Macedonia

Until February 2019 there were two Macedonias: The country sometimes referred to as the Former Yugoslav Republic of Macedonia (or FYROM), and a region in northern Greece. The Greeks insisted that their new neighbour change its name, and to end the dispute, the country became ‘North Macedonia’.

North Macedonia has two official languages – Macedonian and Albanian.

North Macedonia’s government has consistently shown a commitment to democratisation and reform, and an openness toward the wider world. The country joined the WTO in 2003 and is pursuing membership of NATO and the European Union.

Traditionally the poorest of the former Yugoslav Republics, North Macedonia has performed well since independence. Except for 2001, GDP has grown every year since independence, and inflation rates have remained low. Despite progress, North Macedonia has been less successful than its neighbours in attracting foreign investment. Germany is North Macedonia’s primary economic partner – the country receives just under half of all North Macedonian exports. Other important partners include Serbia and Bulgaria.

This robust growth was mainly driven by strong performance in the construction sector. Other important sectors include mining, quarrying, and manufacturing. There is scope for the tourist industry to expand.

Based in Skopje, North Macedonia’s capital, HLB’s North Macedonia professionals have over 25 years of experience and are one of the country’s leading audit firms.