North Macedonia: Gross fixed capital formation (constant 2015 US$)

Key figures

What the numbers say

In 2024, North Macedonia's gross fixed capital formation (constant 2015 US$) rose 5% on 2023 (from US$2.89 billion to US$3.03 billion).

Across the 30 yearly changes before that (1994 to 2023), the average change was +3.6% and a typical year strayed about 10.4% 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 36.5% in 2000 and the biggest yearly fall was 20.5% in 1995. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about US$58.24 million a year. A straight line explains 67% 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$3.12 billion for 2027. We show this only because the same method, fitted on earlier years, predicted 2022 to 2024 better than "no change" would have: its average miss was US$77.12 million, against US$248.03 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 2024, North Macedonia had the 16th highest value of the 31 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 2024 ranking

• Bolivia — 13th of 31: US$6.08 billion
• Bosnia and Herzegovina — 14th of 31: US$5.75 billion
• Bahamas, The — 15th of 31: US$3.59 billion
• Zimbabwe — 17th of 31: US$2.78 billion
• Kosovo — 18th of 31: US$2.59 billion
• Bhutan — 19th of 31: US$1.37 billion

What this measures

Gross fixed capital formation includes acquisitions less disposals of fixed assets during the accounting period, including certain specified expenditures on services that add to the value of non-produced assets. 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 is 2015. This indicator is expressed in United States dollars.

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

All 35 values

Gross fixed capital formation (constant 2015 US$) in nearby economies

• Albania — US$4.56 billion (2025)
• Armenia — US$4.5 billion (2025)
• Austria — US$98.72 billion (2025)
• Belarus — US$16.63 billion (2025)
• Belgium — US$129.57 billion (2025)
• Bosnia and Herzegovina — US$5.75 billion (2024)
• Bulgaria — US$14.74 billion (2025)
• Croatia — US$18.16 billion (2025)
• Cyprus — US$6.43 billion (2025)
• Czechia

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 fixed capital formation (constant 2015 US$)?

US$3.03 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1990?

Source

World Bank, World Development Indicators, indicator NE.GDI.FTOT.KD, 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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