GDP for 2025: 1,105 billion denars, real growth of 3.8 percent and €9,859 per capita

On October 30 the State Statistical Office published gross domestic product data for 2025: real growth is 3.8 percent, and GDP per capita is €9,859. Prime Minister Hristijan Mickoski described it as “once again bad news for the opposition”. The topic was carried by Makfax, Netpress, Lider, 4news, Nezavisen, Biznis Info and other outlets. Below we separate the figures from the political assessments.

The figures for 2025. Nominal GDP is 1,105,239 million denars, with nominal growth of 7.1 percent. Real growth is 3.8 percent, and GDP per capita is €9,859. Gross fixed capital formation rose by 9.6 percent in nominal terms. Final consumption is 80.7 percent of GDP, and exports of goods and services 60.8 percent. Trade, transport and hospitality together account for 19.9 percent of value added.

Реклама

Revision of 2024. For 2024 the Office published definitive data on October 9: nominal GDP of 1,031,678 million denars, with growth of 8.1 percent. The earlier, preliminary estimate from October 2025 was 964,087 million denars, so the revision is upward by 67,591 million denars, or about 7 percent. According to reports, real growth for 2024 was revised from 3 to 3.8 percent, and for 2025 from 3.5 to 3.8 percent.

Final or preliminary. The prime minister called the figures final. On the Office’s page, however, the figure for 2025 is marked as preliminary, and only 2024 is definitive. Preliminary data can be revised again.

The current year. Real growth in the first quarter of 2026 was 3.1 percent and in the second 4.3 percent, according to the estimate of September 3. Mickoski added that industrial production in September rose by 2.4 percent.

The 20 billion dollar target. Mickoski says that the goal of nominal GDP reaching 20 billion dollars by the end of the mandate has already been achieved in 2025, and the new target is 22 billion. The Office does not publish an amount in dollars. In euros, 1,105,239 million denars is about 18 billion euros (our calculation at a rate of about 61.5 denars per euro). For GDP to be 20 billion dollars, the exchange rate would need to be around 1.11 dollars per euro or higher. We did not check that figure, so we neither confirm nor reject the claim.

The “best in the region” claim. Mickoski said the results are the best in the region and among the best in Europe. We did not obtain a regional comparison, so we leave that claim unassessed as well.

Why revisions matter. A higher nominal GDP lowers the ratio of the deficit and public debt to GDP for the same amount of deficit or debt. Revisions therefore affect budget indicators, not just the picture of growth.

What to follow. Whether the preliminary figure for 2025 will change, what the third-quarter 2026 data will show and whether GDP will be published in euros and dollars, so that the 20 billion dollar target can be checked.

MKNews Hub · Macedonia · October 31, 2026