Armenia vs North Macedonia: Economic Indicators Comparison

North Macedonia with a GDP of $12.7B ranked the 135th largest economy in the world, while Armenia ranked 136th with $12.4B. By GDP 5-years average growth and GDP per capita, North Macedonia and Armenia ranked 110th vs 56th and 100th vs 115th, respectively.

Gross Domestic Product & Income

StatArmeniaNorth Macedonia
GDP$12.4B$12.7B
GDP growth, 1 year5%2.7%
GDP growth, 5-years average3.9%2.6%
Population2.9M2.1M
GDP per capita$4.2k$6.1k
GDP per capita growth4.95%2.62%
Purchasing Power Parity conversion factor196.6919.38
Price level ratio of PPP conversion factor GDP to market exchange rate0.410.37
GDP per capita, PPP adjusted$10k$16k
GNI, Atlas method$12.5B$11.4B
GNI per capita$4.2k$5.5k
GNI, PPP adjusted$30.9B$32.6B
GNI per capita, PPP adjusted$10k$16k

Financial system and Human development

StatArmeniaNorth Macedonia
Income Tax Rate26%10%
Corporate Tax Rate20%10%
Inflation, consumer prices2.5%1.5%
Inflation, GDP deflator2.6%4.3%
Unemployment17.7%21.6%
Economic Freedom Index70.669.5
Personal Freedom Index7.218.17
Human Freedom Index7.427.55
Property Rights Index60.762.5
Judical Effectiveness Index54.142.7
Business Freedom Index8180.6
Fiscal Health Index68.887.7
Labor Freedom Index72.567
Investment Freedom Index7565
Financial Freedom Index7060
Trade Freedom Index80.686.2
Monetary Freedom Index7677.7
Government Spending Index80.671
Tax Burden Index84.991.5
Government Integrity Index43.442.2
Corruption Perceptions Index3537
Life expectancy at birth, years74.875.6
Suicide mortality rate, per 100,000 people6.67.9
Mortality caused by road traffic injury, per 100,000 people17.16.4
Intentional homicides, per 100,000 people2.41.5
International tourism, number of arrivals1.7M707k

Government debt & reserves

StatArmeniaNorth Macedonia
Central government debt, % of GDP48.5%39.5%
External debt stocks, % of GNI87.5%72%
External debt stocks$11B$8.7B
Short-term debt, % of total reserves50.2%40.9%
Total debt service, % of exports and primary income29.9%16.6%
Adjusted net savings including particulate emission damage, % of GNI1.5%15.4%
Gross savings, % of GDP13.6%33%
Gross capital formation, % of GDP22.4%33%
Total reserves including gold$2.3B$3.3B
Foreign direct investment net inflows$254.1M$648.7M

Exports, imports and economic structure

StatArmeniaNorth Macedonia
Exports of goods and services, % of GDP37.8%60.3%
Imports of goods and services, % of GDP53.5%72.9%
Current account balance (balance of payments)-$1.2B-$25.6M
Revenue excluding grants, % of GDP22.5%26.8%
Grants excluding technical cooperation, BoP$111.9M$133.8M
Personal remittances received$1.5B$344.5M
Industry including construction value added, % of GDP25%23.6%
Agriculture, forestry and fishing value added, % of GDP13.7%7.2%
Charges for the use of intellectual property, payments BoPN/A$188.8M
Charges for the use of intellectual property, receipts BoPN/A$11.8M
Expense, % of GDP22.1%27.9%
Government Expenditure, % of GDP25.4%31.1%

Compare with countries close by GDP per capita

Armenia vs

CountryGDP
per capita
Population
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.53M
Iraq
$5.8k
38.3M
Paraguay
$5.8k
6.81M
Iran
$5.6k
80M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
778k
Belize
$4.9k
375k
Azerbaijan
$4.7k
10M
Georgia
$4.7k
3.72M
Guatemala
$4.5k
17.3M
Tonga
$4.4k
108k
Jordan
$4.2k
10.4M
Samoa
$4.2k
196k
Eswatini
$4.1k
1.37M
Mongolia
$4.1k
3.08M
Algeria
$4.1k
41.3M
Sri Lanka
$4.1k
21.4M
El Salvador
$4.1k
6.42M
Indonesia
$3.9k
264M
Marshall Islands
$3.8k
53.1k
Tuvalu
$3.7k
11.2k
Cape Verde
$3.6k
546k
Bolivia
$3.5k
11.1M
Tunisia
$3.4k
11.6M
Angola
$3.4k
29.8M
Bhutan
$3.2k
808k
Morocco
$3.2k
36M
Moldova
$3.2k
2.55M

North Macedonia vs

CountryGDP
per capita
Population
Dominican Republic
$8.1k
10.4M
Gabon
$8k
2.03M
Dominica
$7.7k
73.9k
Saint Vincent
$7.4k
110k
Thailand
$7.3k
65.9M
Serbia
$7.2k
7.02M
Libya
$7.2k
6.68M
Turkmenistan
$7k
5.85M
Peru
$6.9k
29.4M
Colombia
$6.7k
49.1M
South Africa
$6.4k
57.7M
Ecuador
$6.3k
16.6M
Belarus
$6.3k
9.41M
Fiji
$6.3k
906k
Suriname
$6.2k
563k
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.53M
Iraq
$5.8k
38.3M
Paraguay
$5.8k
6.81M
Iran
$5.6k
80M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
778k
Belize
$4.9k
375k
Azerbaijan
$4.7k
10M
Georgia
$4.7k
3.72M
Guatemala
$4.5k
17.3M
Tonga
$4.4k
108k
Jordan
$4.2k
10.4M
Samoa
$4.2k
196k