NBRNM: North Macedonia among European countries with lowest GDP per capita; Bosnia and Herzegovina even lower
Eurostat-based PPP data show North Macedonia at 43% of the EU average for GDP per capita and roughly half the EU level in individual consumption and prices.
The National Bank of the Republic of North Macedonia (NBRNM) says the country ranks among the lowest in Europe by GDP per capita, based on the latest Eurostat figures.
"Within the region, most countries have a higher GDP per capita compared to North Macedonia, with Turkey, Montenegro, Serbia and Albania closer to the European Union average," the National Bank noted, adding that Bosnia and Herzegovina sits below North Macedonia.
How the comparison is made
The Bank explained that GDP per capita measured by purchasing power parity (PPP) adjusts for price-level differences between countries. Using PPP as a kind of exchange rate converts economic indicators expressed in national currencies into a common artificial unit, which removes the effect of different price levels and allows meaningful international comparison.
"For North Macedonia the index is 43% and shows that currently our GDP per capita is 43% of the EU average — this is the so-called measure of real convergence of the economy," the National Bank said.
In addition, the Bank pointed out that individual consumption per person in North Macedonia is roughly half the EU average. The data also indicate that the overall price level in North Macedonia is about 50% of the EU-27 average — in other words, a basket of comparable goods and services that costs €100 on average in the EU-27 would cost about €50 in North Macedonia. Compared with other countries, North Macedonia has one of the lowest price levels in Europe.
Photo: press material from the event
