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 Ally; in July 2022, the country held its first Intergovernmental Conference with the European Union, launching accession negotiations.  While the COVID-19 pandemic put much on hold, the government publicly supported regional integration efforts and continued to issue procurement tenders. 

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 14.8 percent in Q1 2022 

Largest sources of FDI are Germany, Austria, Slovenia, the Netherlands, and Greece 

Competitive wages (average monthly salary of $522 as of April 2022) 

Middle-income country with per capita income of about $6,720 in 2021 

Low inflation of 3.2 percent in June 2021 (8.8 percent forecast for 2022) 

Total 2021 trade of $17.8 billion (imports plus exports as of November 2021)  

Largest trading partners in 2021 were Germany, UK, Serbia, Greece, and China (as of October 2021) 

U.S. – North Macedonia trade through Q3 of 2021 totaled $247 million, of which U.S. exports to North Macedonia were $65 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 & Economic Environment:  State Department’s website for background on the country’s political environment