are not forecasts and not investment advice. Latest available year differs by group (usually 2024 or 2025).
More on North Macedonia
Sources: Bank for International Settlements and central bank decisions (policy rates), World Bank (economy and trade), StocksXray price history (index). Educational only, not financial advice.