Current Account Balance: North Macedonia

Analysis# North Macedonia Current Account Balance North Macedonia's current account balance stands at -3.1% of GDP in 2026, reflecting persistent external imbalances. The country peaked at 0.4% of GDP in 2023, its best performance in the dataset, but has since deteriorated. The all-time low of -12.8% in 2008 demonstrates how dramatically the metric has swung across three decades. Since 1992, the cumulative change reaches -675.0%, underscoring a structural shift toward deficit financing. A sharp reversal occurred in 2022, when the deficit widened to -6.1% of GDP before briefly recovering to surplus in 2023. The 2023 surplus represented an anomaly in an otherwise deficit-prone trajectory. Current projections show stabilization around -3% through 2026, suggesting North Macedonia will operate with moderate external deficits sustained by capital inflows rather than export-driven growth.