Public debt at 10.7 billion euros, or 58.8 percent of GDP at the end of June
That is slightly below the 58.9 percent at the end of March and under the 60 percent line, but the rebalance brings a larger deficit.
North Macedonia's public debt at the end of June 2026 stood at 10.7 billion euros, or 58.8 percent of projected gross domestic product. The figure was reported by SeeNews on September 15. At the end of March debt was 58.9 percent of GDP, so the comparison shows a decline of 0.1 percentage points. The published report says the figure “rose” from the previous one, but 58.8 is lower than 58.9, so the wording appears to be a mistake.
What does 58.8 percent mean? It is a share of projected GDP, not a figure reflecting the actual size of the economy after the year ends. If GDP is revised, the share changes even without new debt. That is why it is useful to also look at the absolute amount of 10.7 billion euros.
The 60 percent line is a well-known reference threshold from the Maastricht criteria, so it is close. A gap of 1.2 percentage points is not large: new borrowing and slower growth could shift it. That does not mean the country is on the edge, but it shows that room for new borrowing is limited.
Here public finances come in. On October 7 the government adopted the rebalance with revenues of 374.2 billion denars and expenditures of 420.5 billion denars, with a deficit of 4.1 percent of GDP. The deficit is financed by borrowing, so end-year debt will depend on how much of the gap is covered by new loans. The government is also extending tax measures on fuel, which reduce revenue.
The opposition SDSM, through leader Venko Filipče, assessed the rebalance as the result of poor economic management. The government, for its part, defends the measures as protecting citizens from the energy crisis. Both claims are political assessments, and the figures in the rebalance are what can be checked.
For citizens, public debt is not an abstraction: costlier state borrowing carries general risk, and the interest the state pays is part of a budget that does not go to pensions, wages and investment. Whether borrowing is good or bad depends on what the money is used for: infrastructure that brings growth or current spending.
What is not known? The latest figure is for the end of June. It is not known what debt was at the end of September, or what it will be at year's end. SeeNews does not publish the split between external and domestic debt, so that structure cannot be assessed from this report. It is also unclear how much of the rebalanced deficit will be covered by new debt and how much by available funds.
What does it mean? Debt is close to the line but below it, and the deficit is larger than last year. The next data, for the end of September and for the year, will show whether 58.8 percent is a peak or the start of a rise.
MKNews Hub · Macedonia · October 21, 2026
