Economy Of North Macedonia

The Economy Of North Macedonia in past years has suffered heavily from the conflicts that have upset the Yugoslav area. However, for the three-year period 2019-2021 a recovery of the Macedonian economy is expected, mainly supported by the positive trend of investments and exports. According to statistics, the Macedonian GDP should increase by 3.8% in 2020 and 4% in 2021. The country's economy is mainly concentrated in services (63% of GDP), mainly on industry (28.5%) and agriculture (11 , 4%). Among the services, we highlight the sectors: banking, technology, insurance, transport, tourism, wholesale and retail trade, logistics and communications. The main productive sectors are: car components, iron and steel, food, footwear, textiles, tobacco, construction, oil refining, chemical, mining. The industrial fabric is dominated by small and medium enterprises (about 75,000) present in all economic sectors. About 90% of the economy is privately owned.


Italian products enjoy an excellent image in the Republic of Northern Macedonia; especially for personal consumer goods (food, clothing, furniture, appliances, etc.).

As regards capital goods, the Italian presence is concentrated almost in the food industry and in processing, and in particular: wine, sweets, vegetable products and preserves and frozen products and ice creams. In this comparison of huge spaces to improve the presence of Italian products in particular in the woodworking and furniture manufacturing industry, construction industry, plastic, metal-mechanics, automotive, etc. Historically, the most attractive sectors for Italian companies in the Republic of Northern Macedonia are the traditional ones: engineering, chemical, construction, automotive, footwear and textiles.


In 2015, the US daily Forbes considered the current capital of Northern Macedonia one of the best performing economies in Europe. For a country of such modest dimensions (around 2 million inhabitants), Skopje boasts excellent values ​​in terms of investment potential and development prospects. It also offers great potential for further growth for the future thanks to public debt, equal to 33.8%, the lowest quarter in Europe, annual inflation of 1.5% and a deficit of just 3.9%.