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North Macedonia vs South Korea: Economic Indicators Comparison

South Korea with a GDP of $1.6T ranked the 12th largest economy in the world, while North Macedonia ranked 135th with $12.7B. By GDP 5-years average growth and GDP per capita, South Korea and North Macedonia ranked 93rd vs 110th and 33rd vs 100th, respectively.

Gross Domestic Product & Income

StatNorth MacedoniaSouth Korea
GDP$12.7B$1.6T
GDP growth, 1 year2.7%2.7%
GDP growth, 5-years average2.6%3%
Population2.1M51.1M
GDP per capita$6.1k$31k
GDP per capita growth2.62%2.33%
Purchasing Power Parity conversion factor19.38860.51
Price level ratio of PPP conversion factor GDP to market exchange rate0.370.78
GDP per capita, PPP adjusted$16k$41k
GNI, Atlas method$11.4B$1.6T
GNI per capita$5.5k$31k
GNI, PPP adjusted$32.6B$2.1T
GNI per capita, PPP adjusted$16k$40k

Financial system and Human development

StatNorth MacedoniaSouth Korea
Income Tax Rate10%42%
Corporate Tax Rate10%25%
Inflation, consumer prices1.5%1.5%
Inflation, GDP deflator4.3%0.3%
Unemployment21.6%3.8%
Economic Freedom Index69.574
Personal Freedom Index8.178.84
Human Freedom Index7.558.15
Property Rights Index62.582.5
Judical Effectiveness Index42.761
Business Freedom Index80.690.5
Fiscal Health Index87.796.7
Labor Freedom Index6756.2
Investment Freedom Index6570
Financial Freedom Index6070
Trade Freedom Index86.280
Monetary Freedom Index77.782.1
Government Spending Index7167.7
Tax Burden Index91.563.9
Government Integrity Index42.267.5
Corruption Perceptions Index3757
Life expectancy at birth, years75.682.6
Suicide mortality rate, per 100,000 people7.926.9
Mortality caused by road traffic injury, per 100,000 people6.49.8
Intentional homicides, per 100,000 people1.50.6
International tourism, number of arrivals707k15.3M

Government debt & reserves

StatNorth MacedoniaSouth Korea
Central government debt, % of GDP39.5%40.7%
External debt stocks, % of GNI72%N/A
External debt stocks$8.7BN/A
Short-term debt, % of total reserves40.9%N/A
Total debt service, % of exports and primary income16.6%N/A
Adjusted net savings including particulate emission damage, % of GNI15.4%20.1%
Gross savings, % of GDP33%34.7%
Gross capital formation, % of GDP33%30.2%
Total reserves including gold$3.3B$403.1B
Foreign direct investment net inflows$648.7M$14.5B

Exports, imports and economic structure

StatNorth MacedoniaSouth Korea
Exports of goods and services, % of GDP60.3%44%
Imports of goods and services, % of GDP72.9%39%
Current account balance (balance of payments)-$25.6M$76.4B
Revenue excluding grants, % of GDP26.8%27.8%
Grants excluding technical cooperation, BoP$133.8M$6.7M
Personal remittances received$344.5M$7.1B
Industry including construction value added, % of GDP23.6%35.1%
Agriculture, forestry and fishing value added, % of GDP7.2%2%
Charges for the use of intellectual property, payments BoP$188.8M$9.9B
Charges for the use of intellectual property, receipts BoP$11.8M$7.8B
Expense, % of GDP27.9%25.4%
Government Expenditure, % of GDP31.1%32.8%

Compare with countries close by GDP per capita

North Macedonia vs

CountryGDP
per capita
Population
Dominican Republic
$8.1k
10.4M
Gabon
$8k
1.67M
Dominica
$7.7k
72k
Saint Vincent
$7.4k
109k
Thailand
$7.3k
65.9M
Serbia
$7.2k
7.02M
Libya
$7.2k
5.66M
Turkmenistan
$7k
5.13M
Peru
$6.9k
30.4M
Colombia
$6.7k
49.1M
South Africa
$6.4k
57.7M
Ecuador
$6.3k
15.7M
Belarus
$6.3k
9.49M
Fiji
$6.3k
881k
Suriname
$6.2k
539k
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.3M
Iraq
$5.8k
33.4M
Paraguay
$5.8k
6.8M
Iran
$5.6k
77.4M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
800k
Belize
$4.9k
375k
Azerbaijan
$4.7k
10M
Georgia
$4.7k
3.72M
Guatemala
$4.5k
15.5M
Tonga
$4.4k
105k
Jordan
$4.2k
10.4M
Armenia
$4.2k
2.93M

South Korea vs

CountryGDP
per capita
Population
San Marino
$48k
31.6k
Germany
$48k
83M
Belgium
$48k
11.2M
Canada
$46k
35.7M
United Arab Emirates
$43k
9.35M
United Kingdom
$43k
65.1M
Andorra
$42k
76.2k
New Zealand
$42k
4.89M
Israel
$42k
8.89M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.6M
Kuwait
$34k
4.66M
Bahamas
$32k
377k
Brunei
$32k
418k
Spain
$30k
46.5M
Malta
$30k
423k
Cyprus
$28k
1.14M
Slovenia
$26k
2.07M
Taiwan
$25k
23.6M
Bahrain
$24k
1.33M
Portugal
$23k
10.6M
Saudi Arabia
$23k
33M
Estonia
$23k
1.32M
Czech Republic
$23k
10.6M
Vatican City
$21k
1k
Greece
$20k
10.8M
Curacao
$20k
160k
Slovakia
$19k
5.44M
Saint Kitts and Nevis
$19k
54.2k