The breakup of Yugoslavia in 1991 deprived the economy of North Macedonia, then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from Belgrade. An absence of infrastructure, United Nations sanctions on its largest market the Federal Republic of Yugoslavia, and a Greek economic embargo hindered economic growth until 1996.
Worker remittances and foreign aid have softened the subsequent volatile recovery period. GDP has increased each year except in 2001, rising by 5% in 2000. However, growth in 1999 was held down by the severe regional economic dislocations caused by the Kosovo war.
Successful privatization in 2000 boosted the country's reserves to over $700 million. Also, the leadership demonstrated a  continuing commitment to economic reform, free trade, and regional integration. The economy can meet its basic food needs but depends on outside sources for all of its oil and gas and most of its modern machinery and parts. Inflation jumped to 11% in 2000, largely due to higher oil prices.
North Macedonia experiences one of Europe's biggest growth rates at an average of 4% (even during the political crisis) making it comparable to nations such as Romania and Poland.
|Economy of North Macedonia|
|Currency||1 Macedonian Denar (MKD) = 100 Deni|
|GDP|| $12.669 billion (nominal, 2018)|
$32.627 billion (PPP, 2018)
|GDP rank||133rd (nominal, 2018) 123rd (PPP, 2018)|
|2.8% (2016) 0.2% (2017)|
2.7% (2018e) 2.9% (2019f) 
4.1% (2019, Q1) 
GDP per capita
|$6,100 (nominal, 2018 est.) $15,709 (PPP, 2018 est.)|
GDP per capita rank
|89th (nominal, 2018) 81st (PPP, 2018)|
GDP by sector
agriculture: 8.4% (2016) 
|1.796% (2019f est.) 1.458% (2018) 1.352% (2017)|
Population below poverty line
|32.4 medium (2017, Eurostat)|
|0.757 high (2017) (80th)|
|960,743 (2019, Q1)|
Labour force by occupation
agriculture: 16.6% (2016)
|Unemployment||17.8% (2019, Q1)|
Average gross salary
|MKD 35,901 / €584 / $654 monthly (February 2019)|
|MKD 24,192 / €393 / $440 monthly (February 2019)|
|food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts|
|Exports||$6,357 billion (2018)|
|foodstuffs, beverages, tobacco; textiles, miscellaneous manufactures, iron, steel; automotive parts|
Main export partners
| Germany 48.1% |
Greece 3.5% (January–April 2017)
|Imports||$8,299 billion (2018)|
|machinery and equipment, automobiles, chemicals, fuels, food products|
Main import partners
|Germany 11.9% United Kingdom 10% Greece 8% Serbia 7.1% China 5.9% Italy 5.5% Turkey 4.5% Bulgaria 4.3% (2017)|
|$6.937 billion (31 December 2017 est.) Abroad: $1.169 billion (31 December 2017 est.)|
|−$151 million (2017 est.)|
Gross external debt
|$8.79 billion (31 December 2017 est.)|
|47.3% of GDP (2017) |
|−2.7% (of GDP) (2017 est.)|
|Revenues||3.295 billion (2017 est.)|
|Expenses||3.605 billion (2017 est.)|
|Standard & Poor's:|
Outlook: Stable (2014)
Outlook: Stable (2011)
|$2.802 billion (31 December 2017 est.)|
North Macedonia's economy has almost always been completely agricultural in nature from the beginning of the Ottoman Empire when it was part of the District of Üsküp and Province of Salonika. It concentrated on pasture farming and vineyard growing. Opium poppy, introduced into the region in 1835, became an important crop as well by the late 19th century, and remained so until the 1930s.
The role of industry in the region's economy increased during the industrial age. North Macedonia was responsible for large outputs of textiles and several other goods in the Ottoman Empire. However, outdated techniques to produce the goods persisted. The stagnation of the Macedonian economy began under the rule of the Kingdom of Serbia.
When World War II ended, the local economy began to experience revitalization by way of subsidies from Federal Belgrade. The subsidies assisted North Macedonia to redevelop its lost industry and shift its agricultural-centered economy to an industry-centered economy with new hearts of industry emerging all over the country in Veles, Bitola, Shtip and Kumanovo. Previously, Skopje was the only industrial centre in North Macedonia, this expanded to several other cities during Socialist Yugoslavia.
After the fall of Socialist Yugoslavia, the economy experienced several shocks that damaged the local economy. Starting with the Western embargo on the Yugoslavian common market, and ending with the Greek embargo on North Macedonia over the country's former name, Republic of Macedonia. The economy began to recover in 1995 and experienced a full recovery after the 2001 insurgency by ethnic Albanians. North Macedonia's GDP grew by an average of 6% on a yearly basis until the 2008 economic crisis when its economy contracted with the rest of the world. The global crisis had little impact on the country due to Macedonian banks' stringent rules. North Macedonia today maintains a low debt-to-GDP ratio and is experiencing a revitalized investment interest by companies from Turkey, Algeria, Albania, and others.
North Macedonia is vulnerable to economic developments in Europe - due to strong banking and trade ties - and dependent on regional integration and progress toward EU membership for continued economic growth. At independence in September 1991, North Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of the Socialist Federal Republic of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the downsized Yugoslavia, and a Greek economic embargo over a dispute about the country's constitutional name and flag hindered economic growth until 1996. Since then, North Macedonia has maintained macroeconomic stability with low inflation, but it has so far lagged the region in attracting foreign investment and creating jobs, despite making extensive fiscal and business sector reforms. Official unemployment remains high at 24.6% (2015, Q4), but may be overstated based on the existence of an extensive gray market that is not captured by official statistics. In the wake of the global economic downturn, North Macedonia has experienced decreased foreign direct investment, lowered credit availability, and a large trade deficit. However, as a result of conservative fiscal policies and a sound financial system, in 2010 the country credit rating improved slightly to BB+ and was kept at that level in 2011. Macroeconomic stability has been maintained by a prudent monetary policy, which keeps the domestic currency pegged against the euro. As a result, GDP growth was modest, but positive, in 2010 and 2011, and inflation was under control. Latest data from North Macedonia's State Statistical Office show that overall, output for 2012 dropped by 6.6 percent compared to 2011.
Real GDP in the first half of 2011 increased by 5.2%. This robust growth was mainly driven by 23.6% growth in the construction sector; 13.2% in mining, quarrying, and manufacturing; 12.4% in wholesale and retail trade; and 4.2% in transport and communication services. Industrial output in the first 8 months of 2011 was 7.5% higher than in the same period of 2010. Low public and external debt and a comfortable level of foreign exchange reserves allowed for further relaxation of monetary policy, with the reference interest rate of the Central Bank decreasing to 4%. Due to rising prices for energy, fuel, and food on international markets, inflation increased in the first half of 2011, but later decreased to an annualized rate of 3.4% at the end of September. The official unemployment rate dropped to 24.6% in the fourth quarter of 2015, but remained one of the highest in Europe. Many people work in the gray economy, and many experts estimate North Macedonia's actual unemployment is lower.
The government budget has generally kept within projections. The budget deficit at the end of August 2011 reached about 2% of GDP, and fiscal authorities seemed committed to keeping it under the projected target of 2.5% of GDP by the end of the year. In addition to 220 million euros (approx. $298 million) drawn from an IMF Precautionary Credit Line (PCL) in March, financing mostly came from domestic borrowing. However, by the end of the year a financing gap remained of about 50 million to 60 million euros (approx. $67 million to $81 million), which the government plans to cover by borrowing from international capital markets, supported by a policy-based guarantee by the World Bank. The central government's public debt remained low at 26% of GDP, but represents a gradual increase from previous years. Despite lowering the Central Bank bills rate, the Central Bank has not changed liquidity indicators for banks or the reserve requirement since 2009, curbing credit growth to 7.5% in the first three-quarters of 2011. Nikola Gruevski says the government will pay off its entire debt to the private sector by February 2013 in order to improve the economy's overall liquidity. North Macedonia's external trade struggled in 2010 due to the slow recovery from the economic crisis of its main trading partners, particularly EU members. Starting from a very low base, export growth in the first 8 months of 2011 reached 41.7%, topping import growth of 36.8%. The trade deficit has widened to 18.3% of GDP, approaching the end-year target of 21.9% of GDP. At the same time, the current account balance deficit significantly improved and the end-year projection was revised upward to 5.5% of GDP. This was due primarily to a 4.4% higher inflow of current transfers, mostly during the summer, and came despite a poor level of foreign direct investment (FDI) of only $237.2 million by end-July 2011. Foreign currency reserves remained at about $2.6 billion, a level that comfortably covers 4 months of imports and about 110% of the country's short-term debt.
In October 2010, the World Bank Board of Directors approved a new Country Partnership Strategy (CPS) with North Macedonia for the period 2011-2014. This CPS will provide the country assistance of about $100 million in funding for the first 2 years to improve competitiveness, strengthen employability and social protection, and increase the use of sustainable energy. This assistance also includes a commitment of $30 million in direct budget support in the form of a policy-based guarantee by the World Bank to the government to facilitate its access to financing from international capital markets, a process that had been started as of November 2011.
North Macedonia became the first country eligible for the IMF’s Precautionary Credit Line in January 2011. This program gives North Macedonia a line of credit worth 475 million euros (about $675 million) over 2 years, intended to be accessed only in case of need brought about by external shocks. The credit line was approved after extensive consultations with the IMF in October and December 2010. The IMF expects that there will be no additional withdrawals from the PCL. North Macedonia has the best economic freedom in the region, according to the 2012 Index of Economic Freedom, released in January, 2012 by the conservative U.S. think tank Heritage Foundation and the Wall Street Journal.
|GDP (USD Billions)||15.5||2.3||2.5||3.3||4.4||4.4||3.7||3.5||3.6||3.5||3.4||3.7||5.0||5.9||5.7||6.9||8.6||9.1||9.7||9.1||10.1||10.7||11.4||12.2||13.0||13.8|
|GDP (PPP) (USD Billions)||10.7||10.3||9.7||9.7||9.8||10.1||10.5||10.9||11.6||12.4||12.1||12.4||13.0||14.3||15.4||16.7||18.3||19.6||19.6||19.9||20.8||21.8||23.0||24.3||25.7||27.2|
|GDP growth rate||n/a||-6.6%||-7.5%||-1.8%||-1.1%||1.2%||1.3%||3.3%||4.3%||4.5%||-4.5%||0.8%||2.8%||4.6%||4.3%||4.9%||6.1%||5.0%||0.9%||0.7%||2.9%||3.6%||4.1%||4.0%||3.9%||3.9%|
|GDP Per Capita (USD)||8115||1201||1315||1734||2269||2232||1883||1795||1837||1785||1704||1861||2489||2930||2801||3387||4252||4468||4749||4431||4911||5228||5525||5908||6290||6654|
|GDP (PPP) per capita||5617||5341||5025||5013||5031||5153||5298||5512||5811||6182||6016||6149||6443||7049||7599||8225||8962||9600||9584||9727||10112||10608||11176||11176||12430||13135|
North Macedonia remains committed to pursuing membership in the European Union (EU) and NATO. It became a full World Trade Organization (WTO) member in April 2003. Following a 1997 cooperation agreement with the EU, North Macedonia signed a Stabilization and Association Agreement with the EU in April 2001, giving North Macedonia duty-free access to European markets. In December 2005, it moved a step forward, obtaining candidate country status for EU accession. North Macedonia has had a foreign trade deficit since 1994, which reached a record high of $2.873 billion in 2008, or 30.2% of GDP. Total trade in 2010 (imports plus exports of goods and services) was $8.752 billion, and the trade deficit amounted to $2.149 billion, or 23.4% of GDP. In the first 8 months of 2011, total trade was $7.470 billion and the trade deficit was $1.778 billion. A significant 56.5% of North Macedonia's total trade was with EU countries. North Macedonia's major trading partners are Germany, Greece, Serbia, Bulgaria, Russia, and Italy. In 2010, total trade between North Macedonia and the United States was $116.6 million, and in the first 8 months of 2011 it was $65 million. U.S. meat, mainly poultry, and electrical machinery and equipment have been particularly attractive to North Macedonia importers. Principal Macedonian exports to the United States are tobacco, apparel, iron, and steel.
North Macedonia has bilateral free trade agreements with Ukraine, Turkey, and the European Free Trade Association (EFTA—Switzerland, Norway, Iceland, and Liechtenstein). Bilateral agreements with Albania, Bosnia and Herzegovina, Croatia, Serbia, Montenegro, Rep. of Kosovo, and Moldova were replaced by membership in the Central European Free Trade Agreement (CEFTA). North Macedonia also has concluded an “Agreement for Promotion and Protection of Foreign Direct Investments” with Albania, Austria, Bosnia and Herzegovina, Bulgaria, Belarus, Belgium, Luxembourg, Germany, Egypt, Iran, Italy, India, Spain, Serbia, Montenegro, People’s Republic of China, Republic of Korea, Malaysia, Poland, Romania, Russia, Slovenia, Turkey, Ukraine, Hungary, Finland, France, the Netherlands, Croatia, Czech Republic, Switzerland, and Sweden.
|Unemployed||1995||2000||2005||2010||2015||2016||2017||2018||2019, Q1||2020 est.|
Unemployment is a continuing problem in the Republic's economy where a large percentage of the Republic's qualified labor force cannot find work. Many Macedonians lost their jobs with the collapse of Yugoslavia. As a result, national unemployment was above 35% (37.30% in 2005), but in recent years that number has dropped to 22.9% (2017, Q1), with population below the poverty line also dropping from 30.4% (2011) to 21.5% (2015), it is reasonable to assume that based on the trend over the past few years, further declines are likely for both unemployment and poverty. Full-time employment has risen steadily over the last few years, with part-time employment trending slightly downward over the same period resulting in an overall increase to employment, wages increased sharply after 2008, with steady increases continuing into 2016
http://www.stat.gov.mk/KlucniIndikatori_en.aspxwas invoked but never defined (see the help page).
North Macedonia is a country situated in southeastern Europe with geographic coordinates 41°50′N 22°00′E, bordering Kosovo and Serbia to the north, Bulgaria to the east, Greece to the south and Albania to the west. The country is part of the wider region of Macedonia and makes up most of Vardar Macedonia. The country is a major transportation corridor from Western and Central Europe to Southern Europe and the Aegean Sea. North Macedonia is a landlocked country but has three major natural lakes: Lake Ohrid, Lake Prespa and Lake Dojran. It has a water area of 857 km2, while its land area is 24,856 km2.
Phytogeographically, Macedonia belongs to the Illyrian province of the Circumboreal Region within the Boreal Kingdom. According to the WWF and Digital Map of European Ecological Regions by the European Environment Agency, North Macedonia's territory can be subdivided into four ecoregions: the Pindus Mountains mixed forests, Balkan mixed forests, Rhodopes mixed forests and Aegean sclerophyllous and mixed forests.Granit (company)
Granit (Macedonian: Гранит) is a construction company in the Republic of Macedonia that is engaged in the design, research, construction and supervision of civil engineering structures. The company is headquartered in Skopje and also has a network of branch offices in Germany, Albania, Bulgaria, Ukraine, Croatia and Russia.Grapevine yellows
Grapevine yellows (GY) are diseases associated to phytoplasmas that occur in many grape growing areas worldwide and are of still increasing significance. Phytoplasmas are obligate cell wall-less bacterial pathogens (class Mollicutes), and rely on plants and homopterous phloem-sucking insects for biological dispersal. In plants, they are mainly restricted to the phloem tissue where they can move and multiply through the sieve tube elements. . Almost identical symptoms of the GY syndrome are caused by different phytoplasmas and appear on leaves, shoots and clusters of grapevine. Typical symptoms include discoloration and necrosis of leaf veins and leaf blades, downward curling of leaves, lack or incomplete lignification of shoots, stunting and necrosis of shoots, abortion of inflorescences and shrivelling of berries. Those symptoms are related to callose deposition at the sieve plates and subsequent degeneration of the phloem. Although no resistant cultivars of Vitis vinifera or rootstocks are known so far, the various grape varieties differ considerably as far as symptom severity is concerned. It ranges from fast decline and death in highly susceptible cultivars to tolerant rootstocks as symptomless carriers of the pathogen. Currently, the only available control strategies include early eradication of infected crops, early eradication of infected source plants (weed control), and chemical control
of vectors through regular insecticide treatments.The main viticultural production areas in the Republic of Macedonia were surveyed in 2006/2007/2008 for the presence of grapevine yellows. PCR and RFLP analyses were used to detect and identify phytoplasmas infecting grapevines. Only phytoplasmas associated with “bois noir” disease (ribosomal subgroup 16SrXII-A or stolbur) were detected. Molecular analyses showed that all phytoplasmas identified belonged to tuf-type II (VKII).Greek investments in North Macedonia
North Macedonia generally has good business relations with Greece and enjoys substantial inward investment from Greece. However, the naming dispute had inhibited the establishment of full diplomatic relations so far but has not prevented both countries from engaging in military and security co-operation, cross-border investments, and cultural exchanges.List of companies of North Macedonia
The Republic of North Macedonia is a country in the Balkan peninsula in Southeast Europe. Ranked as the fourth "best reformatory state" out of 178 countries ranked by the World Bank in 2009, North Macedonia has undergone considerable economic reform since independence. The country has developed an open economy with trade accounting for more than 90% of GDP in recent years. Since 1996,North Macedonia has witnessed steady, though slow, economic growth with GDP growing by 3.1% in 2005. This figure was projected to rise to an average of 5.2% in the 2006–2010 period. The government has proven successful in its efforts to combat inflation, with an inflation rate of only 3% in 2006 and 2% in 2007, and has implemented policies focused on attracting foreign investment and promoting the development of small and medium-sized enterprises (SMEs). The current government introduced a flat tax system with the intention of making the country more attractive to foreign investment. The flat tax rate was 12% in 2007 and was further lowered to 10% in 2008.Tourism is an important part of the economy of North Macedonia. The country's abundance of natural and cultural attractions make it an attractive destination of visitors. It receives about 700,000 tourists annually.List of regions of North Macedonia by Human Development Index
This is a list of the Statistical regions of North Macedonia by Human Development Index as of 2018 with data for the year 2017.MRT Center
MRT Center is a modern-era high rise building located in Skopje, North Macedonia. At a height of 70 m (230 ft), it was the tallest building in the country from its completion until the erection of the taller 130 m (427 ft) Sky City Sky Scrapers project in 2015
. Constructed in 1984, the MRT Center is completely owned by Macedonian Radio-Television, as its headquarters.Macedonian Stock Exchange
The Macedonian Stock Exchange (Macedonian: Македонска берза, Makedonska berza) is the principal stock exchange in the Republic of North Macedonia. It is located in the capital city of Skopje and its name is abbreviated to MSE. It was established in 1995 and the first trading occurred in 1996. The Macedonian Stock Exchange is a member of the Federation of Euro-Asian Stock Exchanges.Macedonian denar
The denar (Macedonian: денар; paucal: denari / денари; sign: den, code: MKD) is the currency of North Macedonia.National Bank of North Macedonia
The National Bank of the Republic of North Macedonia (Macedonian: Народна банка на Република Северна Македонија, romanized: Narodna Banka na Republika Severna Makedonija, NBRSM) is the central bank of North Macedonia, located in the capital city, Skopje.
Since 22 May 2019, Anita Angelovska-Bezhoska is Governor of NBRNM. Prior to the name change in 2019, the National Bank of the Republic of North Macedonia was known as The National Bank of the Republic of Macedonia.North Macedonia
North Macedonia, officially the Republic of North Macedonia, is a country in the Balkan Peninsula in Southeast Europe. It is one of the successor states of the former Yugoslavia, from which it declared independence in September 1991 under the name Republic of Macedonia.
The country became a member of the United Nations in April 1993, but as a result of a dispute with Greece over the name "Macedonia", it was admitted under the provisional description the former Yugoslav Republic of Macedonia (abbreviated as FYR Macedonia and FYROM), a term that was also used by some other international organisations, FIFA for instance. In June 2018, Macedonia and Greece resolved the conflict with an agreement that the country should rename itself Republic of North Macedonia. This renaming came into effect in February 2019, with a several-months-long transition for passports, licence plates, currency, customs, border signs, and government websites, among other things.A landlocked country, North Macedonia has borders with Kosovo to the northwest, Serbia to the northeast, Bulgaria to the east, Greece to the south, and Albania to the west. It constitutes approximately the northern third of the larger geographical region of Macedonia, which also comprises the neighbouring parts of northern Greece and southwestern Bulgaria. The country's geography is defined primarily by mountains, valleys, and rivers. The capital and largest city, Skopje, is home to roughly a quarter of the nation's 2.06 million inhabitants. The majority of the residents are ethnic Macedonians, a South Slavic people. Albanians form a significant minority at around 25%, followed by Turks, Romani, Serbs, Bosniaks, Aromanians, and Bulgarians.
The history of the region dates back to antiquity, beginning with the kingdom of Paeonia, probably a mixed Thraco-Illyrian polity. In the late sixth century BC, the area was incorporated into the Persian Achaemenid Empire, then annexed by the kingdom of Macedonia in the fourth century BC. The Romans conquered the region in the second century BC and made it part of the much larger province of Macedonia. Τhe area remained part of the Byzantine (Eastern Roman) Empire, but was often raided and settled by Slavic tribes beginning in the sixth century of the Christian era. Following centuries of contention between the Bulgarian, Byzantine, and Serbian Empire, it was part of the Ottoman dominion from the mid-14th until the early 20th century, when following the Balkan Wars of 1912 and 1913, the modern territory of North Macedonia came under Serbian rule. During the First World War (1915–1918) it was ruled by Bulgaria, but after the end of the war, it returned under Serbian rule as part of the newly formed Kingdom of Serbs, Croats and Slovenes. Later, during the Second World War (1941–1944), it was ruled by Bulgaria again, and in 1945 it was established as a constituent state of communist Yugoslavia, which it remained until its peaceful secession in 1991.
North Macedonia is a parliamentary republic and member of the UN and of the Council of Europe. Since 2005, it has also been a candidate for joining the European Union and has applied for NATO membership. One of the poorest countries in Europe, North Macedonia has made significant progress in developing an open, market-based economy.Old Bazaar, Skopje
The Old Bazaar (Macedonian: Стара чаршија, romanized: Stara čaršija; Albanian: Çarshia e Vjetër; from the Turkish: Çarşı meaning marketplace) is a bazaar located in Skopje, situated on the eastern bank of the Vardar River, stretching from the Stone Bridge to the Bit-Pazar and from the Skopje Fortress to the Serava river. The Old Bazaar falls primarily within the borders of Čair Municipality but a part of it is located in Centar Municipality. As one of the oldest and largest marketplaces in the Balkans, it has been Skopje's centre for trade and commerce since at least the 12th century.
The earliest known sources that describe the existence of a merchant quarter on the bazaar's territory date back to the 12th century. During Ottoman rule of Skopje, the Old Bazaar developed rapidly to become city's main centre of commerce. The Ottoman history of the bazaar is evidenced by roughly thirty mosques, numerous caravanserais and hans, among other buildings and monuments. The bazaar was heavily damaged by earthquakes that occurred in 1555 and 1963, as well as during the First and the Second World Wars and faced various rebuildings following these events.
Beside its importance as a market place the Old Bazaar is known for its cultural and historical values. Although Ottoman architecture is predominant, remains of Byzantine architecture are evident as well, while recent reconstructions have led to the application of elements specific to modern architecture. The Old Bazaar is still home to several active mosques, türbes, two churches and a clocktower, that, together with the buildings of the Museum of Macedonia and the Museum of Modern Art, form the core of the modern bazaar.
In recent years there have been a raising interest to make the Bazaar a touristic attraction. On 13 October 2008, the Macedonian Parliament adopted a law recognising the Old Bazaar as cultural heritage of particular importance for the country to be permanently protected. In early 2010, the Macedonian Government began a project for the revitalisation of the Old Bazaar, which includes the restoration of several objects and aiming a further economic and cultural development of the site.Sivec
Sivec is the trademark of the dolomitic marble extracted from the quarries of Mermeren Kombinat A.D., near the town of Prilep in North Macedonia. The fine grain makes it ideal for sculpture and architectural applications.Teteks
Teteks (Macedonian: Тетекс) is a home furnishing manufacturer and retailer in the Republic of Macedonia, with headquarters in Tetovo. It's the main sponsor and owner of the football club FK Teteks.
North Macedonia articles
|States with limited|