Net external debt €4,763,000,000 — €2,620 per citizen

Each citizen of North Macedonia would theoretically carry a share of 2,620 euros if the country's net external debt is divided by population. At the end of June, the country's net external debt stood at 4 billion and 763 million euros.

The debt level has edged up: in the last three months the total increased by another 30 million euros. That per‑person figure is a way to measure scale, not a literal individual liability, but it highlights the broader trend of rising external obligations.

Former finance minister Nikola Popovski warns that much of the current economic expansion is being driven by construction—above all large infrastructure projects—funded with foreign loans. He says that model cannot run indefinitely and that continued reliance on externally financed investment will push up public debt and the budget share devoted each year to servicing it.

Domestic credit is also growing fast

Borrowing is rising at home as well. In August total loans were 13.6 percent higher than a year earlier, while deposits grew by 9 percent. The gap is wider for companies: corporate loans increased by 15.1 percent and corporate deposits by 6.1 percent.

Household lending expanded too: loans to individuals rose 12.3 percent year‑on‑year. Housing loans climbed fastest, up 16.2 percent, while consumer loans increased by 12.2 percent. Popovski additionally estimates that interest payments are already approaching two percent of GDP—an early sign that higher borrowing today will bind larger portions of future budgets to debt service.

Photo: press material from the event