North Macedonia: Total reserves (% of total external debt)

Key figures

What the numbers say

In 2024, North Macedonia's total reserves (% of total external debt) rose 0.85 percentage points on 2023 (from 40.06% to 40.91%).

Across the 30 yearly changes before that (1994 to 2023), the average change was +0.93 percentage points and a typical year strayed about 7.04 percentage points from that (the standard deviation). This year's change was 0.0 standard deviations below 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 22.29 percentage points in 2001 and the biggest yearly fall was 14.94 percentage points in 2004. 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 there is no clear straight-line trend: a straight line explains 18% 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 2024, North Macedonia had the 41st highest value of the 96 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

• Madagascar — 38th of 96: 41.85%
• Mauritius — 39th of 96: 41.77%
• Fiji — 40th of 96: 41.35%
• Nicaragua — 42nd of 96: 39.41%
• St. Vincent and the Grenadines — 43rd of 96: 39.29%
• Mexico — 44th of 96: 39.24%

What this measures

Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed as a percentage of total external debt which are all liabilities that require payment(s) of interest and/or principal by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 32 values

Total reserves (% of total external debt) in nearby economies

• Albania — 60.82% (2024)
• Armenia — 22.48% (2024)
• Azerbaijan — 104.1% (2024)
• Belarus — 26.05% (2024)
• Bosnia and Herzegovina — 67.82% (2024)
• Bulgaria — 86.83% (2022)
• Georgia — 17.67% (2024)
• Kazakhstan — 27.34% (2024)
• Kosovo — 29.81% (2024)
• Kyrgyz Republic — 43.53% (2024)

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 total reserves (% of total external debt)?

40.91% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1993?

It is up 28.86 percentage points from 12.05% in 1993. The highest value was 57.37% in 2006 and the lowest 12.05% in 1993.

How does North Macedonia rank?

41st highest of 96 economies with data for 2024.

Is the latest change in total reserves (% of total external debt) unusual for North Macedonia?

In 2024, North Macedonia's total reserves (% of total external debt) rose 0.85 percentage points on 2023 (from 40.06% to 40.91%). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.93 percentage points and a typical year strayed about 7.04 percentage points from that (the standard deviation). This year's change was 0.0 standard deviations below 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 FI.RES.TOTL.DT.ZS, licensed CC BY 4.0. Original source: International Debt Statistics, 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.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.