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Macedonia Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
2,118,945 (July 2018 est.)
GDP (PPP)
$31.03 billion (2017 est.)

Macedonia low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe.

GDP growth rate
0% (2017 est.)

Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the euro zone.

GDP (PPP) per capita
$14,900 (2017 est.)

Medium. Unemployment has remained consistently high at about 23%, but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP.

Local currency
Macedonian denar (MKD)

Pegged to the euro.

Financial stability (Public debt)
39.3% of GDP (2017 est.)

Still relatively low compared to its Western Balkan neighbors and the rest of Europe.

Inflation
1.4% (2017 est.)

Macedonia maintained macroeconomic stability through the global financial crisis by conducting prudent monetary policy, which keeps the domestic currency pegged to the euro, and inflation at a low level.

Language
Macedonian (official) 66.5%, Albanian 25.1%

English is not spoken.

Corruption perception index (Source: Transparency International)
93/180

High level of corruption.

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18%
VAT regulations are in line with the provisions of the sixth European Union (EU) VAT directive. Certain basic goods (food, pharmaceuticals) plus computers and software are subject to a reduced 5% rate.
Corporate Tax
10%
Companies with annual turnover between 3 million Macedonian denars (MKD) and MKD 6 million may be eligible for a simplified CIT at 1% tax rate.
Duties
23% to 31%
North Macedonia has signed trade agreements with Turkey, Ukraine, and European Free Trade Association (EFTA) member states. The country is a member state to the Central European Free Trade Agreement (CEFTA) and has signed a Stabilisation and Association Agreement with the European Community.

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