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
| Stat |  Armenia |  North Macedonia |
|---|---|---|
| GDP | $12.4B | $12.7B |
| GDP growth, 1 year | 5% | 2.7% |
| GDP growth, 5-years average | 3.9% | 2.6% |
| Population | 2.9M | 2.1M |
| GDP per capita | $4.2k | $6.1k |
| GDP per capita growth | 4.95% | 2.62% |
| Purchasing Power Parity conversion factor | 196.69 | 19.38 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.41 | 0.37 |
| 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
| Stat | Armenia | North Macedonia |
|---|---|---|
| Income Tax Rate | 26% | 10% |
| Corporate Tax Rate | 20% | 10% |
| Inflation, consumer prices | 2.5% | 1.5% |
| Inflation, GDP deflator | 2.6% | 4.3% |
| Unemployment | 17.7% | 21.6% |
| Economic Freedom Index | 70.6 | 69.5 |
| Personal Freedom Index | 7.21 | 8.17 |
| Human Freedom Index | 7.42 | 7.55 |
| Property Rights Index | 60.7 | 62.5 |
| Judical Effectiveness Index | 54.1 | 42.7 |
| Business Freedom Index | 81 | 80.6 |
| Fiscal Health Index | 68.8 | 87.7 |
| Labor Freedom Index | 72.5 | 67 |
| Investment Freedom Index | 75 | 65 |
| Financial Freedom Index | 70 | 60 |
| Trade Freedom Index | 80.6 | 86.2 |
| Monetary Freedom Index | 76 | 77.7 |
| Government Spending Index | 80.6 | 71 |
| Tax Burden Index | 84.9 | 91.5 |
| Government Integrity Index | 43.4 | 42.2 |
| Corruption Perceptions Index | 35 | 37 |
| Life expectancy at birth, years | 74.8 | 75.6 |
| Suicide mortality rate, per 100,000 people | 6.6 | 7.9 |
| Mortality caused by road traffic injury, per 100,000 people | 17.1 | 6.4 |
| Intentional homicides, per 100,000 people | 2.4 | 1.5 |
| International tourism, number of arrivals | 1.7M | 707k |
Government debt & reserves
| Stat | Armenia | North Macedonia |
|---|---|---|
| Central government debt, % of GDP | 48.5% | 39.5% |
| External debt stocks, % of GNI | 87.5% | 72% |
| External debt stocks | $11B | $8.7B |
| Short-term debt, % of total reserves | 50.2% | 40.9% |
| Total debt service, % of exports and primary income | 29.9% | 16.6% |
| Adjusted net savings including particulate emission damage, % of GNI | 1.5% | 15.4% |
| Gross savings, % of GDP | 13.6% | 33% |
| Gross capital formation, % of GDP | 22.4% | 33% |
| Total reserves including gold | $2.3B | $3.3B |
| Foreign direct investment net inflows | $254.1M | $648.7M |
Exports, imports and economic structure
| Stat | Armenia | North Macedonia |
|---|---|---|
| Exports of goods and services, % of GDP | 37.8% | 60.3% |
| Imports of goods and services, % of GDP | 53.5% | 72.9% |
| Current account balance (balance of payments) | -$1.2B | -$25.6M |
| Revenue excluding grants, % of GDP | 22.5% | 26.8% |
| Grants excluding technical cooperation, BoP | $111.9M | $133.8M |
| Personal remittances received | $1.5B | $344.5M |
| Industry including construction value added, % of GDP | 25% | 23.6% |
| Agriculture, forestry and fishing value added, % of GDP | 13.7% | 7.2% |
| Charges for the use of intellectual property, payments BoP | N/A | $188.8M |
| Charges for the use of intellectual property, receipts BoP | N/A | $11.8M |
| Expense, % of GDP | 22.1% | 27.9% |
| Government Expenditure, % of GDP | 25.4% | 31.1% |
