North Macedonia - Country Commercial Guide
Market Overview
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The Republic of North Macedonia is an emerging market.  With a population of 1.8 million, this small, land-locked country in Southeastern Europe has made great strides in reforming its economy over the past two decades but remains one of Europe’s poorer countries.

North Macedonia has been committed to securing and furthering its Euro-Atlantic path.  In March 2020, the country became the 30th NATO member; in July 2022, the country held its first Intergovernmental Conference with the European Union, launching accession negotiations.  The government has continued to publicly support regional integration efforts and continued to issue procurement tenders.  Basic economic and commercial facts about North Macedonia include:

  • Stable currency pegged to the euro
  • NATO Ally and EU candidate country
  • Open economy that welcomes foreign direct investment and trade
  • Sound macroeconomic fundamentals
  • English-speaking workforce
  • Low taxes: 10 percent on corporate income
  • Unemployment rate of 13.1 percent in Q2 2022
  • Most of North Macedonia’s FDI comes from Europe, namely: Germany, Austria, Slovenia, the Netherlands, Greece, and Bulgaria.
  • Competitive wages (average monthly salary of $633 as of June 2023)
  • Middle-income country with per capita income of $6,554 in 2022
  • Inflation rate of 8.3 percent in July 2023 (around 9 percent forecast for 2023)
  • Total 2022 trade of $21.5 billion (imports plus exports)
  • Largest trading partners in 2022 were Germany, UK, Greece, Serbia, and Bulgaria
  • U.S. – North Macedonia trade in 2022 totaled $275.8 million, of which U.S. exports to North Macedonia were $48.7 million. 
  • Member of European Free Trade Agreement (EFTA) and Central European Free Trade Agreement (CEFTA); bilateral Free Trade Agreements with Turkey and Ukraine.  Founding member of the Open Balkan Initiative, alongside Serbia and Albania.

Political Environment

For background information on the political and economic environment of the country, please click on the link to the U.S. Department of State Countries & Areas website.