Georgia vs North Macedonia: Economic Indicators Comparison
Georgia with a GDP of $17.6B ranked the 119th largest economy in the world, while North Macedonia ranked 135th with $12.7B. By GDP 5-years average growth and GDP per capita, Georgia and North Macedonia ranked 54th vs 110th and 111th vs 100th, respectively.
Gross Domestic Product & Income
| Stat |  Georgia |  North Macedonia |
|---|---|---|
| GDP | $17.6B | $12.7B |
| GDP growth, 1 year | 4.7% | 2.7% |
| GDP growth, 5-years average | 4% | 2.6% |
| Population | 3.7M | 2.1M |
| GDP per capita | $4.7k | $6.1k |
| GDP per capita growth | 4.72% | 2.62% |
| Purchasing Power Parity conversion factor | 1 | 19.38 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.39 | 0.37 |
| GDP per capita, PPP adjusted | $11k | $16k |
| GNI, Atlas method | $16.6B | $11.4B |
| GNI per capita | $4.4k | $5.5k |
| GNI, PPP adjusted | $42.9B | $32.6B |
| GNI per capita, PPP adjusted | $12k | $16k |
Financial system and Human development
| Stat | Georgia | North Macedonia |
|---|---|---|
| Income Tax Rate | 20% | 10% |
| Corporate Tax Rate | 15% | 10% |
| Inflation, consumer prices | 2.6% | 1.5% |
| Inflation, GDP deflator | 4.4% | 4.3% |
| Unemployment | 14.1% | 21.6% |
| Economic Freedom Index | 77.1 | 69.5 |
| Personal Freedom Index | 7.4 | 8.17 |
| Human Freedom Index | 7.48 | 7.55 |
| Property Rights Index | 68.6 | 62.5 |
| Judical Effectiveness Index | 57.9 | 42.7 |
| Business Freedom Index | 85.3 | 80.6 |
| Fiscal Health Index | 94.4 | 87.7 |
| Labor Freedom Index | 76.3 | 67 |
| Investment Freedom Index | 80 | 65 |
| Financial Freedom Index | 70 | 60 |
| Trade Freedom Index | 88.6 | 86.2 |
| Monetary Freedom Index | 78.3 | 77.7 |
| Government Spending Index | 73.6 | 71 |
| Tax Burden Index | 87.1 | 91.5 |
| Government Integrity Index | 64.8 | 42.2 |
| Corruption Perceptions Index | 58 | 37 |
| Life expectancy at birth, years | 73.4 | 75.6 |
| Suicide mortality rate, per 100,000 people | 8.2 | 7.9 |
| Mortality caused by road traffic injury, per 100,000 people | 15.3 | 6.4 |
| Intentional homicides, per 100,000 people | 1 | 1.5 |
| International tourism, number of arrivals | 4.8M | 707k |
Government debt & reserves
| Stat | Georgia | North Macedonia |
|---|---|---|
| Central government debt, % of GDP | 44.5% | 39.5% |
| External debt stocks, % of GNI | 110.6% | 72% |
| External debt stocks | $17.1B | $8.7B |
| Short-term debt, % of total reserves | 81.1% | 40.9% |
| Total debt service, % of exports and primary income | 23.7% | 16.6% |
| Adjusted net savings including particulate emission damage, % of GNI | 12.5% | 15.4% |
| Gross savings, % of GDP | 21% | 33% |
| Gross capital formation, % of GDP | 28.1% | 33% |
| Total reserves including gold | $3.3B | $3.3B |
| Foreign direct investment net inflows | $1.2B | $648.7M |
Exports, imports and economic structure
| Stat | Georgia | North Macedonia |
|---|---|---|
| Exports of goods and services, % of GDP | 50.6% | 60.3% |
| Imports of goods and services, % of GDP | 61.2% | 72.9% |
| Current account balance (balance of payments) | -$1.2B | -$25.6M |
| Revenue excluding grants, % of GDP | 23% | 26.8% |
| Grants excluding technical cooperation, BoP | $314.1M | $133.8M |
| Personal remittances received | $2B | $344.5M |
| Industry including construction value added, % of GDP | 19.9% | 23.6% |
| Agriculture, forestry and fishing value added, % of GDP | 6.8% | 7.2% |
| Charges for the use of intellectual property, payments BoP | $27.1M | $188.8M |
| Charges for the use of intellectual property, receipts BoP | $270k | $11.8M |
| Expense, % of GDP | 21.4% | 27.9% |
| Government Expenditure, % of GDP | 29.6% | 31.1% |
