North Macedonia: Gross capital formation (current US$)

Key figures

What the numbers say

In 2025, North Macedonia's gross capital formation (current US$) rose 16.8% on 2024 (from US$5.19 billion to US$6.06 billion).

Across the 30 yearly changes before that (1995 to 2024), the average change was +9.6% and a typical year strayed about 20.2% from that (the standard deviation). This year's change was 0.4 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 77.5% in 1995 and the biggest yearly fall was 56.8% 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 the straight-line trend is upward, about US$242.22 million a year. A straight line explains 83% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

A straight-line projection, tested first

Extending that straight line gives about US$6.17 billion for 2028. We show this only because the same method, fitted on earlier years, predicted 2023 to 2025 better than "no change" would have: its average miss was US$375.45 million, against US$510.16 million for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

How it compares

In 2025, North Macedonia had the 94th highest value of the 130 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

• Libya — 91st of 130: US$6.86 billion
• Macao SAR, China — 92nd of 130: US$6.38 billion
• Kyrgyz Republic — 93rd of 130: US$6.33 billion
• Mali — 95th of 130: US$6.02 billion
• Venezuela, RB — 96th of 130: US$5.91 billion
• Botswana — 97th of 130: US$5.81 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 current prices, meaning no adjustment has been made to account for price changes over time. This indicator is expressed in United States dollars.

Limitations: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on capital formation may be estimated from direct surveys of enterprises and administrative records or based on the commodity flow method using data from production, trade, and construction activities.

Regional and income-group figures are computed by the World Bank as a gap-filled total.

All 36 values

Gross capital formation (current US$) in nearby economies

• Albania — US$6.75 billion (2024)
• Armenia — US$7.08 billion (2025)
• Austria — US$137.1 billion (2025)
• Azerbaijan — US$14.34 billion (2025)
• Belarus — US$25.33 billion (2025)
• Belgium — US$186.78 billion (2025)
• Bosnia and Herzegovina — US$9.37 billion (2025)
• Bulgaria — US$28.4 billion (2025)
• Croatia — US$25.83 billion (2025)
• Cyprus — US$7.94 billion (2025)

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

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is North Macedonia's gross capital formation (current US$)?

US$6.06 billion in 2025, according to the World Bank (World Development Indicators).

How has it changed since 1990?

It is up 625.85% from US$834.81 million in 1990 (5.83% a year on average, compounded). The highest value was US$6.06 billion in 2025 and the lowest US$358.73 million in 1992.

Source

World Bank, World Development Indicators, indicator NE.GDI.TOTL.CD, 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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