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Economy of North Macedonia vs Seychelles compared: GDP & Debt

Updated on by Georank team

North Macedonia has a GDP of $17B compared to $2.17B for the Seychelles, ranking 138/197 and 178/197 by economy size, respectively.

North Macedonia has $9.3B in government debt (54.8% of GDP), compared to $1.25B (57.6% of GDP) in the Seychelles.

North Macedonia vs Seychelles GDP by year

North Macedonia
Seychelles
1x
Year GDP, current $
North Macedonia Seychelles
2024 $16,951,682,245 $2,167,239,562
2023 $15,855,131,189 $2,187,379,755
2022 $13,932,436,550 $2,018,346,589
2021 $14,000,283,827 $1,487,173,795
2020 $12,361,036,914 $1,382,551,752
2019 $12,606,338,449 $1,868,690,097
2018 $12,683,068,114 $1,784,313,927
2017 $11,307,067,070 $1,675,370,641
2016 $10,672,467,073 $1,568,513,348
2015 $10,064,519,963 $1,432,403,352
2014 $11,362,265,253 $1,387,577,870
2013 $10,817,702,346 $1,333,160,407
2012 $9,745,261,301 $1,089,407,839
2011 $10,494,626,768 $1,058,918,707
2010 $9,407,170,321 $981,616,542
2009 $9,401,736,825 $850,901,620
2008 $9,909,552,435 $979,597,394
2007 $8,336,474,974 $1,077,308,814
2006 $6,861,226,972 $1,081,441,283
2005 $6,258,602,873 $977,899,382
2004 $5,682,784,472 $893,012,218
2003 $4,946,296,599 $750,847,230
2002 $4,018,365,747 $742,134,838
2001 $3,709,636,031 $662,064,156
2000 $3,772,859,034 $654,212,394
1999 $3,863,619,285 $662,838,615
1998 $3,765,745,023 $647,287,376
1997 $3,912,986,091 $598,966,982
1996 $4,642,021,256 $535,250,347
1995 $4,707,041,315 $540,733,048
1994 $3,559,608,640 $517,570,058
1993 $2,682,456,897 $504,230,621
1992 $2,436,849,342 $461,409,399
1991 $4,938,775,510 $398,307,170
1990 $4,699,646,643 $392,163,561
1989 - $324,333,367
1988 - $301,985,618
1987 - $265,212,957
1986 - $221,147,061
1985 - $179,691,483
1984 - $160,992,921
1983 - $156,098,237
1982 - $157,211,790
1981 - $163,750,728
1980 - $156,783,830
1979 - $127,261,099
1978 - $85,552,366
1977 - $64,526,401
1976 - $49,278,982
1975 - $47,803,146
1974 - $43,134,496
1973 - $36,896,280
1972 - $30,645,123
1971 - $21,965,951
1970 - $18,432,032
1969 - $16,452,028
1968 - $16,074,028
1967 - $16,632,032
1966 - $16,443,034
1965 - $15,603,032
1964 - $15,393,032
1963 - $13,923,029
1962 - $12,642,026
1961 - $11,592,024
1960 - $12,012,025

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in North Macedonia vs Seychelles by year

North Macedonia
GDP per capita

GDP per capita, PPP
Seychelles
GDP per capita

GDP per capita, PPP
1x
Year Current $
North Macedonia Seychelles
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $9,292 $26,995 $17,859 $33,239
2023 $8,674 $25,354 $18,263 $31,781
2022 $7,606 $24,212 $16,837 $29,973
2021 $7,621 $22,144 $14,983 $29,980
2020 $6,660 $19,962 $14,041 $31,056
2019 $6,719 $20,223 $19,142 $34,219
2018 $6,714 $18,460 $18,440 $32,091
2017 $5,955 $17,161 $17,480 $30,675
2016 $5,598 $16,458 $16,567 $28,811
2015 $5,263 $15,034 $15,333 $25,435
2014 $5,925 $14,485 $15,188 $24,985
2013 $5,626 $13,663 $14,821 $22,487
2012 $5,050 $12,726 $12,337 $22,264
2011 $5,417 $12,421 $12,110 $21,781
2010 $4,833 $11,992 $10,935 $18,982
2009 $4,800 $11,532 $9,747 $18,453
2008 $5,026 $10,924 $11,265 $18,881
2007 $4,204 $9,639 $12,669 $19,473
2006 $3,440 $8,888 $12,783 $17,503
2005 $3,121 $7,972 $11,802 $15,846
2004 $2,819 $7,229 $10,828 $14,160
2003 $2,445 $6,608 $9,070 $14,142
2002 $1,989 $6,395 $8,864 $14,570
2001 $1,823 $6,051 $8,153 $14,615
2000 $1,862 $6,154 $8,064 $14,638
1999 $1,915 $5,724 $8,243 $13,853
1998 $1,876 $5,448 $8,210 $13,675
1997 $1,960 $5,227 $7,747 $13,458
1996 $2,307 $5,026 $7,004 $11,931
1995 $2,355 $4,912 $7,181 $10,809
1994 $1,786 $4,880 $6,975 $10,692
1993 $1,337 $4,829 $6,979 $11,020
1992 $1,199 $5,033 $6,520 $10,243
1991 $2,402 $5,207 $5,655 $9,387
1990 $2,277 $5,348 $5,642 $8,955
1989 - - $4,689 -
1988 - - $4,392 -
1987 - - $3,872 -
1986 - - $3,368 -
1985 - - $2,754 -
1984 - - $2,488 -
1983 - - $2,426 -
1982 - - $2,441 -
1981 - - $2,557 -
1980 - - $2,478 -
1979 - - $2,030 -
1978 - - $1,377 -
1977 - - $1,044 -
1976 - - $814 -
1975 - - $806 -
1974 - - $745 -
1973 - - $649 -
1972 - - $547 -
1971 - - $402 -
1970 - - $344 -
1969 - - $314 -
1968 - - $314 -
1967 - - $333 -
1966 - - $338 -
1965 - - $328 -
1964 - - $332 -
1963 - - $308 -
1962 - - $287 -
1961 - - $270.3 -
1960 - - $288.1 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

North Macedonia's GDP per capita is $9,292, ranking 88/197, compared to $17,859 in the Seychelles, ranking 63/197. Adjusted for purchasing power (GDP per capita PPP), North Macedonia ranks 78th at $26,995, while the Seychelles ranks 67th at $33,239.

Economic indicators

North Macedonia Seychelles
Gross domestic product
$17B
2024
$2.17B
2024
GDP rank
138/197
2024
178/197
2024
GDP growth
2.99%
2023-2024
3.47%
2023-2024
GDP per capita
$9,292
2024
$17,859
2024
GDP per capita rank
88/197
2024
63/197
2024
GDP per capita, PPP
$26,995
2024
$33,239
2024
GDP per capita PPP rank
78/197
2024
67/197
2024
Government debt
$9.3B
2024
$1.25B
2024
Debt-to-GDP ratio
54.8%
2024
57.6%
2024
Government debt per person
$5,095
2024
$10,288
2024
Government debt per person rank
77/185
2024
57/185
2024
Average annual personal income after taxes
$7,534
2026
$10,944
2026
Market capitalization of domestic companies n/a
$811M
2024
Income share by richest 10%
22.9%
2019
23.9%
2018
Income share by poorest 10%
1.9%
2019
2.6%
2018
Government expenditure, % of GDP
36.7%
2024
33.8%
2024
Consumer prices inflation
3.5%
2023-2024
0.31%
2023-2024
Central bank interest rate
5.35%
2025
1.75%
2024
Unemployment rate
12.3%
2024
2.59%
2024
Population
1805954
126311

Spending and national debt comparison by year

North Macedonia
Spending

Debt
Seychelles
Spending

Debt
1x
Year % of GDP
North Macedonia Seychelles
Government spending Government debt Government spending Government debt
2024 36.7% 54.8% 33.8% 57.6%
2023 35.5% 50.8% 32.9% 55.3%
2022 35% 50.4% 31.3% 60%
2021 35.3% 52.7% 38.8% 71%
2020 36.4% 50.8% 46.7% 77.4%
2019 31.4% 40.4% 31.7% 48.9%
2018 30.3% 40.4% 33% 51.3%
2017 31.8% 39.4% 34.3% 56.7%
2016 31.1% 39.7% 34.5% 62.8%
2015 32.2% 38% 31.5% 64.7%
2014 31.7% 38% 33.4% 70.4%
2013 31.7% 34% 37.8% 68.2%
2012 33.3% 33.7% 38.6% 80.1%
2011 31.9% 27.7% 36.4% 82.5%
2010 32.5% 24.3% 34.6% 82.2%
2009 33.6% 23.7% 32.1% 106.1%
2008 33.8% 20.6% 27% 192.1%
2007 31.4% 23.5% 41.9% 144%
2006 31.5% 30.6% 43.6% 135.1%
2005 32.5% 36.7% 39% 144.1%
2004 34.1% 34.6% 39.9% 163.2%
2003 36% 36.5% 44.6% 177%
2002 38.2% 40.5% 56.3% 195.9%
2001 37.4% 45.2% 46.8% 199.8%
2000 32% 45.6% 55.4% 177.8%
1999 33.2% 30.4% 56.1% 159.8%
1998 32.8% 33.1% 60.7% 161.2%
1997 32.9% 29.3% 54.7% 143%
1996 - - 59.1% 146.7%
1995 - - 53.1% 133.5%
1994 - - 63.6% 123.5%
1993 - - 60.4% 82.2%
1992 - - 50.7% 79.9%
1991 - - 52.1% 89.2%
1990 - - 46.1% 80.4%
1989 - - 51.7% 39.9%
1988 - - 46.7% 41.3%
1987 - - 49.7% 37%
1986 - - 58% 31.5%
1985 - - 53% 26.5%
1984 - - 50.5% 15.3%
1983 - - 47.9% 12.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1998, retrieved 2026-02-20).

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

In 2024, North Macedonia's government spending was $6.23B, accounting for 36.7% of its GDP, while the Seychelles spent $732M, or 33.8% of GDP.

Debt-to-GDP ratio is 54.8% in North Macedonia and 57.6% in the Seychelles, ranking 96/185 and 85/185, respectively.

Government deficit by year

Deficit/surplus
North Macedonia

Seychelles
1x
Year Deficit/surplus, % of GDP
North Macedonia Seychelles
2024 -4.45% -0.69%
2023 -4.61% -1.14%
2022 -5.23% -0.76%
2021 -5.32% -5.76%
2020 -8.05% -15.7%
2019 -1.97% 0.42%
2018 -1.76% -0.8%
2017 -2.73% -1.67%
2016 -2.7% 0.02%
2015 -3.48% 1.39%
2014 -4.19% 2.87%
2013 -3.84% 0.33%
2012 -3.81% 2.93%
2011 -2.47% 3.36%
2010 -2.41% 0.52%
2009 -2.63% 4.84%
2008 -0.93% 7.88%
2007 0.58% -9.93%
2006 -0.51% -2.54%
2005 0.21% 0.42%
2004 0.37% 0.44%
2003 -0.07% 3.4%
2002 -5.24% -16.3%
2001 -5.88% -8.93%
2000 2.37% -14.7%
1999 0.03% -10.3%
1998 -1.63% -16.7%
1997 -0.36% -5.91%
1996 - -9.69%
1995 - -2.58%
1994 - -6.95%
1993 - -3.62%
1992 - 6.44%
1991 - 3.15%
1990 - 11.9%
1989 - 8.26%
1988 - 11.8%
1987 - 2.77%
1986 - -10.1%
1985 - -4.86%
1984 - -6.09%
1983 - -3.13%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20).

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

In 2024, North Macedonia's government deficit, the difference between spending and revenue, was $754M, equivalent to 4.45% of GDP. This compares to the Seychelles' deficit of $15M, or 0.69% of GDP.

Over the past 28 years, North Macedonia recorded a fiscal deficit in 23 of those years, while the Seychelles ran a deficit in 15 years. On average, North Macedonia posted an annual deficit equal to 2.52% of GDP, compared to deficit of 2.96% of GDP for the Seychelles.

Inflation comparison by year

Inflation
North Macedonia

Seychelles
1x
Year Consumer prices inflation
North Macedonia Seychelles
2024 3.5% 0.31%
2023 9.4% -1.04%
2022 14.2% 2.63%
2021 3.2% 9.77%
2020 1.2% 1.2%
2019 0.8% 1.81%
2018 1.5% 3.7%
2017 1.4% 2.86%
2016 -0.2% -1.02%
2015 -0.3% 4.04%
2014 -0.3% 1.39%
2013 2.8% 4.34%
2012 3.3% 7.11%
2011 3.9% 2.56%
2010 1.5% -2.4%
2009 -0.7% 31.8%
2008 8.3% 37%
2007 2.3% 5.32%
2006 3.2% -0.35%
2005 0.5% 0.91%
2004 -0.4% 3.86%
2003 0.9% 3.3%
2002 1.1% 0.18%
2001 5.2% 5.97%
2000 6.6% 6.27%
1999 -1.3% 6.35%
1998 0.5% 2.58%
1997 1.3% 0.62%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, North Macedonia has recorded an average annual inflation rate of 2.62%, compared with 5.03% in the Seychelles. In 2024, inflation was 3.5% in North Macedonia and 0.31% in the Seychelles.

Top exports between countries

North Macedonia
Export category Export value
Processed food, beverages & tobacco $12K
Textiles & consumer goods $3K
Seychelles
Export category Export value

Balance of trade

North Macedonia Seychelles
Current account balance
-$356M
2024
-$176M
2024
Current account balance ranking
102/190
2024
97/190
2024
Current account balance, % of GDP
-2.1%
2024
-8.11%
2024
Goods imports
$10.6B
2024
$1.39B
2024
Goods exports
$7.3B
2024
$595M
2024
Service imports
$2.01B
2024
$1B
2024
Service exports
$3.16B
2024
$1.71B
2024
Imports of goods and services, % of GDP
74.6%
2024
103.2%
2024
Exports of goods and services, % of GDP
61.7%
2024
85.2%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

North Macedonia Seychelles
Economic freedom 63.3 66.5
Economic freedom ranking 81/197 60/197
Property rights 56.2 82.6
Government integrity 43.2 71.7
Judicial effectiveness 49.5 61.7
Tax burden 94.9 77.3
Government spending 61.7 68
Fiscal health 57.7 92.2
Business freedom 72.2 71.3
Labor freedom 51.4 52
Monetary freedom 69.6 79.8
Trade freedom 77.8 81.2
Investment freedom 65 30
Financial freedom 60 30

Economic freedom comparison by year

North Macedonia
Seychelles
1x
Year Economic freedom index
North Macedonia Seychelles
2026 63.3 66.5
2025 63.2 66.4
2024 61.4 60.4
2023 63.7 59.5
2022 65.7 61.1
2021 68.6 66.3
2020 69.5 64.3
2019 71.1 61.4
2018 71.3 61.6
2017 70.7 61.8
2016 67.5 62.2
2015 67.1 57.5
2014 68.6 56.2
2013 68.2 54.9
2012 68.5 53
2011 66 51.2
2010 65.7 47.9
2009 61.2 47.8
2008 61.1 -
2007 60.6 -
2006 59.2 -
2005 56.1 -
2004 56.8 -
2003 60.1 -
2002 58 -

Data sources: The Heritage Foundation | Economic Freedom Index (2002–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for North Macedonia is 63.3, ranking 81/197, compared to 66.5 for the Seychelles, ranking 60/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

North Macedonia Seychelles
Services, % of GDP
56.2%
2024
65.8%
2024
Industry, % of GDP
24.1%
2024
12.3%
2024
Agriculture, forestry, and fishing, % of GDP
6.08%
2024
2.45%
2024
GNI, Atlas method
$15.1B
2024
$2.12B
2024
GNI per capita, PPP
$25,610
2024
$32,180
2024
Total reserves including gold
$5.25B
2024
$774M
2024
Total reserves ranking
97/177
2024
145/177
2024
Net foreign direct investment
-$1.12B
2024
-$262M
2024
Net inflows of foreign direct investment
$1.06B
2024
$226M
2024
Net outflows of foreign direct investment
-$64.9M
2024
-$35.4M
2024
Servicing debt to the IMF, % of GNI
9.59%
2024
n/a
Poverty at national poverty lines
22.2%
2022
25.3%
2018
Gross capital formation, % of GDP
30.6%
2024
17.2%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (2002–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1983–1998, retrieved 2026-02-20)
  6. TradeMap (2023–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.