North Macedonia's gross capital formation (constant LCU) was 166.41 billion in 2025, the latest year in the World Bank's World Development Indicators. That is up 19.81% from 138.89 billion in 2015 (1.82% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 166.41 billion | 2025 |
| Five years earlier | 144.5 billion | 2020 |
| Ten years earlier | 138.89 billion | 2015 |
| Highest | 170.21 billion | 2019 |
| Lowest | 30.4 billion | 1992 |
| Average since 2016 | 155.48 billion | 2016–2025 |
| First recorded | 45.2 billion |
What the numbers say
In 2025, North Macedonia's gross capital formation (constant LCU) rose 8% on 2024 (from 154.1 billion to 166.41 billion).
Across the 30 yearly changes before that (1995 to 2024), the average change was +6.2% and a typical year strayed about 13.2% from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 50.4% in 2000 and the biggest yearly fall was 20.8% in 1992. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2016 to 2025 there is no clear straight-line trend: a straight line explains less than 1% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2025, North Macedonia had the 72nd highest value of the 123 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to North Macedonia in the 2025 ranking
- Guinea-Bissau — 68th of 123: 198.32 billion
- Netherlands — 69th of 123: 186.5 billion
- Mauritania — 70th of 123: 172.43 billion
- Equatorial Guinea — 72nd of 123: 162.77 billion
- Romania — 73rd of 123: 153.93 billion
- Peru — 74th of 123: 148.33 billion
What this measures
Gross capital formation includes acquisitions less disposals of produced assets for purposes of fixed capital formation, inventories or valuables. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units.
All 36 values
| Year | Gross capital formation (constant LCU) |
|---|---|
| 2025 | 166,410,590,000 |
| 2024 | 154,099,730,000 |
| 2023 | 139,932,000,000 |
| 2022 | 166,380,000,000 |
| 2021 | 148,715,000,000 |
| 2020 | 144,497,000,000 |
| 2019 | 170,214,000,000 |
| 2018 | 155,405,000,000 |
| 2017 | 152,849,000,000 |
| 2016 | 156,294,000,000 |
Gross capital formation (constant LCU) in nearby economies
- Albania — 565.85 billion (2024)
- Armenia — 2.15 trillion (2025)
- Austria — 94.52 billion (2025)
- Belarus — 57.67 billion (2025)
- Belgium — 123.12 billion (2025)
- Bosnia and Herzegovina — 12.75 billion (2025)
- Bulgaria — 14.78 billion (2025)
- Croatia — 16.62 billion (2025)
- Cyprus — 5.78 billion (2025)
- Czechia — 1.77 trillion (2025)
- Denmark
More economic policy & debt data for North Macedonia
- Adjusted savings, education expenditure (% of GNI) — 3.27% (2021)
- Adjusted savings, mineral depletion (current US$) — US$0 (2021)
- General government final consumption expenditure (current US$) — US$3.13 billion (2025)
- General government final consumption expenditure (current LCU) — 171.08 billion (2025)
- General government final consumption expenditure (constant 2015 US$) — US$1.83 billion (2025)
- General government final consumption expenditure (constant LCU) — 69.05 billion (2025)
- General government final consumption expenditure (% of GDP) — 16.39% (2025)
- Households and NPISHs Final consumption expenditure per capita, PPP (constant 2021 international $)
Reading data like this
Questions people ask
- What is North Macedonia's gross capital formation (constant LCU)?
- 166.41 billion in 2025, according to the World Bank (World Development Indicators).
- How has it changed since 1990?
- It is up 268.18% from 45.2 billion in 1990 (3.79% a year on average, compounded). The highest value was 170.21 billion in 2019 and the lowest 30.4 billion in 1992.
- How does North Macedonia rank?
- 72nd highest of 123 economies with data for 2025.
- Is the latest change in gross capital formation (constant LCU) unusual for North Macedonia?
- In 2025, North Macedonia's gross capital formation (constant LCU) rose 8% on 2024 (from 154.1 billion to 166.41 billion). Across the 30 yearly changes before that (1995 to 2024), the average change was +6.2% and a typical year strayed about 13.2% from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator NE.GDI.TOTL.KN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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