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Economy of Malaysia vs North Macedonia compared: GDP & Debt

Updated on by Georank

Malaysia has a GDP of $472B compared to $19.1B for North Macedonia, ranking 35/197 and 137/197 by economy size, respectively.

Malaysia has $334B in government debt (70.7% of GDP), compared to $10B (52.5% of GDP) in North Macedonia.

Malaysia vs North Macedonia GDP by year

Malaysia
North Macedonia
1x
Year GDP, current $
Malaysia North Macedonia
2025 $472,193,128,645 $19,101,199,817
2024 $422,227,005,429 $16,951,682,221
2023 $399,949,418,753 $15,855,131,189
2022 $407,830,525,990 $13,932,436,550
2021 $373,784,553,030 $14,000,283,827
2020 $337,456,163,961 $12,361,036,914
2019 $365,177,721,022 $12,606,338,449
2018 $358,788,845,713 $12,683,068,114
2017 $319,109,094,160 $11,307,067,070
2016 $301,256,033,870 $10,672,467,073
2015 $301,355,266,965 $10,064,519,963
2014 $338,066,095,097 $11,362,265,253
2013 $323,276,235,524 $10,817,702,346
2012 $314,443,047,642 $9,745,261,301
2011 $297,951,668,675 $10,494,626,768
2010 $255,017,638,456 $9,407,170,321
2009 $202,257,453,037 $9,401,736,825
2008 $230,811,614,370 $9,909,552,435
2007 $193,549,569,478 $8,336,474,974
2006 $162,692,258,307 $6,861,226,972
2005 $143,534,405,819 $6,258,602,873
2004 $124,749,473,684 $5,682,784,472
2003 $110,202,368,421 $4,946,296,599
2002 $100,845,526,316 $4,018,365,747
2001 $92,783,947,368 $3,709,636,031
2000 $93,789,736,842 $3,772,859,034
1999 $79,148,421,053 $3,863,619,285
1998 $72,167,498,981 $3,765,745,023
1997 $100,005,323,302 $3,912,986,091
1996 $100,855,393,910 $4,642,021,256
1995 $88,705,342,903 $4,707,041,315
1994 $74,478,356,958 $3,559,608,640
1993 $66,894,966,969 $2,682,456,897
1992 $59,167,550,163 $2,436,849,342
1991 $49,143,148,094 $4,938,775,510
1990 $44,024,585,240 $4,699,646,643
1989 $38,847,965,293 -
1988 $35,272,109,220 -
1987 $32,181,210,158 -
1986 $27,734,111,400 -
1985 $31,199,633,353 -
1984 $33,942,897,422 -
1983 $30,347,442,111 -
1982 $26,804,493,635 -
1981 $25,004,285,792 -
1980 $24,488,224,677 -
1979 $21,213,264,962 -
1978 $16,358,079,862 -
1977 $13,139,488,633 -
1976 $11,050,234,599 -
1975 $9,298,800,799 -
1974 $9,496,204,302 -
1973 $7,662,902,678 -
1972 $5,043,347,250 -
1971 $4,244,395,956 -
1970 $3,864,145,667 -
1969 $3,664,552,041 -
1968 $3,330,371,551 -
1967 $3,188,924,677 -
1966 $3,143,517,944 -
1965 $2,956,337,669 -
1964 $2,674,423,922 -
1963 $2,510,110,348 -
1962 $2,001,489,602 -
1961 $1,901,856,123 -
1960 $1,916,229,477 -

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

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

GDP per capita in Malaysia vs North Macedonia by year

Malaysia
GDP per capita

GDP per capita, PPP
North Macedonia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malaysia North Macedonia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $13,125 - $10,490 -
2024 $11,874 $38,779 $9,292 $26,995
2023 $11,386 $36,467 $8,674 $25,354
2022 $11,755 $34,420 $7,606 $24,212
2021 $10,903 $29,823 $7,621 $22,144
2020 $9,958 $27,475 $6,660 $19,962
2019 $10,920 $28,934 $6,719 $20,223
2018 $10,902 $27,794 $6,714 $18,460
2017 $9,863 $26,416 $5,955 $17,161
2016 $9,477 $25,286 $5,598 $16,458
2015 $9,649 $24,526 $5,263 $15,034
2014 $11,013 $24,307 $5,925 $14,485
2013 $10,714 $23,161 $5,626 $13,663
2012 $10,601 $22,639 $5,050 $12,726
2011 $10,217 $21,324 $5,417 $12,421
2010 $8,899 $20,193 $4,833 $11,992
2009 $7,191 $18,923 $4,800 $11,532
2008 $8,372 $19,480 $5,026 $10,924
2007 $7,169 $18,617 $4,204 $9,639
2006 $6,158 $17,426 $3,440 $8,888
2005 $5,556 $16,371 $3,121 $7,972
2004 $4,939 $15,416 $2,819 $7,229
2003 $4,465 $14,387 $2,445 $6,608
2002 $4,184 $13,656 $1,989 $6,395
2001 $3,944 $13,072 $1,823 $6,051
2000 $4,084 $13,027 $1,862 $6,154
1999 $3,528 $11,980 $1,915 $5,724
1998 $3,294 $11,398 $1,876 $5,448
1997 $4,679 $12,469 $1,960 $5,227
1996 $4,837 $11,709 $2,307 $5,026
1995 $4,363 $10,720 $2,355 $4,912
1994 $3,758 $9,806 $1,786 $4,880
1993 $3,462 $9,018 $1,337 $4,829
1992 $3,141 $8,224 $1,199 $5,033
1991 $2,679 $7,583 $2,402 $5,207
1990 $2,469 $6,887 $2,277 $5,348
1989 $2,244 - - -
1988 $2,100 - - -
1987 $1,977 - - -
1986 $1,760 - - -
1985 $2,046 - - -
1984 $2,300 - - -
1983 $2,124 - - -
1982 $1,938 - - -
1981 $1,866 - - -
1980 $1,886 - - -
1979 $1,680 - - -
1978 $1,327 - - -
1977 $1,092 - - -
1976 $940 - - -
1975 $811 - - -
1974 $848 - - -
1973 $701 - - -
1972 $472 - - -
1971 $407 - - -
1970 $380 - - -
1969 $368 - - -
1968 $342 - - -
1967 $335 - - -
1966 $339 - - -
1965 $326 - - -
1964 $303 - - -
1963 $291.8 - - -
1962 $238.8 - - -
1961 $232.9 - - -
1960 $240.8 - - -

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

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

Malaysia's GDP per capita is $13,125, ranking 78/197, compared to $10,490 in North Macedonia, ranking 86/197. Adjusted for purchasing power (GDP per capita PPP), Malaysia ranks 60th at $38,779, while North Macedonia ranks 78th at $26,995.

Economic indicators

Malaysia North Macedonia
Gross domestic product
$472B
2025
$19.1B
2025
GDP rank
35/197
2025
137/197
2025
GDP growth
5.17%
2024-2025
3.49%
2024-2025
GDP per capita
$13,125
2025
$10,490
2025
GDP per capita rank
78/197
2025
86/197
2025
GDP per capita, PPP
$38,779
2024
$26,995
2024
GDP per capita PPP rank
60/197
2024
78/197
2024
Government debt
$334B
2025
$10B
2025
Debt-to-GDP ratio
70.7%
2025
52.5%
2025
Government debt per person
$9,273
2025
$5,510
2025
Government debt per person rank
62/185
2025
78/185
2025
Average annual personal income after taxes
$11,034
2026
$9,326
2026
Market capitalization of domestic companies
$487B
2025
n/a
Number of billionaires
19
2026
n/a
Income share by richest 10%
30.9%
2021
22.9%
2019
Income share by poorest 10%
2.3%
2021
1.9%
2019
Government expenditure, % of GDP
23.4%
2025
36.2%
2025
Consumer prices inflation
1.38%
2024-2025
4.1%
2024-2025
Central bank interest rate
2.75%
2025
5.35%
2025
Unemployment rate
3.9%
2022
11.5%
2025
Population
36600906
1811466

Spending and national debt comparison by year

Malaysia
Spending

Debt
North Macedonia
Spending

Debt
1x
Year % of GDP
Malaysia North Macedonia
Government spending Government debt Government spending Government debt
2025 23.4% 70.7% 36.2% 52.5%
2024 24% 69.8% 36.1% 52.9%
2023 25% 69.7% 35.3% 50.5%
2022 24.6% 65.5% 35% 50.4%
2021 24.5% 69.2% 35.3% 52.7%
2020 25% 67.7% 36.4% 50.8%
2019 23.6% 57.1% 31.4% 40.4%
2018 22.8% 55.6% 30.3% 40.4%
2017 22% 54.4% 31.8% 39.4%
2016 22.9% 55.8% 31.1% 39.7%
2015 24.7% 57% 32.2% 38%
2014 26% 55.4% 31.7% 38%
2013 27.8% 55.7% 31.7% 34%
2012 28.5% 53.8% 33.3% 33.7%
2011 27.1% 51.9% 31.9% 27.7%
2010 26.6% 51.2% 32.5% 24.3%
2009 30.9% 50.4% 33.6% 23.7%
2008 26.9% 39.4% 33.8% 20.6%
2007 25.9% 39.3% 31.4% 23.5%
2006 25.6% 39.7% 31.5% 30.6%
2005 24.5% 40.8% 32.5% 36.7%
2004 25.9% 42% 34.1% 34.6%
2003 28.1% 41.4% 36% 36.5%
2002 27.1% 39.5% 38.2% 40.5%
2001 28.2% 38.1% 37.4% 45.2%
2000 25.6% 32.5% 32% 45.6%
1999 24.6% 34.4% 32.5% 29.8%
1998 23.1% 33.6% 32.2% 33.1%
1997 21.2% 29.6% 32.3% 29.3%
1996 22.4% 32.8% - -
1995 22.6% 38.2% - -
1994 23.3% 43.7% - -
1993 24.6% 51.1% - -
1992 28.2% 59.1% - -
1991 27.4% 67.3% - -
1990 30.5% 74.1% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1997–1998, retrieved 2026-07-08).

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

In 2025, Malaysia's government spending was $111B, accounting for 23.4% of its GDP, while North Macedonia spent $6.91B, or 36.2% of GDP.

Debt-to-GDP ratio is 70.7% in Malaysia and 52.5% in North Macedonia, ranking 56/185 and 97/185, respectively.

Government deficit by year

Deficit/surplus
Malaysia

North Macedonia
1x
Year Deficit/surplus, % of GDP
Malaysia North Macedonia
2025 -3.54% -4.01%
2024 -3.45% -4.38%
2023 -4.11% -4.59%
2022 -4.56% -5.23%
2021 -6.03% -5.32%
2020 -4.9% -8.05%
2019 -2.01% -1.97%
2018 -2.64% -1.76%
2017 -2.41% -2.73%
2016 -2.6% -2.7%
2015 -2.55% -3.48%
2014 -2.63% -4.19%
2013 -3.48% -3.84%
2012 -3.1% -3.81%
2011 -3.57% -2.47%
2010 -4.32% -2.41%
2009 -5.88% -2.63%
2008 -3.4% -0.93%
2007 -2.57% 0.58%
2006 -2.6% -0.51%
2005 -2.83% 0.21%
2004 -3.35% 0.37%
2003 -4.6% -0.07%
2002 -3.96% -5.24%
2001 -4.36% -5.88%
2000 -6.05% 2.37%
1999 -3% 0.03%
1998 -0.63% -1.59%
1997 4.84% -0.35%
1996 3.27% -
1995 3.1% -
1994 5.45% -
1993 3.44% -
1992 1.81% -
1991 1.6% -
1990 0.15% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Malaysia's government deficit, the difference between spending and revenue, was $16.7B, equivalent to 3.54% of GDP. This compares to North Macedonia's deficit of $766M, or 4.01% of GDP.

Over the past 29 years, Malaysia recorded a fiscal deficit in 28 of those years, while North Macedonia ran a deficit in 24 years. On average, Malaysia posted an annual deficit equal to 3.25% of GDP, compared to deficit of 2.57% of GDP for North Macedonia.

Inflation comparison by year

Inflation
Malaysia

North Macedonia
1x
Year Consumer prices inflation
Malaysia North Macedonia
2025 1.38% 4.1%
2024 1.83% 3.5%
2023 2.49% 9.4%
2022 3.38% 14.2%
2021 2.48% 3.2%
2020 -1.14% 1.2%
2019 0.66% 0.8%
2018 0.88% 1.5%
2017 3.87% 1.4%
2016 2.09% -0.2%
2015 2.1% -0.2%
2014 3.14% -0.3%
2013 2.11% 2.8%
2012 1.66% 3.3%
2011 3.17% 3.9%
2010 1.62% 1.5%
2009 0.58% -0.8%
2008 5.44% 7.2%
2007 2.03% 2.8%
2006 3.61% 3.3%
2005 2.98% 0%
2004 1.42% -0.4%
2003 1.09% 1.1%
2002 1.81% 1.7%
2001 1.42% 5.1%
2000 1.53% 6.6%
1999 2.74% -1.3%
1998 5.27% 0.5%
1997 2.66% 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/malaysia/north-macedonia | CC BY

Over the past 29 years, Malaysia has recorded an average annual inflation rate of 2.22%, compared with 2.66% in North Macedonia. In 2025, inflation was 1.38% in Malaysia and 4.1% in North Macedonia.

Top exports between countries

Malaysia
Export category Export value
Machinery & equipment $10.3M
Processed food, beverages & tobacco $1.07M
Raw materials & minerals $369K
Metals $224K
Chemicals & pharma $91K
Textiles & consumer goods $75K
Miscellaneous $5K
Animal & marine products $4K
North Macedonia
Export category Export value
Metals $24.7M
Textiles & consumer goods $177K
Machinery & equipment $58K
Wood & paper products $33K
Animal & marine products $10K
Processed food, beverages & tobacco $3K

Balance of trade

Malaysia North Macedonia
Current account balance
$7.15B
2024
-$815M
2025
Current account balance ranking
29/190
2024
112/190
2025
Current account balance, % of GDP
+1.69%
2024
-4.27%
2025
Goods imports
$223B
2024
$11.7B
2025
Goods exports
$248B
2024
$7.87B
2025
Service imports
$56.4B
2024
$2.4B
2025
Service exports
$53.4B
2024
$3.55B
2025
Imports of goods and services, % of GDP
65.4%
2025
73.4%
2025
Exports of goods and services, % of GDP
71%
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.

Malaysia North Macedonia
Economic freedom 68 63.3
Economic freedom ranking 51/197 81/197
Property rights 62.7 56.2
Government integrity 52.9 43.2
Judicial effectiveness 63.4 49.5
Tax burden 83.5 94.9
Government spending 82 61.7
Fiscal health 62.5 57.7
Business freedom 79.6 72.2
Labor freedom 55.4 51.4
Monetary freedom 80.8 69.6
Trade freedom 83 77.8
Investment freedom 60 65
Financial freedom 50 60

Economic freedom comparison by year

Malaysia
North Macedonia
1x
Year Economic freedom index
Malaysia North Macedonia
2026 68 63.3
2025 67.1 63.2
2024 65.7 61.4
2023 67.3 63.7
2022 68.1 65.7
2021 74.4 68.6
2020 74.7 69.5
2019 74 71.1
2018 74.5 71.3
2017 73.8 70.7
2016 71.5 67.5
2015 70.8 67.1
2014 69.6 68.6
2013 66.1 68.2
2012 66.4 68.5
2011 66.3 66
2010 64.8 65.7
2009 64.6 61.2
2008 63.9 61.1
2007 63.8 60.6
2006 61.6 59.2
2005 61.9 56.1
2004 59.9 56.8
2003 61.1 60.1
2002 60.1 58
2001 60.2 -
2000 66 -
1999 68.9 -
1998 68.2 -
1997 66.8 -
1996 69.9 -
1995 71.9 -

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

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

The Economic Freedom Index for Malaysia is 68, ranking 51/197, 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

Malaysia North Macedonia
Services, % of GDP
54.8%
2025
57%
2025
Industry, % of GDP
35.7%
2025
24.1%
2025
Agriculture, forestry, and fishing, % of GDP
8.22%
2025
5.98%
2025
GNI, Atlas method
$445B
2025
$17.3B
2025
GNI per capita, PPP
$40,070
2025
$26,680
2025
Total reserves including gold
$126B
2025
$5.8B
2025
Total reserves ranking
25/177
2025
98/177
2025
Net foreign direct investment
-$2.55B
2024
-$276M
2025
Net inflows of foreign direct investment
$15.6B
2024
$1.06B
2024
Net outflows of foreign direct investment
$13B
2024
-$64.9M
2024
Servicing debt to the IMF, % of GNI n/a
9.59%
2024
Poverty at national poverty lines
5.1%
2023
21.9%
2023
Gross capital formation, % of GDP
20.5%
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/malaysia/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. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2020–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1997–1998, 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.