€4.76 Billion in Debt — But Not the State's. The Two Figures That Shouldn't Be Conflated
Net external debt (private + state) and the actual state debt of €9.43 billion measure different things.
The National Bank announced that Macedonia's net external debt at the end of the second quarter of 2026 reached €4.763 billion, or 25.9 percent of projected GDP — up €30 million (0.6 percent) from the previous quarter. The figure spread quickly through the media, but behind it sits a detail that's easy to lose: this is not the state's debt.
Net external debt covers the obligations of banks, companies and other private entities toward foreign creditors — not just government borrowing. Private net debt accounts for 58.2 percent of the total. Divided by population, it works out to roughly €2,620 per resident — but that doesn't mean every resident 'owes' that amount, nor that the state stands behind that figure.
The actual state debt, separately published by the Finance Ministry, stood at €9.432 billion as of 30 June 2026 — or 51.7 percent of GDP, on a mild downward trend. Public debt (the broader category, including guarantees) stood at €10.726 billion, or 58.8 percent of GDP.
The two figures — net external debt of €4.76 billion and state debt of €9.43 billion — measure different things and shouldn't be conflated. The rise in net external debt largely stems from private-sector borrowing on global markets, not new state borrowing.
MKNews Hub · Economy · September 24, 2026
