Estonia has a GDP of $42.8B compared to $16.7B for North Macedonia, ranking 102/197 and 138/197 by economy size, respectively.
Estonia has $10.1B in government debt (25.4% of GDP), compared to $9.15B (52.9% of GDP) in North Macedonia.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Estonia
|
North Macedonia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1990 | - | $14,658,008,363 | $4,699,646,643 | $7,293,742,777 |
| 1991 | - | $13,485,390,620 | $4,938,775,510 | $6,843,662,858 |
| 1992 | - | $10,630,714,641 | $2,436,849,342 | $6,394,362,794 |
| 1993 | $4,013,091,682 | $10,020,459,082 | $2,682,456,897 | $5,916,750,488 |
| 1994 | $4,123,011,420 | $9,855,880,594 | $3,559,608,640 | $5,812,724,182 |
| 1995 | $4,502,970,889 | $10,302,024,947 | $4,707,041,315 | $5,747,928,136 |
| 1996 | $4,786,018,988 | $10,811,255,303 | $4,642,021,256 | $5,816,047,056 |
| 1997 | $5,154,420,649 | $12,222,126,358 | $3,912,986,091 | $5,899,797,048 |
| 1998 | $5,674,080,543 | $12,752,545,573 | $3,765,745,023 | $6,099,135,594 |
| 1999 | $5,756,912,266 | $12,698,344,019 | $3,863,619,285 | $6,363,778,789 |
| 2000 | $5,686,579,748 | $13,979,307,069 | $3,772,859,034 | $6,653,275,728 |
| 2001 | $6,250,218,423 | $14,801,394,596 | $3,709,636,031 | $6,449,202,687 |
| 2002 | $7,370,119,619 | $15,827,575,405 | $4,018,365,747 | $6,545,532,201 |
| 2003 | $9,876,595,528 | $17,029,885,802 | $4,946,296,599 | $6,691,013,308 |
| 2004 | $12,148,595,031 | $18,188,037,435 | $5,682,784,472 | $7,003,757,264 |
| 2005 | $14,109,491,357 | $19,920,094,036 | $6,258,602,873 | $7,334,620,965 |
| 2006 | $17,025,671,810 | $21,864,807,422 | $6,861,226,972 | $7,711,402,290 |
| 2007 | $22,450,264,166 | $23,520,174,236 | $8,336,474,974 | $8,210,598,903 |
| 2008 | $24,342,935,404 | $22,314,692,031 | $9,909,552,435 | $8,659,882,990 |
| 2009 | $19,633,984,440 | $19,050,002,927 | $9,401,736,825 | $8,628,827,363 |
| 2010 | $19,524,355,419 | $19,516,680,413 | $9,407,170,321 | $8,918,648,176 |
| 2011 | $23,303,915,795 | $21,001,309,333 | $10,494,626,768 | $9,127,334,380 |
| 2012 | $23,237,406,116 | $21,772,481,344 | $9,745,261,301 | $9,085,697,011 |
| 2013 | $25,451,032,781 | $22,154,913,628 | $10,817,702,346 | $9,351,477,060 |
| 2014 | $27,055,689,003 | $22,891,074,857 | $11,362,265,253 | $9,690,853,712 |
| 2015 | $23,311,847,751 | $23,311,847,751 | $10,064,519,963 | $10,064,519,963 |
| 2016 | $24,561,027,788 | $24,032,887,680 | $10,672,467,073 | $10,351,178,143 |
| 2017 | $27,469,461,919 | $25,387,062,190 | $11,307,067,070 | $10,463,154,366 |
| 2018 | $31,222,632,741 | $26,326,306,711 | $12,683,068,114 | $10,764,555,646 |
| 2019 | $31,873,748,770 | $27,307,395,871 | $12,606,338,449 | $11,185,494,934 |
| 2020 | $31,820,771,494 | $26,519,903,137 | $12,361,036,914 | $10,661,068,595 |
| 2021 | $37,204,563,051 | $28,417,255,488 | $14,000,283,827 | $11,141,955,230 |
| 2022 | $38,376,046,175 | $28,434,428,183 | $13,932,436,550 | $11,449,348,867 |
| 2023 | $41,291,245,222 | $27,574,844,402 | $15,763,604,288 | $11,686,641,441 |
| 2024 | $42,764,929,169 | $27,502,872,345 | $16,685,236,492 | $12,008,754,399 |
Economic indicators
|
Estonia
|
North Macedonia
|
|
|---|---|---|
| Gross domestic product |
$42.8B
2024 |
$16.7B
2024 |
| GDP rank |
102/197
2024 |
138/197
2024 |
| GDP growth |
3.57%
2023-2024 |
5.85%
2023-2024 |
| GDP per capita |
$31,170
2024 |
$9,310
2024 |
| GDP per capita rank |
40/197
2024 |
88/197
2024 |
| GDP per capita, PPP |
$49,334
2024 |
$26,587
2024 |
| Government debt |
$10.1B
2024 |
$9.15B
2024 |
| Debt-to-GDP ratio |
25.4%
2025 |
52.9%
2025 |
| Government debt per person |
$7,362
2024 |
$5,105
2024 |
| Government debt per person rank |
66/185
2024 |
78/185
2024 |
| Average annual personal income after taxes |
$21,368
2025 |
$8,472
2025 |
| Number of billionaires |
2
2025 |
n/a |
| Income share by richest 10% |
23.7%
2023 |
22.9%
2019 |
| Income share by poorest 10% |
3.1%
2023 |
1.9%
2019 |
| Government expenditure, % of GDP |
44.4%
2025 |
39.1%
2025 |
| Consumer prices inflation |
3.52%
2023-2024 |
3.9%
2024-2025 |
| Central bank interest rate | n/a |
5.35%
2025 |
| Unemployment rate |
7.5%
2024 |
12.3%
2024 |
| Population |
1355535
|
1783115
|
GDP per capita in Estonia vs North Macedonia
Estonia's GDP per capita is $31,170, ranking 40/197, compared to $9,310 in North Macedonia, ranking 88/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,334, while North Macedonia ranks 78th at $26,587.
| Year | Current $ | |||
|---|---|---|---|---|
|
Estonia
|
North Macedonia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1990 | - | $7,476 | $2,277 | $5,347 |
| 1991 | - | $7,146 | $2,402 | $5,206 |
| 1992 | - | $5,868 | $1,199 | $5,032 |
| 1993 | $2,686 | $5,810 | $1,337 | $4,828 |
| 1994 | $2,819 | $5,963 | $1,786 | $4,879 |
| 1995 | $3,134 | $6,475 | $2,355 | $4,911 |
| 1996 | $3,381 | $6,889 | $2,307 | $5,025 |
| 1997 | $3,683 | $7,978 | $1,960 | $5,226 |
| 1998 | $4,093 | $8,451 | $1,876 | $5,448 |
| 1999 | $4,141 | $8,412 | $1,915 | $5,724 |
| 2000 | $4,071 | $9,422 | $1,862 | $6,153 |
| 2001 | $4,503 | $10,310 | $1,823 | $6,052 |
| 2002 | $5,343 | $11,667 | $1,989 | $6,395 |
| 2003 | $7,205 | $13,137 | $2,445 | $6,609 |
| 2004 | $8,916 | $14,540 | $2,819 | $7,230 |
| 2005 | $10,415 | $16,638 | $3,121 | $7,972 |
| 2006 | $12,641 | $19,348 | $3,440 | $8,890 |
| 2007 | $16,745 | $22,201 | $4,204 | $9,639 |
| 2008 | $18,206 | $22,804 | $5,026 | $10,924 |
| 2009 | $14,712 | $20,478 | $4,800 | $11,526 |
| 2010 | $14,664 | $21,617 | $4,833 | $11,994 |
| 2011 | $17,556 | $24,652 | $5,417 | $12,421 |
| 2012 | $17,568 | $26,243 | $5,050 | $12,726 |
| 2013 | $19,310 | $27,831 | $5,626 | $13,663 |
| 2014 | $20,582 | $29,404 | $5,925 | $14,485 |
| 2015 | $17,722 | $29,721 | $5,263 | $15,038 |
| 2016 | $18,666 | $31,948 | $5,598 | $16,457 |
| 2017 | $20,852 | $34,507 | $5,955 | $17,161 |
| 2018 | $23,618 | $37,121 | $6,714 | $18,460 |
| 2019 | $24,021 | $40,586 | $6,719 | $20,222 |
| 2020 | $23,934 | $40,672 | $6,660 | $19,962 |
| 2021 | $27,954 | $44,252 | $7,621 | $22,144 |
| 2022 | $28,451 | $47,802 | $7,606 | $24,067 |
| 2023 | $30,133 | $46,790 | $8,624 | $24,390 |
| 2024 | $31,170 | $49,334 | $9,310 | $26,587 |
Spending and national debt comparison
In 2024, Estonia's government spending was $18.9B, accounting for 44.4% of its GDP, while North Macedonia's spent $6.13B, or 39.1% of GDP.
Debt-to-GDP ratio is 25.4% in Estonia and 52.9% in North Macedonia, ranking 168/185 and 101/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Estonia
|
North Macedonia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1995 | 39.5% | 8.66% | - | - |
| 1996 | 38.6% | 7.3% | - | - |
| 1997 | 35.8% | 6.03% | 32.9% | 29.3% |
| 1998 | 38.9% | 5.4% | 32.8% | 33.1% |
| 1999 | 40.7% | 5.93% | 33.2% | 30.4% |
| 2000 | 36.4% | 5.11% | 32% | 45.6% |
| 2001 | 35.3% | 4.93% | 37.4% | 45.2% |
| 2002 | 35.9% | 5.66% | 38.2% | 40.5% |
| 2003 | 35% | 5.6% | 36% | 36.5% |
| 2004 | 34.1% | 5.16% | 34.1% | 34.6% |
| 2005 | 33.7% | 4.73% | 32.5% | 36.7% |
| 2006 | 33.5% | 4.72% | 31.5% | 30.6% |
| 2007 | 33.8% | 3.91% | 31.4% | 23.5% |
| 2008 | 39.5% | 4.67% | 33.8% | 20.6% |
| 2009 | 46.1% | 7.98% | 33.6% | 23.7% |
| 2010 | 40.7% | 7.99% | 32.5% | 24.3% |
| 2011 | 37.6% | 7.6% | 31.9% | 27.7% |
| 2012 | 39.4% | 11.1% | 33.3% | 33.7% |
| 2013 | 38.3% | 11.4% | 31.7% | 34% |
| 2014 | 37.6% | 11.6% | 31.7% | 38% |
| 2015 | 39.3% | 10.8% | 32.2% | 38% |
| 2016 | 38.9% | 10.2% | 31.1% | 39.7% |
| 2017 | 38.9% | 9.43% | 31.8% | 39.4% |
| 2018 | 38.8% | 8.51% | 30.3% | 40.4% |
| 2019 | 39.1% | 9.05% | 31.4% | 40.4% |
| 2020 | 44.7% | 19.1% | 36.4% | 50.8% |
| 2021 | 42.1% | 18.4% | 35.3% | 52.7% |
| 2022 | 40% | 19.1% | 35% | 50.4% |
| 2023 | 43.7% | 20.2% | 35.5% | 50.8% |
| 2024 | 44.2% | 23.6% | 36.7% | 54.8% |
| 2025 | 44.4% | 25.4% | 39.1% | 52.9% |
Government deficit by year
In 2024, Estonia's government deficit, the difference between spending and revenue, was -$721M, equivalent to -1.69% of GDP. This compares to North Macedonia's deficit of -$742M, or -4.45% of GDP.
Over the past 28 years, Estonia recorded a fiscal deficit in 17 of those years, while North Macedonia ran a deficit in 23 years. On average, Estonia posted an annual deficit equal to -0.52% of GDP, compared to deficit of -2.52% of GDP for North Macedonia.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Estonia
|
North Macedonia
|
|
| 1995 | -0.26% | - |
| 1996 | -0.93% | - |
| 1997 | 2.98% | -0.36% |
| 1998 | 0.65% | -1.63% |
| 1999 | -3.42% | 0.03% |
| 2000 | -0.11% | 2.37% |
| 2001 | 0.4% | -5.88% |
| 2002 | 0.29% | -5.24% |
| 2003 | 1.67% | -0.07% |
| 2004 | 2.29% | 0.37% |
| 2005 | 1.07% | 0.21% |
| 2006 | 2.71% | -0.51% |
| 2007 | 2.5% | 0.58% |
| 2008 | -2.92% | -0.93% |
| 2009 | -3.43% | -2.63% |
| 2010 | -1.09% | -2.41% |
| 2011 | 0.09% | -2.47% |
| 2012 | -0.86% | -3.81% |
| 2013 | -0.66% | -3.84% |
| 2014 | 0.42% | -4.19% |
| 2015 | -0.24% | -3.48% |
| 2016 | -0.62% | -2.7% |
| 2017 | -1.07% | -2.73% |
| 2018 | -1.15% | -1.76% |
| 2019 | -0.11% | -1.97% |
| 2020 | -5.42% | -8.05% |
| 2021 | -2.57% | -5.32% |
| 2022 | -1.07% | -5.23% |
| 2023 | -3.14% | -4.61% |
| 2024 | -1.69% | -4.45% |
| 2025 | -2.69% | -5.04% |
Inflation comparison by year
Over the past 29 years, Estonia has recorded an average annual inflation rate of 5.1%, compared with 2.62% in North Macedonia. In 2024, inflation was 3.52% in Estonia and 3.9% in North Macedonia.
| Year | Inflation | ||
|---|---|---|---|
|
Estonia
|
North Macedonia
|
Estonia
|
North Macedonia
|
| 1996 | 23.1% | 2.5% | |
| 1997 | 10.6% | 1.3% | |
| 1998 | 8.21% | 0.5% | |
| 1999 | 3.3% | -1.3% | |
| 2000 | 4.02% | 6.6% | |
| 2001 | 5.75% | 5.2% | |
| 2002 | 3.57% | 1.1% | |
| 2003 | 1.33% | 0.9% | |
| 2004 | 3.05% | -0.4% | |
| 2005 | 4.08% | 0.5% | |
| 2006 | 4.44% | 3.2% | |
| 2007 | 6.6% | 2.3% | |
| 2008 | 10.4% | 8.3% | |
| 2009 | -0.08% | -0.7% | |
| 2010 | 2.97% | 1.5% | |
| 2011 | 4.98% | 3.9% | |
| 2012 | 3.93% | 3.3% | |
| 2013 | 2.78% | 2.8% | |
| 2014 | -0.11% | -0.3% | |
| 2015 | -0.49% | -0.3% | |
| 2016 | 0.15% | -0.2% | |
| 2017 | 3.42% | 1.4% | |
| 2018 | 3.44% | 1.5% | |
| 2019 | 2.28% | 0.8% | |
| 2020 | -0.44% | 1.2% | |
| 2021 | 4.65% | 3.2% | |
| 2022 | 19.4% | 14.2% | |
| 2023 | 9.16% | 9.4% | |
| 2024 | 3.52% | 3.5% | |
| 2025 | - | 3.9% | |
Top exports between countries
|
Estonia
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $3.39M |
| Animal & marine products | $689K |
| Chemicals & pharma | $478K |
| Processed food, beverages & tobacco | $303K |
| Raw materials & minerals | $191K |
| Wood & paper products | $146K |
| Textiles & consumer goods | $128K |
| Metals | $81K |
| Precious metals & jewellery | $2K |
|
North Macedonia
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $1.44M |
| Raw agricultural goods | $291K |
| Textiles & consumer goods | $227K |
| Processed food, beverages & tobacco | $156K |
| Metals | $63K |
| Wood & paper products | $32K |
| Chemicals & pharma | $7K |
| Raw materials & minerals | $3K |
| Precious metals & jewellery | $1K |
Balance of trade
|
Estonia
|
North Macedonia
|
|
|---|---|---|
Current account balance
|
-$578M
2024 |
-$374M
2024 |
| Current account balance ranking |
104/189
2024 |
101/189
2024 |
| Current account balance, % of GDP |
-1.35%
2024 |
-2.24%
2024 |
| Goods imports |
$22.1B
2024 |
$10.6B
2024 |
| Goods exports |
$19.1B
2024 |
$7.28B
2024 |
| Service imports |
$10.4B
2024 |
$2.01B
2024 |
| Service exports |
$13.6B
2024 |
$3.16B
2024 |
| Imports of goods and services, % of GDP |
75.7%
2024 |
75.8%
2024 |
| Exports of goods and services, % of GDP |
76.3%
2024 |
62.7%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Estonia
|
North Macedonia
|
|
|---|---|---|
| Economic freedom | 78.9 | 63.2 |
| Economic freedom ranking | 9/197 | 80/197 |
| Property rights | 93.7 | 59.1 |
| Government integrity | 84.5 | 43.6 |
| Judicial effectiveness | 93.9 | 49.7 |
| Tax burden | 80.8 | 94.8 |
| Government spending | 48.8 | 60.6 |
| Fiscal health | 90.9 | 50.9 |
| Business freedom | 83.3 | 74.2 |
| Labor freedom | 62.2 | 57.6 |
| Monetary freedom | 68.8 | 65 |
| Trade freedom | 79.6 | 77.8 |
| Investment freedom | 90 | 65 |
| Financial freedom | 70 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Estonia is 78.9, ranking 9/197, compared to 63.2 for North Macedonia, ranking 80/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Estonia
|
North Macedonia
|
|
| 1995 | 65.2 | - |
| 1996 | 65.4 | - |
| 1997 | 69.1 | - |
| 1998 | 72.5 | - |
| 1999 | 73.8 | - |
| 2000 | 69.9 | - |
| 2001 | 76.1 | - |
| 2002 | 77.6 | 58 |
| 2003 | 77.7 | 60.1 |
| 2004 | 77.4 | 56.8 |
| 2005 | 75.2 | 56.1 |
| 2006 | 74.9 | 59.2 |
| 2007 | 78 | 60.6 |
| 2008 | 77.9 | 61.1 |
| 2009 | 76.4 | 61.2 |
| 2010 | 74.7 | 65.7 |
| 2011 | 75.2 | 66 |
| 2012 | 73.2 | 68.5 |
| 2013 | 75.3 | 68.2 |
| 2014 | 75.9 | 68.6 |
| 2015 | 76.8 | 67.1 |
| 2016 | 77.2 | 67.5 |
| 2017 | 79.1 | 70.7 |
| 2018 | 78.8 | 71.3 |
| 2019 | 76.6 | 71.1 |
| 2020 | 77.7 | 69.5 |
| 2021 | 78.2 | 68.6 |
| 2022 | 80 | 65.7 |
| 2023 | 78.6 | 63.7 |
| 2024 | 77.8 | 61.4 |
| 2025 | 78.9 | 63.2 |
More economic indicators
|
Estonia
|
North Macedonia
|
|
|---|---|---|
| Services, % of GDP |
65.1%
2024 |
59.2%
2024 |
| Industry, % of GDP |
20.5%
2024 |
22.7%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
1.91%
2024 |
5.97%
2024 |
|
GNI, Atlas method
|
$39.4B
2024 |
$15B
2024 |
| GNI per capita, PPP |
$48,260
2024 |
$25,210
2024 |
| Total reserves including gold |
$2.07B
2024 |
$5.25B
2024 |
| Total reserves ranking |
125/177
2024 |
97/177
2024 |
|
Net foreign direct investment
|
-$270M
2024 |
-$1.18B
2024 |
|
Net inflows of foreign direct investment
|
-$3.46B
2024 |
$1.17B
2024 |
|
Net outflows of foreign direct investment
|
-$3.73B
2024 |
-$2.99M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
11.6%
2023 |
| Poverty at national poverty lines |
22.5%
2022 |
22.2%
2022 |
|
Gross capital formation, % of GDP
|
26.2%
2024 |
28.4%
2024 |
GDP per capita map
GDP per capita
Compare countries by 7 more topics
Relevant pages:
By topic
vs
comparisons:
Economy comparisons
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.