Analysis and Studies - Country Analysis
North Macedonia: a look at the market
March 2nd 2023
The Republic of North Macedonia is a small country in southeastern Europe. Part of the Balkans region, it integrates a complex mix of cultural traditions from both Europe and Asia.
North Macedonia was one of the six republics that made up Yugoslavia until 1991, when it declared its independence. From that moment it was called Macedonia, but its name was changed to North Macedonia in 2019, after a dispute with Greece.
With many historical monuments, natural wonders, and a vibrant culture, North Macedonia has much to offer.
The economy of North Macedonia
The economy of North Macedonia is one of the smallest in Europe, though it has experienced a relatively steady growth since its independence. In fact, after depending for years on Yugoslavia, the country started to find new trading partners and the economy began to prosper.
North Macedonia can count on agriculture, manufacturing, and services as leading economic sectors. The majority of its inhabitants work in services, including finance, government work, tourism, communications, and health care.
In 2020, North Macedonia was the 136th economy in the world in terms of GDP.
The country exports reaction and catalytic products ($1.4B), centrifuges ($840M), insulated wire ($581M), motor vehicles and their parts ($263M), and seats ($241M), mostly to Germany ($3.14B), Serbia ($520M), Bulgaria ($320M), Czechia ($264M), and Greece ($207M).
Looking at imports, North Macedonia obtains platinum ($1.18B), laboratory ceramic ware ($449M), refined petroleum ($342M), precious metal compounds ($247M), and insulated wire ($216M), mostly from United Kingdom ($1.39B), Germany ($1.11B), Serbia ($739M), Greece ($586M), and China ($516M).
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