North Macedonia's real effective exchange rate index (2010 = 100) was 113.12 in 2025, the latest year in the World Bank's World Development Indicators. That is up 15.27% from 98.14 in 2015 (1.43% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 113.12 | 2025 |
| Five years earlier | 99.55 | 2020 |
| Ten years earlier | 98.14 | 2015 |
| Highest | 136.46 | 1995 |
| Lowest | 98.14 | 2015 |
| Average since 2016 | 103.37 | 2016–2025 |
| First recorded | 119.13 | 1993 |
What the numbers say
In 2025, North Macedonia's real effective exchange rate index (2010 = 100) rose 2.25 on 2024 (from 110.87 to 113.12).
Across the 30 yearly changes before that (1995 to 2024), the average change was −0.44 and a typical year strayed about 4.95 from that (the standard deviation). This year's change was 0.5 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 12.44 in 1995 and the biggest yearly fall was 16.26 in 1997. 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 1.73 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.
How it compares
In 2025, North Macedonia had the 27th highest value of the 91 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
- Romania — 23rd of 91: 116.01
- Samoa — 24th of 91: 115.71
- Israel — 25th of 91: 113.43
- Cameroon — 27th of 91: 112.86
- Philippines — 28th of 91: 112.49
- Switzerland — 29th of 91: 112.27
What this measures
Real effective exchange rate is the nominal effective exchange rate (a measure of the value of a currency against a weighted average of several foreign currencies) divided by a price deflator or index of costs. This indicator is an index series where 2010=100.
Limitations: Because of conceptual and data limitations, changes in real effective exchange rates should be interpreted with caution.
All 33 values
| Year | Real effective exchange rate index (2010 = 100) |
|---|---|
| 2025 | 113.12 |
| 2024 | 110.87 |
| 2023 | 109.63 |
| 2022 | 104.69 |
| 2021 | 100.38 |
| 2020 | 99.55 |
| 2019 | 98.35 |
| 2018 | 99.88 |
| 2017 | 98.78 |
| 2016 | 98.43 |
| 2015 |
Real effective exchange rate index (2010 = 100) in nearby economies
More financial sector data for North Macedonia
- GDP deflator (base year varies by country) — 198.34 (2025)
- GDP deflator, linked series (base year varies by country) — 198.34 (2025)
- DEC alternative conversion factor (LCU per US$) — US$54.65 (2025)
- Inflation, GDP deflator (annual % growth) — 4.63% (2025)
- Inflation, GDP deflator, linked series (annual % growth) — 4.63% (2025)
- Domestic credit to private sector by banks (% of GDP) — 53.3% (2025)
- Net domestic credit (current LCU) — 655.53 billion (2025)
- Net foreign assets (current LCU) — 276.97 billion (2025)
- Monetary sector credit to private sector (% of GDP)
Reading data like this
Questions people ask
- What is North Macedonia's real effective exchange rate index (2010 = 100)?
- 113.12 in 2025, according to the World Bank (World Development Indicators).
- How has it changed since 1993?
- It is down 5.04% from 119.13 in 1993 (0.16% a year on average, compounded). The highest value was 136.46 in 1995 and the lowest 98.14 in 2015.
- How does North Macedonia rank?
- 27th highest of 91 economies with data for 2025.
- Is the latest change in real effective exchange rate index (2010 = 100) unusual for North Macedonia?
- In 2025, North Macedonia's real effective exchange rate index (2010 = 100) rose 2.25 on 2024 (from 110.87 to 113.12). Across the 30 yearly changes before that (1995 to 2024), the average change was −0.44 and a typical year strayed about 4.95 from that (the standard deviation). This year's change was 0.5 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 PX.REX.REER, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) 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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