Bosnia and Herzegovina has a GDP of $32.6B compared to $19.1B for North Macedonia, ranking 110/197 and 137/197 by economy size, respectively.
Bosnia and Herzegovina has $9.76B in government debt (29.9% of GDP), compared to $10B (52.5% of GDP) in North Macedonia.
Bosnia and Herzegovina vs North Macedonia GDP by year
| Year | GDP, current $ | |
|---|---|---|
Bosnia
|
North Macedonia
|
|
| 2025 | $32,599,982,936 | $19,101,199,817 |
| 2024 | $29,737,363,103 | $16,951,682,221 |
| 2023 | $27,592,361,498 | $15,855,131,189 |
| 2022 | $24,534,663,636 | $13,932,436,550 |
| 2021 | $23,672,712,121 | $14,000,283,827 |
| 2020 | $20,226,038,370 | $12,361,036,914 |
| 2019 | $20,482,608,984 | $12,606,338,449 |
| 2018 | $20,484,058,033 | $12,683,068,114 |
| 2017 | $18,326,373,136 | $11,307,067,070 |
| 2016 | $17,116,926,554 | $10,672,467,073 |
| 2015 | $16,404,348,361 | $10,064,519,963 |
| 2014 | $18,558,734,107 | $11,362,265,253 |
| 2013 | $18,179,109,209 | $10,817,702,346 |
| 2012 | $17,226,735,996 | $9,745,261,301 |
| 2011 | $18,644,233,537 | $10,494,626,768 |
| 2010 | $17,176,315,804 | $9,407,170,321 |
| 2009 | $17,613,949,091 | $9,401,736,825 |
| 2008 | $19,112,796,623 | $9,909,552,435 |
| 2007 | $15,778,734,264 | $8,336,474,974 |
| 2006 | $12,864,841,906 | $6,861,226,972 |
| 2005 | $11,222,796,337 | $6,258,602,873 |
| 2004 | $10,156,541,221 | $5,682,784,472 |
| 2003 | $8,498,894,359 | $4,946,296,599 |
| 2002 | $6,728,220,983 | $4,018,365,747 |
| 2001 | $5,800,615,375 | $3,709,636,031 |
| 2000 | $5,567,772,769 | $3,772,859,034 |
| 1999 | $4,686,256,363 | $3,863,619,285 |
| 1998 | $4,116,774,301 | $3,765,745,023 |
| 1997 | $3,671,909,673 | $3,912,986,091 |
| 1996 | $2,786,045,322 | $4,642,021,256 |
| 1995 | $1,866,572,954 | $4,707,041,315 |
| 1994 | $1,255,802,469 | $3,559,608,640 |
| 1993 | $3,630,668,950 | $2,682,456,897 |
| 1992 | $4,735,044,707 | $2,436,849,342 |
| 1991 | $6,122,959,184 | $4,938,775,510 |
| 1990 | $7,753,478,261 | $4,699,646,643 |
Data sources: World Bank | Economy & Growth (1990–2025, retrieved 2026-07-08).
GeoRank.org/economy/bosnia-and-herzegovina/north-macedonia | CC BY 
GDP per capita in Bosnia and Herzegovina vs North Macedonia by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Bosnia
|
North Macedonia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2025 | $10,382 | - | $10,490 | - |
| 2024 | $9,398 | $25,043 | $9,292 | $26,995 |
| 2023 | $8,663 | $23,376 | $8,674 | $25,354 |
| 2022 | $7,656 | $21,651 | $7,606 | $24,212 |
| 2021 | $7,295 | $18,287 | $7,621 | $22,144 |
| 2020 | $6,130 | $16,370 | $6,660 | $19,962 |
| 2019 | $6,122 | $16,429 | $6,719 | $20,223 |
| 2018 | $6,048 | $14,859 | $6,714 | $18,460 |
| 2017 | $5,345 | $13,627 | $5,955 | $17,161 |
| 2016 | $4,929 | $12,899 | $5,598 | $16,458 |
| 2015 | $4,662 | $11,845 | $5,263 | $15,034 |
| 2014 | $5,206 | $11,168 | $5,925 | $14,485 |
| 2013 | $5,035 | $10,808 | $5,626 | $13,663 |
| 2012 | $4,694 | $10,121 | $5,050 | $12,726 |
| 2011 | $4,983 | $9,761 | $5,417 | $12,421 |
| 2010 | $4,506 | $9,086 | $4,833 | $11,992 |
| 2009 | $4,540 | $8,698 | $4,800 | $11,532 |
| 2008 | $4,842 | $8,587 | $5,026 | $10,924 |
| 2007 | $3,931 | $7,686 | $4,204 | $9,639 |
| 2006 | $3,166 | $6,869 | $3,440 | $8,888 |
| 2005 | $2,740 | $5,956 | $3,121 | $7,972 |
| 2004 | $2,453 | $5,407 | $2,819 | $7,229 |
| 2003 | $2,034 | $4,917 | $2,445 | $6,608 |
| 2002 | $1,607 | $4,665 | $1,989 | $6,395 |
| 2001 | $1,388 | $4,307 | $1,823 | $6,051 |
| 2000 | $1,338 | $4,148 | $1,862 | $6,154 |
| 1999 | $1,135 | $3,875 | $1,915 | $5,724 |
| 1998 | $1,007 | $3,524 | $1,876 | $5,448 |
| 1997 | $914 | $3,041 | $1,960 | $5,227 |
| 1996 | $719 | $2,269 | $2,307 | $5,026 |
| 1995 | $502 | $1,507 | $2,355 | $4,912 |
| 1994 | $337 | $1,269 | $1,786 | $4,880 |
| 1993 | $930 | $1,067 | $1,337 | $4,829 |
| 1992 | $1,118 | $982 | $1,199 | $5,033 |
| 1991 | $1,373 | $975 | $2,402 | $5,207 |
| 1990 | $1,743 | $1,043 | $2,277 | $5,348 |
Data sources: World Bank | Economy & Growth (1990–2025, retrieved 2026-07-08).
GeoRank.org/economy/bosnia-and-herzegovina/north-macedonia | CC BY
Bosnia and Herzegovina's GDP per capita is $10,382, ranking 87/197, compared to $10,490 in North Macedonia, ranking 86/197. Adjusted for purchasing power (GDP per capita PPP), Bosnia and Herzegovina ranks 83rd at $25,043, while North Macedonia ranks 78th at $26,995.
Economic indicators
|
Bosnia
|
North Macedonia
|
|
|---|---|---|
| Gross domestic product |
$32.6B
2025 |
$19.1B
2025 |
| GDP rank |
110/197
2025 |
137/197
2025 |
| GDP growth |
2.13%
2024-2025 |
3.49%
2024-2025 |
| GDP per capita |
$10,382
2025 |
$10,490
2025 |
| GDP per capita rank |
87/197
2025 |
86/197
2025 |
| GDP per capita, PPP |
$25,043
2024 |
$26,995
2024 |
| GDP per capita PPP rank |
83/197
2024 |
78/197
2024 |
| Government debt |
$9.76B
2025 |
$10B
2025 |
| Debt-to-GDP ratio |
29.9%
2025 |
52.5%
2025 |
| Government debt per person |
$3,108
2025 |
$5,510
2025 |
| Government debt per person rank |
104/185
2025 |
78/185
2025 |
| Average annual personal income after taxes |
$9,479
2026 |
$9,326
2026 |
| Income share by richest 10% |
23.6%
2021 |
22.9%
2019 |
| Income share by poorest 10% |
3.3%
2021 |
1.9%
2019 |
| Government expenditure, % of GDP |
44.9%
2025 |
36.2%
2025 |
| Consumer prices inflation |
4%
2024-2025 |
4.1%
2024-2025 |
| Central bank interest rate | n/a |
5.35%
2025 |
| Unemployment rate |
10.7%
2024 |
11.5%
2025 |
| Population |
3114736
|
1811466
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Bosnia
|
North Macedonia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2025 | 44.9% | 29.9% | 36.2% | 52.5% |
| 2024 | 43.3% | 29.4% | 36.1% | 52.9% |
| 2023 | 41.9% | 29% | 35.3% | 50.5% |
| 2022 | 39.4% | 31.2% | 35% | 50.4% |
| 2021 | 40.6% | 35.8% | 35.3% | 52.7% |
| 2020 | 45.4% | 37.2% | 36.4% | 50.8% |
| 2019 | 39.9% | 32.8% | 31.4% | 40.4% |
| 2018 | 40.4% | 34.5% | 30.3% | 40.4% |
| 2017 | 40% | 38.6% | 31.8% | 39.4% |
| 2016 | 41.5% | 44.9% | 31.1% | 39.7% |
| 2015 | 42.7% | 46.4% | 32.2% | 38% |
| 2014 | 46.2% | 47.1% | 31.7% | 38% |
| 2013 | 43.8% | 43.8% | 31.7% | 34% |
| 2012 | 47.9% | 43.6% | 33.3% | 33.7% |
| 2011 | 46.4% | 40.9% | 31.9% | 27.7% |
| 2010 | 48.7% | 42.2% | 32.5% | 24.3% |
| 2009 | 49% | 36.4% | 33.6% | 23.7% |
| 2008 | 48.4% | 30.3% | 33.8% | 20.6% |
| 2007 | 45.2% | 18.2% | 31.4% | 23.5% |
| 2006 | 44.2% | 20.6% | 31.5% | 30.6% |
| 2005 | 44.5% | 24.9% | 32.5% | 36.7% |
| 2004 | 45.6% | 25.5% | 34.1% | 34.6% |
| 2003 | 47.3% | 27.6% | 36% | 36.5% |
| 2002 | 47.4% | 31.1% | 38.2% | 40.5% |
| 2001 | 50.2% | 35.1% | 37.4% | 45.2% |
| 2000 | 56.2% | 34.6% | 32% | 45.6% |
| 1999 | 57.5% | 56% | 32.5% | 29.8% |
| 1998 | 54.4% | 54.4% | 32.2% | 33.1% |
| 1997 | - | - | 32.3% | 29.3% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1997–1998, retrieved 2026-07-08).
GeoRank.org/economy/bosnia-and-herzegovina/north-macedonia | CC BY
In 2025, Bosnia and Herzegovina's government spending was $14.6B, accounting for 44.9% of its GDP, while North Macedonia spent $6.91B, or 36.2% of GDP.
Debt-to-GDP ratio is 29.9% in Bosnia and Herzegovina and 52.5% in North Macedonia, ranking 156/185 and 97/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Bosnia
|
North Macedonia
|
|
| 2025 | -2.41% | -4.01% |
| 2024 | -1.96% | -4.38% |
| 2023 | -1.67% | -4.59% |
| 2022 | 0.15% | -5.23% |
| 2021 | -0.18% | -5.32% |
| 2020 | -4.5% | -8.05% |
| 2019 | 1.37% | -1.97% |
| 2018 | 1.63% | -1.76% |
| 2017 | 1.79% | -2.73% |
| 2016 | 0.34% | -2.7% |
| 2015 | -0.19% | -3.48% |
| 2014 | -2.87% | -4.19% |
| 2013 | -2.19% | -3.84% |
| 2012 | -3.76% | -3.81% |
| 2011 | -2.73% | -2.47% |
| 2010 | -4.06% | -2.41% |
| 2009 | -5.34% | -2.63% |
| 2008 | -3.82% | -0.93% |
| 2007 | 0.17% | 0.58% |
| 2006 | 2.08% | -0.51% |
| 2005 | 0.74% | 0.21% |
| 2004 | -0.18% | 0.37% |
| 2003 | -0.44% | -0.07% |
| 2002 | -2.99% | -5.24% |
| 2001 | -3.44% | -5.88% |
| 2000 | -4.63% | 2.37% |
| 1999 | -2.78% | 0.03% |
| 1998 | -0.98% | -1.59% |
| 1997 | - | -0.35% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2025, retrieved 2026-07-08).
GeoRank.org/economy/bosnia-and-herzegovina/north-macedonia | CC BY
In 2025, Bosnia and Herzegovina's government deficit, the difference between spending and revenue, was $784M, equivalent to 2.41% of GDP. This compares to North Macedonia's deficit of $766M, or 4.01% of GDP.
Over the past 28 years, Bosnia and Herzegovina recorded a fiscal deficit in 20 of those years, while North Macedonia ran a deficit in 23 years. On average, Bosnia and Herzegovina posted an annual deficit equal to 1.53% of GDP, compared to deficit of 2.65% of GDP for North Macedonia.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Bosnia
|
North Macedonia
|
|
| 2025 | 4% | 4.1% |
| 2024 | 1.7% | 3.5% |
| 2023 | 6.1% | 9.4% |
| 2022 | 14% | 14.2% |
| 2021 | 2% | 3.2% |
| 2020 | -1% | 1.2% |
| 2019 | 0.6% | 0.8% |
| 2018 | 1.4% | 1.5% |
| 2017 | 0.8% | 1.4% |
| 2016 | -1.6% | -0.2% |
| 2015 | -1% | -0.2% |
| 2014 | -0.9% | -0.3% |
| 2013 | -0.1% | 2.8% |
| 2012 | 2.1% | 3.3% |
| 2011 | 4% | 3.9% |
| 2010 | 2.1% | 1.5% |
| 2009 | -0.4% | -0.8% |
| 2008 | 7.4% | 7.2% |
| 2007 | 1.5% | 2.8% |
| 2006 | 6.1% | 3.3% |
| 2005 | 3.6% | 0% |
| 2004 | 0.3% | -0.4% |
| 2003 | 0.5% | 1.1% |
| 2002 | 0.3% | 1.7% |
| 2001 | 3.2% | 5.1% |
| 2000 | 5% | 6.6% |
| 1999 | 2.8% | -1.3% |
| 1998 | -0.3% | 0.5% |
| 1997 | 5.7% | 1.3% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08).
GeoRank.org/economy/bosnia-and-herzegovina/north-macedonia | CC BY
Over the past 29 years, Bosnia and Herzegovina has recorded an average annual inflation rate of 2.41%, compared with 2.66% in North Macedonia. In 2025, inflation was 4% in Bosnia and Herzegovina and 4.1% in North Macedonia.
Top exports between countries
|
Bosnia
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $29.7M |
| Wood & paper products | $17.6M |
| Animal & marine products | $17M |
| Metals | $12.8M |
| Chemicals & pharma | $10.8M |
| Machinery & equipment | $10.6M |
| Raw agricultural goods | $4.66M |
| Raw materials & minerals | $3.69M |
| Textiles & consumer goods | $2.65M |
| Weapons & explosives | $1.98M |
|
North Macedonia
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $41.6M |
| Metals | $37.1M |
| Chemicals & pharma | $35.9M |
| Machinery & equipment | $17.4M |
| Raw agricultural goods | $5.88M |
| Textiles & consumer goods | $5.51M |
| Raw materials & minerals | $2.4M |
| Animal & marine products | $1.72M |
| Wood & paper products | $1.45M |
| Miscellaneous | $20K |
Balance of trade
|
Bosnia
|
North Macedonia
|
|
|---|---|---|
|
Current account balance
|
-$1.02B
2025 |
-$815M
2025 |
| Current account balance ranking |
117/190
2025 |
112/190
2025 |
| Current account balance, % of GDP |
-3.14%
2025 |
-4.27%
2025 |
| Goods imports |
$16.3B
2025 |
$11.7B
2025 |
| Goods exports |
$9.5B
2025 |
$7.87B
2025 |
| Service imports |
$1.42B
2025 |
$2.4B
2025 |
| Service exports |
$3.92B
2025 |
$3.55B
2025 |
| Imports of goods and services, % of GDP |
54.1%
2025 |
73.4%
2025 |
| Exports of goods and services, % of GDP |
41%
2025 |
59.6%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Bosnia
|
North Macedonia
|
|
|---|---|---|
| Economic freedom | 63.1 | 63.3 |
| Economic freedom ranking | 83/197 | 81/197 |
| Property rights | 46.9 | 56.2 |
| Government integrity | 36.8 | 43.2 |
| Judicial effectiveness | 36.1 | 49.5 |
| Tax burden | 93.9 | 94.9 |
| Government spending | 48.4 | 61.7 |
| Fiscal health | 96.2 | 57.7 |
| Business freedom | 65.1 | 72.2 |
| Labor freedom | 62.7 | 51.4 |
| Monetary freedom | 77.5 | 69.6 |
| Trade freedom | 69 | 77.8 |
| Investment freedom | 65 | 65 |
| Financial freedom | 60 | 60 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Bosnia
|
North Macedonia
|
|
| 2026 | 63.1 | 63.3 |
| 2025 | 63.5 | 63.2 |
| 2024 | 62 | 61.4 |
| 2023 | 62.9 | 63.7 |
| 2022 | 63.4 | 65.7 |
| 2021 | 62.9 | 68.6 |
| 2020 | 62.6 | 69.5 |
| 2019 | 61.9 | 71.1 |
| 2018 | 61.4 | 71.3 |
| 2017 | 60.2 | 70.7 |
| 2016 | 58.6 | 67.5 |
| 2015 | 59 | 67.1 |
| 2014 | 58.4 | 68.6 |
| 2013 | 57.3 | 68.2 |
| 2012 | 57.3 | 68.5 |
| 2011 | 57.5 | 66 |
| 2010 | 56.2 | 65.7 |
| 2009 | 53.1 | 61.2 |
| 2008 | 53.9 | 61.1 |
| 2007 | 54.4 | 60.6 |
| 2006 | 55.6 | 59.2 |
| 2005 | 48.8 | 56.1 |
| 2004 | 44.7 | 56.8 |
| 2003 | 40.6 | 60.1 |
| 2002 | 37.4 | 58 |
| 2001 | 36.6 | - |
| 2000 | 45.1 | - |
| 1999 | 29.4 | - |
| 1998 | 29.4 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1998–2026, retrieved 2026-07-08).
GeoRank.org/economy/bosnia-and-herzegovina/north-macedonia | CC BY
The Economic Freedom Index for Bosnia and Herzegovina is 63.1, ranking 83/197, 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
|
Bosnia
|
North Macedonia
|
|
|---|---|---|
| Services, % of GDP |
57.7%
2025 |
57%
2025 |
| Industry, % of GDP |
21.5%
2025 |
24.1%
2025 |
| Agriculture, forestry, and fishing, % of GDP |
4.36%
2025 |
5.98%
2025 |
|
GNI, Atlas method
|
$31.2B
2025 |
$17.3B
2025 |
| GNI per capita, PPP |
$25,810
2025 |
$26,680
2025 |
| Total reserves including gold |
$9.42B
2024 |
$5.8B
2025 |
| Total reserves ranking |
83/177
2024 |
98/177
2025 |
|
Net foreign direct investment
|
-$526M
2025 |
-$276M
2025 |
|
Net inflows of foreign direct investment
|
$1B
2024 |
$1.06B
2024 |
|
Net outflows of foreign direct investment
|
$119M
2024 |
-$64.9M
2024 |
|
Servicing debt to the IMF, % of GNI
|
4.91%
2024 |
9.59%
2024 |
| Poverty at national poverty lines |
16.9%
2015 |
21.9%
2023 |
|
Gross capital formation, % of GDP
|
28.7%
2025 |
31.7%
2025 |
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).
GeoRank.org/economy/bosnia-and-herzegovina/north-macedonia | CC BY
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Data sources:
- World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Fiscal Monitor (1997–2025, retrieved 2026-07-08)
- The Heritage Foundation | Economic Freedom Index (1998–2026, retrieved 2026-07-08)
- U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
- TradeMap (2024–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1997–1998, retrieved 2026-07-08)
- United Nations | World Population Prospects (2026, retrieved 2026-07-08)
- LivingCost (2026, retrieved 2026-07-08)
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.