Armenia has a GDP of $26B compared to $17B for North Macedonia, ranking 114/197 and 138/197 by economy size, respectively.
Armenia has $13B in government debt (50% of GDP), compared to $9.3B (54.8% of GDP) in North Macedonia.
Armenia vs North Macedonia GDP by year
| Year | GDP, current $ | |
|---|---|---|
Armenia
|
North Macedonia
|
|
| 2024 | $25,955,275,380 | $16,951,682,245 |
| 2023 | $24,185,982,216 | $15,855,131,189 |
| 2022 | $19,513,506,553 | $13,932,436,550 |
| 2021 | $13,878,908,629 | $14,000,283,827 |
| 2020 | $12,641,698,583 | $12,361,036,914 |
| 2019 | $13,619,290,539 | $12,606,338,449 |
| 2018 | $12,457,940,695 | $12,683,068,114 |
| 2017 | $11,527,458,709 | $11,307,067,070 |
| 2016 | $10,546,136,236 | $10,672,467,073 |
| 2015 | $10,553,337,518 | $10,064,519,963 |
| 2014 | $11,609,513,247 | $11,362,265,253 |
| 2013 | $11,121,464,437 | $10,817,702,346 |
| 2012 | $10,619,320,683 | $9,745,261,301 |
| 2011 | $10,142,111,825 | $10,494,626,768 |
| 2010 | $9,260,285,756 | $9,407,170,321 |
| 2009 | $8,647,937,081 | $9,401,736,825 |
| 2008 | $11,662,040,714 | $9,909,552,435 |
| 2007 | $9,206,301,270 | $8,336,474,974 |
| 2006 | $6,384,452,067 | $6,861,226,972 |
| 2005 | $4,900,469,511 | $6,258,602,873 |
| 2004 | $3,576,615,240 | $5,682,784,472 |
| 2003 | $2,807,061,009 | $4,946,296,599 |
| 2002 | $2,376,335,048 | $4,018,365,747 |
| 2001 | $2,118,467,913 | $3,709,636,031 |
| 2000 | $1,911,563,669 | $3,772,859,034 |
| 1999 | $1,845,482,173 | $3,863,619,285 |
| 1998 | $1,893,726,437 | $3,765,745,023 |
| 1997 | $1,639,492,445 | $3,912,986,091 |
| 1996 | $1,596,968,946 | $4,642,021,256 |
| 1995 | $1,468,317,435 | $4,707,041,315 |
| 1994 | $1,315,158,637 | $3,559,608,640 |
| 1993 | $1,201,312,829 | $2,682,456,897 |
| 1992 | $1,272,835,453 | $2,436,849,342 |
| 1991 | $2,069,870,130 | $4,938,775,510 |
| 1990 | $2,256,863,449 | $4,699,646,643 |
Data sources: World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06).
GeoRank.org/economy/armenia/north-macedonia | CC BY 
GDP per capita in Armenia vs North Macedonia by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Armenia
|
North Macedonia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | $8,556 | $22,823 | $9,292 | $26,995 |
| 2023 | $8,159 | $21,534 | $8,674 | $25,354 |
| 2022 | $6,572 | $19,161 | $7,606 | $24,212 |
| 2021 | $4,685 | $15,922 | $7,621 | $22,144 |
| 2020 | $4,269 | $14,706 | $6,660 | $19,962 |
| 2019 | $4,597 | $14,976 | $6,719 | $20,223 |
| 2018 | $4,196 | $12,877 | $6,714 | $18,460 |
| 2017 | $3,869 | $12,066 | $5,955 | $17,161 |
| 2016 | $3,524 | $10,570 | $5,598 | $16,458 |
| 2015 | $3,512 | $9,757 | $5,263 | $15,034 |
| 2014 | $3,852 | $9,736 | $5,925 | $14,485 |
| 2013 | $3,680 | $9,455 | $5,626 | $13,663 |
| 2012 | $3,512 | $8,943 | $5,050 | $12,726 |
| 2011 | $3,350 | $7,624 | $5,417 | $12,421 |
| 2010 | $3,041 | $7,095 | $4,833 | $11,992 |
| 2009 | $2,821 | $6,812 | $4,800 | $11,532 |
| 2008 | $3,778 | $7,827 | $5,026 | $10,924 |
| 2007 | $2,963 | $7,137 | $4,204 | $9,639 |
| 2006 | $2,042 | $6,073 | $3,440 | $8,888 |
| 2005 | $1,557 | $5,172 | $3,121 | $7,972 |
| 2004 | $1,130 | $4,377 | $2,819 | $7,229 |
| 2003 | $882 | $3,836 | $2,445 | $6,608 |
| 2002 | $743 | $3,282 | $1,989 | $6,395 |
| 2001 | $660 | $2,844 | $1,823 | $6,051 |
| 2000 | $593 | $2,531 | $1,862 | $6,154 |
| 1999 | $583 | $2,377 | $1,915 | $5,724 |
| 1998 | $590 | $2,239 | $1,876 | $5,448 |
| 1997 | $505 | $2,040 | $1,960 | $5,227 |
| 1996 | $487 | $1,922 | $2,307 | $5,026 |
| 1995 | $444 | $1,767 | $2,355 | $4,912 |
| 1994 | $391 | $1,591 | $1,786 | $4,880 |
| 1993 | $348 | $1,440 | $1,337 | $4,829 |
| 1992 | $356 | $1,492 | $1,199 | $5,033 |
| 1991 | $573 | $2,477 | $2,402 | $5,207 |
| 1990 | $635 | $2,760 | $2,277 | $5,348 |
Data sources: World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06).
GeoRank.org/economy/armenia/north-macedonia | CC BY
Armenia's GDP per capita is $8,556, ranking 90/197, compared to $9,292 in North Macedonia, ranking 88/197. Adjusted for purchasing power (GDP per capita PPP), Armenia ranks 86th at $22,823, while North Macedonia ranks 78th at $26,995.
Economic indicators
|
Armenia
|
North Macedonia
|
|
|---|---|---|
| Gross domestic product |
$26B
2024 |
$17B
2024 |
| GDP rank |
114/197
2024 |
138/197
2024 |
| GDP growth |
5.9%
2023-2024 |
2.99%
2023-2024 |
| GDP per capita |
$8,556
2024 |
$9,292
2024 |
| GDP per capita rank |
90/197
2024 |
88/197
2024 |
| GDP per capita, PPP |
$22,823
2024 |
$26,995
2024 |
| GDP per capita PPP rank |
86/197
2024 |
78/197
2024 |
| Government debt |
$13B
2024 |
$9.3B
2024 |
| Debt-to-GDP ratio |
50%
2024 |
54.8%
2024 |
| Government debt per person |
$4,275
2024 |
$5,095
2024 |
| Government debt per person rank |
89/185
2024 |
77/185
2024 |
| Average annual personal income after taxes |
$6,687
2026 |
$7,534
2026 |
| Market capitalization of domestic companies |
$4.85B
2024 |
n/a |
| Number of billionaires |
1
2025 |
n/a |
| Income share by richest 10% |
22.9%
2023 |
22.9%
2019 |
| Income share by poorest 10% |
4%
2023 |
1.9%
2019 |
| Government expenditure, % of GDP |
29%
2024 |
36.7%
2024 |
| Consumer prices inflation |
0.4%
2023-2024 |
3.5%
2023-2024 |
| Central bank interest rate |
6.75%
2025 |
5.35%
2025 |
| Unemployment rate |
8.3%
2023 |
12.3%
2024 |
| Population |
2989841
|
1805954
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Armenia
|
North Macedonia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2024 | 29% | 50% | 36.7% | 54.8% |
| 2023 | 26.9% | 50.4% | 35.5% | 50.8% |
| 2022 | 26.4% | 49.3% | 35% | 50.4% |
| 2021 | 28.7% | 63.6% | 35.3% | 52.7% |
| 2020 | 30.6% | 67.3% | 36.4% | 50.8% |
| 2019 | 24.9% | 54.2% | 31.4% | 40.4% |
| 2018 | 24% | 56.1% | 30.3% | 40.4% |
| 2017 | 26% | 58.1% | 31.8% | 39.4% |
| 2016 | 27% | 56.5% | 31.1% | 39.7% |
| 2015 | 26.3% | 48.3% | 32.2% | 38% |
| 2014 | 24% | 43.6% | 31.7% | 38% |
| 2013 | 23.8% | 41.6% | 31.7% | 34% |
| 2012 | 22.4% | 41.2% | 33.3% | 33.7% |
| 2011 | 25% | 42% | 31.9% | 27.7% |
| 2010 | 26.2% | 39.7% | 32.5% | 24.3% |
| 2009 | 28.6% | 40.2% | 33.6% | 23.7% |
| 2008 | 22.2% | 16.1% | 33.8% | 20.6% |
| 2007 | 22.4% | 16.1% | 31.4% | 23.5% |
| 2006 | 20% | 18.7% | 31.5% | 30.6% |
| 2005 | 19.9% | 24.4% | 32.5% | 36.7% |
| 2004 | - | 26.4% | 34.1% | 34.6% |
| 2003 | - | 33% | 36% | 36.5% |
| 2002 | - | 38.2% | 38.2% | 40.5% |
| 2001 | - | 38.1% | 37.4% | 45.2% |
| 2000 | - | 39.6% | 32% | 45.6% |
| 1999 | - | 39.2% | 33.2% | 30.4% |
| 1998 | - | 45.2% | 32.8% | 33.1% |
| 1997 | - | 46.5% | 32.9% | 29.3% |
| 1996 | - | 40.8% | - | - |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1996–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1997–1998, retrieved 2026-02-20).
GeoRank.org/economy/armenia/north-macedonia | CC BY
In 2024, Armenia's government spending was $7.53B, accounting for 29% of its GDP, while North Macedonia spent $6.23B, or 36.7% of GDP.
Debt-to-GDP ratio is 50% in Armenia and 54.8% in North Macedonia, ranking 108/185 and 96/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Armenia
|
North Macedonia
|
|
| 2024 | -3.69% | -4.45% |
| 2023 | -2.02% | -4.61% |
| 2022 | -2.11% | -5.23% |
| 2021 | -4.58% | -5.32% |
| 2020 | -5.4% | -8.05% |
| 2019 | -0.98% | -1.97% |
| 2018 | -1.75% | -1.76% |
| 2017 | -4.79% | -2.73% |
| 2016 | -5.63% | -2.7% |
| 2015 | -4.84% | -3.48% |
| 2014 | -1.94% | -4.19% |
| 2013 | -1.59% | -3.84% |
| 2012 | -1.49% | -3.81% |
| 2011 | -2.87% | -2.47% |
| 2010 | -4.98% | -2.41% |
| 2009 | -7.69% | -2.63% |
| 2008 | -1.76% | -0.93% |
| 2007 | -2.33% | 0.58% |
| 2006 | -1.95% | -0.51% |
| 2005 | -1.98% | 0.21% |
| 2004 | - | 0.37% |
| 2003 | - | -0.07% |
| 2002 | - | -5.24% |
| 2001 | - | -5.88% |
| 2000 | - | 2.37% |
| 1999 | - | 0.03% |
| 1998 | - | -1.63% |
| 1997 | - | -0.36% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20).
GeoRank.org/economy/armenia/north-macedonia | CC BY
In 2024, Armenia's government deficit, the difference between spending and revenue, was $958M, equivalent to 3.69% of GDP. This compares to North Macedonia's deficit of $754M, or 4.45% of GDP.
Over the past 20 years, Armenia recorded a fiscal deficit in 20 of those years, while North Macedonia ran a deficit in 18 years. On average, Armenia posted an annual deficit equal to 3.22% of GDP, compared to deficit of 3.01% of GDP for North Macedonia.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Armenia
|
North Macedonia
|
|
| 2024 | 0.4% | 3.5% |
| 2023 | 2% | 9.4% |
| 2022 | 8.8% | 14.2% |
| 2021 | 7.5% | 3.2% |
| 2020 | 1.5% | 1.2% |
| 2019 | 1.5% | 0.8% |
| 2018 | 2.5% | 1.5% |
| 2017 | 0.9% | 1.4% |
| 2016 | -1.4% | -0.2% |
| 2015 | 3.7% | -0.3% |
| 2014 | 3% | -0.3% |
| 2013 | 5.7% | 2.8% |
| 2012 | 2.5% | 3.3% |
| 2011 | 7.5% | 3.9% |
| 2010 | 8.2% | 1.5% |
| 2009 | 3.5% | -0.7% |
| 2008 | 9.1% | 8.3% |
| 2007 | 4.4% | 2.3% |
| 2006 | 2.9% | 3.2% |
| 2005 | 0.6% | 0.5% |
| 2004 | 6.9% | -0.4% |
| 2003 | 4.7% | 0.9% |
| 2002 | 1% | 1.1% |
| 2001 | 3.2% | 5.2% |
| 2000 | -0.8% | 6.6% |
| 1999 | 0.7% | -1.3% |
| 1998 | 8.7% | 0.5% |
| 1997 | 14% | 1.3% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).
GeoRank.org/economy/armenia/north-macedonia | CC BY
Over the past 28 years, Armenia has recorded an average annual inflation rate of 4.04%, compared with 2.62% in North Macedonia. In 2024, inflation was 0.4% in Armenia and 3.5% in North Macedonia.
Top exports between countries
|
Armenia
|
|
|---|---|
| Export category | Export value |
| Chemicals & pharma | $45K |
| Machinery & equipment | $4K |
| Processed food, beverages & tobacco | $1K |
|
North Macedonia
|
|
|---|---|
| Export category | Export value |
| Chemicals & pharma | $1.88M |
| Processed food, beverages & tobacco | $556K |
| Machinery & equipment | $431K |
| Metals | $78K |
| Raw agricultural goods | $41K |
| Textiles & consumer goods | $20K |
Balance of trade
|
Armenia
|
North Macedonia
|
|
|---|---|---|
|
Current account balance
|
-$1.19B
2024 |
-$356M
2024 |
| Current account balance ranking |
128/190
2024 |
102/190
2024 |
| Current account balance, % of GDP |
-4.6%
2024 |
-2.1%
2024 |
| Goods imports |
$15.4B
2024 |
$10.6B
2024 |
| Goods exports |
$13.2B
2024 |
$7.3B
2024 |
| Service imports |
$4.39B
2024 |
$2.01B
2024 |
| Service exports |
$5.86B
2024 |
$3.16B
2024 |
| Imports of goods and services, % of GDP |
76.4%
2024 |
74.6%
2024 |
| Exports of goods and services, % of GDP |
73.6%
2024 |
61.7%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Armenia
|
North Macedonia
|
|
|---|---|---|
| Economic freedom | 67.1 | 63.3 |
| Economic freedom ranking | 58/197 | 81/197 |
| Property rights | 48.6 | 56.2 |
| Government integrity | 51.8 | 43.2 |
| Judicial effectiveness | 31.4 | 49.5 |
| Tax burden | 87.2 | 94.9 |
| Government spending | 77.5 | 61.7 |
| Fiscal health | 84.1 | 57.7 |
| Business freedom | 72.9 | 72.2 |
| Labor freedom | 59.2 | 51.4 |
| Monetary freedom | 77.2 | 69.6 |
| Trade freedom | 75 | 77.8 |
| Investment freedom | 70 | 65 |
| Financial freedom | 70 | 60 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Armenia
|
North Macedonia
|
|
| 2026 | 67.1 | 63.3 |
| 2025 | 65.4 | 63.2 |
| 2024 | 64.9 | 61.4 |
| 2023 | 65.1 | 63.7 |
| 2022 | 65.3 | 65.7 |
| 2021 | 71.9 | 68.6 |
| 2020 | 70.6 | 69.5 |
| 2019 | 67.7 | 71.1 |
| 2018 | 68.7 | 71.3 |
| 2017 | 70.3 | 70.7 |
| 2016 | 67 | 67.5 |
| 2015 | 67.1 | 67.1 |
| 2014 | 68.9 | 68.6 |
| 2013 | 69.4 | 68.2 |
| 2012 | 68.8 | 68.5 |
| 2011 | 69.7 | 66 |
| 2010 | 69.2 | 65.7 |
| 2009 | 69.9 | 61.2 |
| 2008 | 69.9 | 61.1 |
| 2007 | 68.6 | 60.6 |
| 2006 | 70.6 | 59.2 |
| 2005 | 69.8 | 56.1 |
| 2004 | 70.3 | 56.8 |
| 2003 | 67.3 | 60.1 |
| 2002 | 68 | 58 |
| 2001 | 66.4 | - |
| 2000 | 63 | - |
| 1999 | 56.4 | - |
| 1998 | 49.6 | - |
| 1997 | 46.7 | - |
| 1996 | 42.2 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).
GeoRank.org/economy/armenia/north-macedonia | CC BY
The Economic Freedom Index for Armenia is 67.1, ranking 58/197, compared to 63.3 for North Macedonia, ranking 81/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Armenia
|
North Macedonia
|
|
|---|---|---|
| Services, % of GDP |
62%
2024 |
56.2%
2024 |
| Industry, % of GDP |
22.9%
2024 |
24.1%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
7.81%
2024 |
6.08%
2024 |
|
GNI, Atlas method
|
$23.7B
2024 |
$15.1B
2024 |
| GNI per capita, PPP |
$22,020
2024 |
$25,610
2024 |
| Total reserves including gold |
$3.69B
2024 |
$5.25B
2024 |
| Total reserves ranking |
111/177
2024 |
97/177
2024 |
|
Net foreign direct investment
|
-$74.8M
2024 |
-$1.12B
2024 |
|
Net inflows of foreign direct investment
|
$132M
2024 |
$1.06B
2024 |
|
Net outflows of foreign direct investment
|
$56.8M
2024 |
-$64.9M
2024 |
|
Servicing debt to the IMF, % of GNI
|
7.26%
2024 |
9.59%
2024 |
| Poverty at national poverty lines |
23.7%
2023 |
22.2%
2022 |
|
Gross capital formation, % of GDP
|
23.8%
2024 |
30.6%
2024 |
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/armenia/north-macedonia | CC BY
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Data sources:
- World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Fiscal Monitor (1996–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2020–2024, retrieved 2026-02-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1997–1998, retrieved 2026-02-20)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.