National Debt (% of GDP): North Macedonia

Analysis# North Macedonia National Debt (% of GDP) North Macedonia's national debt stood at 53.9% of GDP in 2026, approaching the all-time peak of 54.8% recorded in 2024. This represents a dramatic shift from the country's 20.6% low in 2008, reflecting an 80.9% increase over the entire 1999–2030 period. The nation's debt burden has more than doubled relative to its economic output in less than two decades. A sharp acceleration began in 2020, when debt jumped to 50.8% from 40.4% the previous year, likely driven by pandemic-related fiscal pressures. Despite a modest decline to 50.4% in 2022, the ratio surged again to 54.8% by 2024. The projected 2026 figure of 53.9% suggests stabilization at elevated levels, with debt remaining well above pre-pandemic norms and historical averages from the 2008–2016 period.