North America
Central & South America
Europe
Africa
Asia & Middle East
Southeast Asia & Oceania
Macedonia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
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)
93/180High 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.
Whether you are looking for a European importer or you are just interested in Europe business, Globartis is the right platform for you!
We have a strong position in Europe B2B and Europe trade.
If you are interested in doing business in North Macedonia, or in finding North Macedonian manufacturing companies, we can help you.
Hundreds of companies in North Macedonia and North Macedonian SMEs use Globartis for their operations.
Join our network today and find the right partner for your North Macedonia business.
Connect with a North Macedonian manufacturer or North Macedonia importer, or source among North Macedonia export to find the right product.
Join now and grow your business in Skopje, one of the best cities for doing business in the Balkans.