The value of cash currency that circulated in the economy of North Macedonia decreased in 2021, now making up seven percent percent of GDP. This so-called CIC/GDP ratio roughly measures the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.
Share of currency in circulation (CIC) to the nominal GDP of North Macedonia from 2010 to 2022
The numbers provided have been calculated from two sources:
Currency in circulation in national currency from the IMF;
Nominal GDP in current prices and national currency from Eurostat.
The CIC to GDP ratio roughly reflects the overall use of cash in a country. Note, however, that this is quite general (as it looks at the overall market for cash) and does not exclusively look at the component of consumers.
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Statista. (September 11, 2023). Share of currency in circulation (CIC) to the nominal GDP of North Macedonia from 2010 to 2022 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1096276/cic-to-gdp-ratio-in-north-macedonia/
Statista. "Share of currency in circulation (CIC) to the nominal GDP of North Macedonia from 2010 to 2022." Chart. September 11, 2023. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1096276/cic-to-gdp-ratio-in-north-macedonia/
Statista. (2023). Share of currency in circulation (CIC) to the nominal GDP of North Macedonia from 2010 to 2022. Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1096276/cic-to-gdp-ratio-in-north-macedonia/
Statista. "Share of Currency in Circulation (Cic) to The Nominal Gdp of North Macedonia from 2010 to 2022." Statista, Statista Inc., 11 Sep 2023, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1096276/cic-to-gdp-ratio-in-north-macedonia/
Statista, Share of currency in circulation (CIC) to the nominal GDP of North Macedonia from 2010 to 2022 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1096276/cic-to-gdp-ratio-in-north-macedonia/ (last visited November 10, 2024)
Share of currency in circulation (CIC) to the nominal GDP of North Macedonia from 2010 to 2022 [Graph], Statista, September 11, 2023. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1096276/cic-to-gdp-ratio-in-north-macedonia/
