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Economy of Ethiopia vs North Macedonia compared: GDP & Debt

Updated on by Georank

Ethiopia has a GDP of $126B compared to $19.1B for North Macedonia, ranking 66/197 and 137/197 by economy size, respectively.

Ethiopia has $54.4B in government debt (43.1% of GDP), compared to $10B (52.5% of GDP) in North Macedonia.

Ethiopia vs North Macedonia GDP by year

Ethiopia
North Macedonia
1x
Year GDP, current $
Ethiopia North Macedonia
2025 $126,358,758,448 $19,101,199,817
2024 $149,740,297,952 $16,951,682,221
2023 $135,874,093,203 $15,855,131,189
2022 $123,140,304,665 $13,932,436,550
2021 $109,070,960,371 $14,000,283,827
2020 $98,676,811,062 $12,361,036,914
2019 $91,834,517,114 $12,606,338,449
2018 $83,337,901,072 $12,683,068,114
2017 $76,366,081,767 $11,307,067,070
2016 $68,475,871,210 $10,672,467,073
2015 $62,103,418,182 $10,064,519,963
2014 $55,612,228,234 $11,362,265,253
2013 $47,648,276,605 $10,817,702,346
2012 $43,310,721,414 $9,745,261,301
2011 $31,952,763,089 $10,494,626,768
2010 $29,933,790,334 $9,407,170,321
2009 $32,437,389,116 $9,401,736,825
2008 $27,066,912,635 $9,909,552,435
2007 $19,707,616,773 $8,336,474,974
2006 $15,280,861,835 $6,861,226,972
2005 $12,401,139,454 $6,258,602,873
2004 $10,131,187,261 $5,682,784,472
2003 $8,623,691,300 $4,946,296,599
2002 $7,850,809,498 $4,018,365,747
2001 $8,231,326,016 $3,709,636,031
2000 $8,242,349,618 $3,772,859,034
1999 $7,892,973,532 $3,863,619,285
1998 $8,013,274,132 $3,765,745,023
1997 $8,803,539,988 $3,912,986,091
1996 $8,761,215,548 $4,642,021,256
1995 $7,855,205,207 $4,707,041,315
1994 $7,100,806,754 $3,559,608,640
1993 $9,051,043,870 $2,682,456,897
1992 $10,754,799,037 $2,436,849,342
1991 $13,799,799,324 $4,938,775,510
1990 $12,478,943,895 $4,699,646,643
1989 $11,762,932,007 -
1988 $11,181,119,718 -
1987 $10,790,001,558 -
1986 $10,094,328,898 -
1985 $9,717,392,687 -
1984 $8,298,309,581 -
1983 $8,781,664,427 -
1982 $7,899,988,841 -
1981 $7,507,663,567 -
1980 $7,012,585,454 -
1979 $6,586,048,398 -
1978 $6,014,961,435 -
1977 $5,651,840,585 -
1976 $4,943,806,093 -
1975 $4,577,047,854 -
1974 $4,577,209,966 -
1973 $4,070,570,550 -
1972 $3,520,252,938 -
1971 $3,224,280,835 -
1970 $3,045,354,455 -
1969 $2,768,987,372 -
1968 $2,619,948,865 -
1967 $2,461,762,003 -
1966 $2,324,466,416 -
1965 $2,159,998,591 -
1964 $1,984,129,186 -
1963 $1,825,058,828 -
1962 $1,747,566,307 -
1961 $1,680,859,514 -
1960 $1,610,511,694 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/ethiopia/north-macedonia | CC BY

GDP per capita in Ethiopia vs North Macedonia by year

Ethiopia
GDP per capita

GDP per capita, PPP
North Macedonia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ethiopia North Macedonia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $933 - $10,490 -
2024 $1,134 $3,288 $9,292 $26,995
2023 $1,056 $3,061 $8,674 $25,354
2022 $982 $2,845 $7,606 $24,212
2021 $893 $2,588 $7,621 $22,144
2020 $830 $2,407 $6,660 $19,962
2019 $793 $2,242 $6,719 $20,223
2018 $740 $2,095 $6,714 $18,460
2017 $696 $2,005 $5,955 $17,161
2016 $642 $1,858 $5,598 $16,458
2015 $598 $1,633 $5,263 $15,034
2014 $550 $1,485 $5,925 $14,485
2013 $484 $1,253 $5,626 $13,663
2012 $452 $1,179 $5,050 $12,726
2011 $343 $1,098 $5,417 $12,421
2010 $331 $996 $4,833 $11,992
2009 $369 $899 $4,800 $11,532
2008 $316 $845 $5,026 $10,924
2007 $237.1 $770 $4,204 $9,639
2006 $189.3 $693 $3,440 $8,888
2005 $158.2 $625 $3,121 $7,972
2004 $133.2 $558 $2,819 $7,229
2003 $116.8 $493 $2,445 $6,608
2002 $109.6 $509 $1,989 $6,395
2001 $118.5 $509 $1,823 $6,051
2000 $122.3 $474 $1,862 $6,154
1999 $120.7 $450 $1,915 $5,724
1998 $126.5 $436 $1,876 $5,448
1997 $143.4 $461 $1,960 $5,227
1996 $147.3 $453 $2,307 $5,026
1995 $136.5 $409 $2,355 $4,912
1994 $127.7 $391 $1,786 $4,880
1993 $168.5 $384 $1,337 $4,829
1992 $207.4 $343 $1,199 $5,033
1991 $277.6 $383 $2,402 $5,207
1990 $262.1 $417 $2,277 $5,348
1989 $256.4 - - -
1988 $253.2 - - -
1987 $254.1 - - -
1986 $246 - - -
1985 $243.9 - - -
1984 $214.2 - - -
1983 $232.7 - - -
1982 $215.3 - - -
1981 $212.7 - - -
1980 $203.7 - - -
1979 $192.4 - - -
1978 $178.3 - - -
1977 $170.4 - - -
1976 $152 - - -
1975 $144.3 - - -
1974 $147.9 - - -
1973 $134.9 - - -
1972 $119.8 - - -
1971 $112.7 - - -
1970 $109.4 - - -
1969 $102.3 - - -
1968 $99.5 - - -
1967 $96.1 - - -
1966 $93.2 - - -
1965 $88.9 - - -
1964 $83.8 - - -
1963 $79.2 - - -
1962 $77.8 - - -
1961 $76.7 - - -
1960 $75.3 - - -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/ethiopia/north-macedonia | CC BY

Ethiopia's GDP per capita is $933, ranking 182/197, compared to $10,490 in North Macedonia, ranking 86/197. Adjusted for purchasing power (GDP per capita PPP), Ethiopia ranks 175th at $3,288, while North Macedonia ranks 78th at $26,995.

Economic indicators

Ethiopia North Macedonia
Gross domestic product
$126B
2025
$19.1B
2025
GDP rank
66/197
2025
137/197
2025
GDP growth
9.77%
2024-2025
3.49%
2024-2025
GDP per capita
$933
2025
$10,490
2025
GDP per capita rank
182/197
2025
86/197
2025
GDP per capita, PPP
$3,288
2024
$26,995
2024
GDP per capita PPP rank
175/197
2024
78/197
2024
Government debt
$54.4B
2025
$10B
2025
Debt-to-GDP ratio
43.1%
2025
52.5%
2025
Government debt per person
$402
2025
$5,510
2025
Government debt per person rank
172/185
2025
78/185
2025
Average annual personal income after taxes
$2,030
2026
$9,326
2026
Income share by richest 10%
24.8%
2021
22.9%
2019
Income share by poorest 10%
3.5%
2021
1.9%
2019
Government expenditure, % of GDP
12%
2025
36.2%
2025
Consumer prices inflation
13.2%
2024-2025
4.1%
2024-2025
Central bank interest rate n/a
5.35%
2025
Unemployment rate
3.94%
2021
11.5%
2025
Population
140722974
1811466

Spending and national debt comparison by year

Ethiopia
Spending

Debt
North Macedonia
Spending

Debt
1x
Year % of GDP
Ethiopia North Macedonia
Government spending Government debt Government spending Government debt
2025 12% 43.1% 36.2% 52.5%
2024 9.54% 33.4% 36.1% 52.9%
2023 10.8% 38.7% 35.3% 50.5%
2022 12.7% 46.9% 35% 50.4%
2021 13.8% 53.8% 35.3% 52.7%
2020 14.5% 53.2% 36.4% 50.8%
2019 15.4% 54.7% 31.4% 40.4%
2018 16.1% 58.4% 30.3% 40.4%
2017 18% 55.3% 31.8% 39.4%
2016 17.9% 51.8% 31.1% 39.7%
2015 17.3% 50.7% 32.2% 38%
2014 17.5% 44.2% 31.7% 38%
2013 17.8% 44.1% 31.7% 34%
2012 16.6% 39.4% 33.3% 33.7%
2011 18.2% 44.6% 31.9% 27.7%
2010 18.5% 39.4% 32.5% 24.3%
2009 17.1% 30% 33.6% 23.7%
2008 18.8% 56.1% 33.8% 20.6%
2007 20.5% 55.7% 31.4% 23.5%
2006 22.1% 79.6% 31.5% 30.6%
2005 22.9% 78.2% 32.5% 36.7%
2004 23.1% 103.1% 34.1% 34.6%
2003 27% 103.7% 36% 36.5%
2002 24.9% 107.4% 38.2% 40.5%
2001 22.4% 97.3% 37.4% 45.2%
2000 25.6% 93.6% 32% 45.6%
1999 26.8% 97.8% 32.5% 29.8%
1998 21.1% 89.3% 32.2% 33.1%
1997 17.9% 80.3% 32.3% 29.3%
1996 18.8% 132.8% - -
1995 17.4% 146.6% - -
1994 17.6% 155.2% - -
1993 13.8% 141% - -
1992 14.2% 87.9% - -
1991 17.3% 89.3% - -
1990 20.9% 91.6% - -
1989 24% 84.7% - -
1988 21.6% 84.3% - -
1987 18.4% 82.3% - -
1986 19.8% 75.7% - -
1985 19.7% 67.7% - -
1984 18.8% 65.4% - -
1983 21.3% 55.2% - -
1982 16.4% 48.8% - -
1981 14.2% 30.6% - -
1980 13.5% 18.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1998, retrieved 2026-07-08).

GeoRank.org/economy/ethiopia/north-macedonia | CC BY

In 2025, Ethiopia's government spending was $15.2B, accounting for 12% of its GDP, while North Macedonia spent $6.91B, or 36.2% of GDP.

Debt-to-GDP ratio is 43.1% in Ethiopia and 52.5% in North Macedonia, ranking 122/185 and 97/185, respectively.

Government deficit by year

Deficit/surplus
Ethiopia

North Macedonia
1x
Year Deficit/surplus, % of GDP
Ethiopia North Macedonia
2025 -1.19% -4.01%
2024 -1.99% -4.38%
2023 -2.6% -4.59%
2022 -4.16% -5.23%
2021 -2.77% -5.32%
2020 -2.76% -8.05%
2019 -2.53% -1.97%
2018 -3.03% -1.76%
2017 -3.24% -2.73%
2016 -2.3% -2.7%
2015 -1.95% -3.48%
2014 -2.58% -4.19%
2013 -1.93% -3.84%
2012 -1.17% -3.81%
2011 -1.61% -2.47%
2010 -1.32% -2.41%
2009 -0.93% -2.63%
2008 -2.88% -0.93%
2007 -3.57% 0.58%
2006 -3.79% -0.51%
2005 -4.12% 0.21%
2004 -2.65% 0.37%
2003 -5.59% -0.07%
2002 -5.76% -5.24%
2001 -3.76% -5.88%
2000 -8.88% 2.37%
1999 -8.54% 0.03%
1998 -3.65% -1.59%
1997 -1.76% -0.35%
1996 -3.93% -
1995 -2.76% -
1994 -5.39% -
1993 -4.12% -
1992 -4.92% -
1991 -6% -
1990 -6.86% -
1989 -4.33% -
1988 -3.48% -
1987 -3.54% -
1986 -3.98% -
1985 -4.71% -
1984 -3.69% -
1983 -7.59% -
1982 -3.6% -
1981 -2.19% -
1980 -2.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

GeoRank.org/economy/ethiopia/north-macedonia | CC BY

In 2025, Ethiopia's government deficit, the difference between spending and revenue, was $1.5B, equivalent to 1.19% of GDP. This compares to North Macedonia's deficit of $766M, or 4.01% of GDP.

Over the past 29 years, Ethiopia recorded a fiscal deficit in 29 of those years, while North Macedonia ran a deficit in 24 years. On average, Ethiopia posted an annual deficit equal to 3.21% of GDP, compared to deficit of 2.57% of GDP for North Macedonia.

Inflation comparison by year

Inflation
Ethiopia

North Macedonia
1x
Year Consumer prices inflation
Ethiopia North Macedonia
2025 13.2% 4.1%
2024 21% 3.5%
2023 30.2% 9.4%
2022 33.9% 14.2%
2021 26.8% 3.2%
2020 20.4% 1.2%
2019 15.8% 0.8%
2018 13.8% 1.5%
2017 10.7% 1.4%
2016 6.63% -0.2%
2015 9.57% -0.2%
2014 6.89% -0.3%
2013 7.46% 2.8%
2012 23.6% 3.3%
2011 33.2% 3.9%
2010 8.15% 1.5%
2009 8.48% -0.8%
2008 44.4% 7.2%
2007 17.2% 2.8%
2006 12.3% 3.3%
2005 9.97% 0%
2004 3.33% -0.4%
2003 13.7% 1.1%
2002 0.68% 1.7%
2001 -8.24% 5.1%
2000 0.66% 6.6%
1999 7.94% -1.3%
1998 0.89% 0.5%
1997 2.4% 1.3%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/ethiopia/north-macedonia | CC BY

Over the past 29 years, Ethiopia has recorded an average annual inflation rate of 13.6%, compared with 2.66% in North Macedonia. In 2025, inflation was 13.2% in Ethiopia and 4.1% in North Macedonia.

Top exports between countries

Ethiopia
Export category Export value
Raw agricultural goods $28K
North Macedonia
Export category Export value
Machinery & equipment $21K
Raw materials & minerals $1K

Balance of trade

Ethiopia North Macedonia
Current account balance
-$3.79B
2024
-$815M
2025
Current account balance ranking
154/190
2024
112/190
2025
Current account balance, % of GDP
-2.53%
2024
-4.27%
2025
Goods imports
$19.6B
2024
$11.7B
2025
Goods exports
$5.58B
2024
$7.87B
2025
Service imports
$5.51B
2024
$2.4B
2025
Service exports
$7.61B
2024
$3.55B
2025
Imports of goods and services, % of GDP
20.2%
2025
73.4%
2025
Exports of goods and services, % of GDP
13.3%
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.

Ethiopia North Macedonia
Economic freedom 48.1 63.3
Economic freedom ranking 171/197 81/197
Property rights 22.1 56.2
Government integrity 33.2 43.2
Judicial effectiveness 19.1 49.5
Tax burden 78.6 94.9
Government spending 96.4 61.7
Fiscal health 84.3 57.7
Business freedom 44.5 72.2
Labor freedom 37.8 51.4
Monetary freedom 53.7 69.6
Trade freedom 57.4 77.8
Investment freedom 30 65
Financial freedom 20 60

Economic freedom comparison by year

Ethiopia
North Macedonia
1x
Year Economic freedom index
Ethiopia North Macedonia
2026 48.1 63.3
2025 48.1 63.2
2024 47.9 61.4
2023 48.3 63.7
2022 49.6 65.7
2021 51.7 68.6
2020 53.6 69.5
2019 53.6 71.1
2018 52.8 71.3
2017 52.7 70.7
2016 51.5 67.5
2015 51.5 67.1
2014 50 68.6
2013 49.4 68.2
2012 52 68.5
2011 50.5 66
2010 51.2 65.7
2009 53 61.2
2008 52.5 61.1
2007 53.6 60.6
2006 50.9 59.2
2005 51.1 56.1
2004 54.5 56.8
2003 48.8 60.1
2002 49.8 58
2001 48.9 -
2000 50.2 -
1999 46.7 -
1998 49.2 -
1997 48.1 -
1996 45.9 -
1995 42.6 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/ethiopia/north-macedonia | CC BY

The Economic Freedom Index for Ethiopia is 48.1, ranking 171/197, 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

Ethiopia North Macedonia
Services, % of GDP
36.6%
2025
57%
2025
Industry, % of GDP
27.8%
2025
24.1%
2025
Agriculture, forestry, and fishing, % of GDP
32.8%
2025
5.98%
2025
GNI, Atlas method
$151B
2025
$17.3B
2025
GNI per capita, PPP
$3,620
2025
$26,680
2025
Total reserves including gold
$3.78B
2024
$5.8B
2025
Total reserves ranking
113/177
2024
98/177
2025
Net foreign direct investment
-$4.02B
2024
-$276M
2025
Net inflows of foreign direct investment
$4.02B
2024
$1.06B
2024
Net outflows of foreign direct investment
$0
2024
-$64.9M
2024
Servicing debt to the IMF, % of GNI
0.91%
2024
9.59%
2024
Poverty at national poverty lines
33.1%
2021
21.9%
2023
Gross capital formation, % of GDP
20.1%
2025
31.7%
2025

GDP per capita map

1x

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/ethiopia/north-macedonia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1998, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2022–2024, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. 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.