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Form CH@WORLD: A754
Embassy of Switzerland in Skopje
Country: Republic of North Macedonia Last Updated: June 2021
North Macedonia – Economic Report 2020
0. Executive Summary
North Macedonia as a market is generally of limited interest for Swiss exporters given its relatively small
size. For Swiss investors and importers, however, the country offers opportunities in sectors such as
textile, adventure tourism, automotive industry, light manufacturing and ICT. Overall, the conditions for
Swiss firms to do business in North Macedonia are favourable. Still shortcomings in the rule of law and
political uncertainties are challenges that Swiss firm’s encounter. In 2020, North Macedonia faced an
economic recession as a result of the impact of the COVID-19 crisis, leading to job losses in certain
sectors and a decrease in imports, exports, as well as the inflow of foreign direct investments (FDI).
However, the measures of the government helped to reduce the impact of COVID-19 and certain sectors
are expected to recover quickly while in others such as textile and tourism it may take longer.
1. Economic Problems and Issues1
In 2020, the Republic of North Macedonia was experiencing the deepest recession year since its
independence. The year started with indicators for moderate growth but took a sharp downturn as the
COVID-19 crisis emerged and imposed restrictions that affected almost all sectors of the economy, the
services sector in particular. The first 3 quarters of 2020 mark a real decrease of 5.9% of the GDP,
which is in accordance to the projected expectations and predictions of the National Bank of the Republic
of North Macedonia. The economic activity in the last quarter, however, showed signs of an overall
moderate influence of the health crisis on economic outputs of the country. With the starting of the
vaccination process, the optimism and expectations amongst the economic operators started to return,
particularly for the global growth in the medium term. Still, there is a high level of uncertainty, in particular
with the development of the pandemic.
In order to mitigate the effects of the pandemic, the Government intervened, which helped to prevent
job losses but also increased the fiscal pressure as the public debt increased rapidly, reaching 65.2%
of the GDP. Nevertheless, there were job losses in transport and storage, agriculture, energy, real
estate, tourism and construction. Workers in the textile industry, being an important sector in the
manufacturing sector with more than 37'000 employees, were also affected by the pandemic crisis.
However, they managed to partially soften the affects by quickly shifting to production of protection
masks and other protection equipment. The exports in this sector were also reduced to almost 11%,
industrial production was reduced to almost 14%, which is identical to the job losses percentage. At the
same time, employment in several other sectors, like ICT, health education, trade, professional services,
mining and manufacturing, in fact rose. In general, according to the International Labour Organization
(ILO) amongst the sectors most affected by COVID-19 in North Macedonia are: tourism, hospitality,
transportation, warehousing and construction. According to a study by “Finance think” most sectors in
2021 might not return to the same economic performance as before COVID-19. However, certain
sectors, especially export-oriented ones for example the automotive industry, might recover quickly,
although there are exceptions in this respect, such as the textile industry and tourism, sectors that may
take longer to recover.
Because of a drop in external demand and consequently a drop in economic activity, exports and imports
declined. Furthermore, as a result of travel restrictions, there were fewer exports of services and less
expenditures due to limited visits of the diaspora. This was partially compensated by bank and cash
transfers from individuals in the diaspora to their relatives and personal network. External funding needs
1
Data: National Bank of the Republic of North Macedonia
1were met through the successful issuance of a 700m EUR Eurobond but, the decline in FDIs inflows
also left a financial gap that forced the Government to request a EUR 550m assistance from the IMF,
the World Bank and the EU. A recovery in transfers and export of services should contribute to narrowing
of the current account deficit in 2022-23 to more sustainable levels. Particularly having in mind that the
rollout of vaccines is not going at the desired speed for many countries and is not expected to take place
on a significant scale even towards the end of the year and, consequently, a return to normality not
before late 2021.
However, there are encouraging signals from private consumption and investment. Consumption - on
the basis of retail activity -, shows symptoms of recovery faster than expected, thus underscoring the
resilience of the services sector. Investments were also made, propelled by the German auto industry,
which takes almost half of the country's exports. However, investment growth is expected to be
constrained in 2021 as well, despite the rock-bottom interest rates and favorable lending conditions.
Since the business confidence took a major hit in 2020 and until the global economic gathers pace,
industrial capacities will continue to run on existing capacity and this will deter large scale investments.
On top of everything, there are other factors that impede recovery and development. These are: 1)
political instability; and 2) the delay of the EU accession negotiations. The first is due to the tiny majority
of the government coalition in the Parliament, which often results in blockades of the Parliament work
by opposition parties. This at times impedes a normal functioning of the Parliament and slows down the
reforms aimed at strengthening institutions, boosting competitiveness and improving the business
environment. This may cause that the Government might not last a full term. The second factor is
Bulgaria delaying the start of the EU accession negotiations of North Macedonia due to diverging
interpretations over the linguistic and historic heritage of North Macedonia.
In conclusion, there are several risks that will directly influence the economic prospects and the speed
of recovery in 2021. These are:
Further waves of COVID-19 due to slow rollout speed of the vaccines – might have an
irreversible effects in many sectors of the fragile economy;
Political tensions and/or nationalist disputes – might further deepen the political instability;
Corruption and lack of accountability of public officials – major impediment for doing business;
and
Debt servicing / balance of payment crisis – might trigger an inflation cycle.
In January 2021, the Government adopted a multi-year structural reform Programme agreed with the
European Commission. The measures include improving the business environment, combating tax
evasion, reforming the energy and transport markets, developing agriculture, and supporting education
and the digital transformation of the country.
Vaccination will remain in the focus of the Government of the forthcoming period. Being a low income
economy, it can’t compete with advanced economies in the vaccines bidding orders. It therefore relies
on international support and the COVAX mechanism to ensure equitable access to vaccines. Delays in
mass vaccination may lead to reappearance of infections and further obstacles and delays in recovery
of normal economic activities.
2Government response to the pandemic crisis2
Since the outbreak of the pandemic, the Government of the Republic of North Macedonia has adopted
in total five sets of measures, aimed at reducing the negative effects of the crisis on the economy.
Four sets were brought in 2020 whilst the fifth set was adopted in April 2021. Within the four sets in
2020, 70 different measures were implemented. These measures include direct support for families
and individuals, the distribution of vouchers in the tourism sector, rent payment delay as well as
restructuring of and prolonged payments of credit installments for companies and citizens.
Furthermore, there were measures to support of the informal sector as well as financial support for
companies. As a result, North Macedonia dedicated financial resources worth more than 9% of its
GDP as economic measures for the reduction of the impact of COVID-19. Thereby, the total value of
the four first sets of measures is circa 1 billion EUR and, until February 2021, almost 70% of these
funds have been exhausted. Provided that there are credit lines within these sets that are still ongoing,
the percentage of implementation will rise to 92%. Moreover, there are a number of measures within
the third and the fourth set that will be implemented during 2021 and beyond.
The effects of the four economic sets on the economic activity and unemployment is limited but
important. While the total unemployment rate on annual basis decreased by 0.9% from 2019 to 2020,
there were still 16'700 officially registered job losses in North Macedonia from March 2020 to March
2021. Therefore, the decrease in the unemployment rate might also be due to a decrease in the
number of active job seekers or emigration. However, it is estimated that the total assistance of EUR
704m reduced the decrease of the economic activity significantly – the decrease is expected to have
been -8.4% as opposed to the recorded -4.5%. As the challenges with the effects of the pandemic
are still ongoing, some of the measures have a spillover through 2021 and in the meantime a fifth set
of measures has been adopted in April 2021, and the sixth set is already in the pipeline, the overall
effectiveness and impact of the measures cannot yet be assessed at this stage.
2. International and Regional Economic Agreements
2.1. Country’s Policy and Priorities3
Central to North Macedonia's foreign policy agenda remains the integration into European and Euro-
Atlantic institutions. Therefore, when it comes to economic policymaking, achieving full participation in
the EU's single market is the key priority. The country’s aspirations received a long-awaited boost with
the March 2020 decision of the European Council to open accession negotiations, though the exact date
of the start of negotiations still remains to be defined.
To support the country’s convergence process, the EU provides significant financial assistance to North
Macedonia through its Instrument for Pre-Accession (IPA). In total more than 600 million EUR have
already been provided under the IPA II program for the period 2014-2020. Furthermore, the IPA III
regulatory framework is expected to be adapted in September 2021 and would then be effective for
financial assistance until 2027. Besides, the countries efforts toward EU convergence is also supported
by several multilateral financial institutions. The World Bank adopted in 2019 its new "Country
Partnership Framework 2019-2023," with loans from the International Bank for Reconstruction and
Development (IBRD) of up to $420m and investments from the International Finance Corporation (IFC)
of up to $50m. Moreover, the European Bank for Reconstruction and Development (EBRD) approved
in 2019 a new "Country Strategy 2019-2024."
Although full participation to the EU single market is a key priority for North Macedonia, the country has
also concluded trade arrangements with a number of other countries, including free trade agreements
with Turkey, Ukraine, and the European Free Trade Association (Switzerland, Norway, Iceland, and
Liechtenstein). In January 2007, earlier bilateral agreements with Albania, Bosnia and Herzegovina,
Serbia, Montenegro, Kosovo and Moldova were replaced by membership in the Central European Free
Trade Agreement (CEFTA). North Macedonia has been a member of the World Trade Organization
(WTO) since 2003. In the area of investments, North Macedonia has concluded agreements with 33
countries from Europe, Asia and North Africa to not only protect but also promote FDIs.
2
Source: Government of the Republic of North Macedonia, International Monetary Fund, the Employment Service Agency of the Republic of North
Macedonia and State Statistical Office of the Republic of North Macedonia
3
Source: World Bank, European Commission, European External Action Service, Balkan Insight, U.S. Department of State, European Bank for
Reconstruction and Development
3In 2019, discussions were initiated by North Macedonia with Serbia and Albania to enhance the
economic integration of the three countries based on the EU model of the freedom of movement of
services, goods, people as well as capital (initiative dubbed the “mini-Schengen”). Subsequently, an
agreement between Serbia and Albania was signed on 20 November 2020, allowing the citizens of both
countries to cross their border by only using an identity card. It remains to be seen whether North
Macedonia will also sign a similar agreement in the near future.
2.2. Outlook for Switzerland
North Macedonia’s policy and priorities, in particular regarding economic and political alignment with
European standards and principles when it comes to EU accession, are aligned with the interests of
Switzerland. EU convergence is expected to make a significant contribution to the country’s stability and
prosperity, thereby improving the prospects for Swiss firms trading with and investing in the country.
The set of bilateral economic agreement provides favourable framework conditions for the further
development of bilateral economic relations. Since May 2002, Switzerland’s trade relations with North
Macedonia are regulated by the North Macedonia - EFTA agreement. A second session of the Joint
Committee, held in Geneva in November 2008, contributed to further improve framework conditions.
Other important economic agreements between Switzerland and North Macedonia include:
Bilateral trade and economic cooperation agreement (in force since 01.09.1996);
Bilateral investment promotion and protection agreement (in force since 06.05.1997);
Bilateral double taxation avoidance convention (in force since 27.12.2000);
Bilateral arrangement related to trade in agricultural products (in force since 01.05.2002);
Bilateral aviation agreement (in force since 01.03.2010).
On May 19, 2021, the double taxation treaty between Switzerland and North Macedonia was amended
to bring it in line with the latest international standards. The amendment agreement includes, among
other aspects, the fostering of information exchange between North Macedonia and Switzerland.
3. Foreign Trade
3.1. Development and General Outlook4
In recent years, North Macedonia’s exports have been growing steadily, mainly as a result of FDIs into
global value chains, thereby especially in the automotive industry. However, in 2020 a decline in exports
was noticeable. Thus, exports decreased by 10 % from 2019 (EUR 6’433m) to 2020 (EUR 5’777m). As
in the previous year, the largest share in the total export of North Macedonia went to Germany (47%).
The importance of Germany as a destination for North Macedonia’s exports reflects large FDIs of global
producers of automotive components who export their products to Germany for final assembly. Bulgaria
(4.7%), Kosovo (4.0%), Serbia (3.9%), Hungary (3.0%), Belgium (2.7%) and China (2.5%) were
additional export markets. Some of the main export products were chemical materials (EUR 1'154m)
electronic machinery (EUR 854m) and industrial machinery as well as equipment (EUR 726m).
In 2020 not only exports decreased but also the imports to North Macedonia declined by 10% (total
imports EUR 7’592m) compared to 2019. The largest share of imports came from the United Kingdom
(15.41%), followed by Germany (10.7%), Serbia (7.4%), China (6.9%), Greece (5.9%) and Turkey
(5.1%). Among the main imports by North Macedonia are non-ferrous metals (EUR 1'069m), electrical
machinery (EUR 686m) as well as non-metallic minerals (EUR 440m).
Consequently, as last year, there was a trade deficit in 2020 that amounted to EUR 1’815m.
Furthermore, the EU remains the largest trading partner of North Macedonia, accounting for 46.3% of
the imports and 77.5% of the exports. Significant potential exists for North Macedonia to expand exports
in specific sectors such as textile, tourism, agriculture, logistics, information technology and healthcare.
However, to effectively compete in the global market and integrate into the global value chain, domestic
firms will need to improve their offering and their productivity. The Swiss Cooperation Programme in
North Macedonia includes several projects to increase exports, accelerate growth, and create jobs in
4
Source: State Statistical Office of the Republic of North Macedonia and the National Bank of the Republic of North Macedonia, for further trade
statistics see Annex 3
4the adventure tourism, textile, light manufacturing, agribusiness and IT sectors in North Macedonia. The
country will also need to further enhance connectivity in terms of completion and maintenance of its
transport infrastructure as well as streamlining of its custom procedures.
3.2. Bilateral Trade5
Compared to the year 2019 (with CHF 135m), the bilateral trade between Switzerland and North
Macedonia increased in 2020 and amounted 150m CHF. While export from Switzerland (+27%) grew
imports to Switzerland decreased (- 1%) in 2020 compared to 2019. Imports equalled CHF 74m and
exports CHF 76m. This places Switzerland on the 27th place in terms of import and on the 30th place in
regards to exports. Accordingly, Switzerland is a trading partner of modest importance for North
Macedonia. Access to the Swiss market remains difficult for exporters from North Macedonia, partly
because of the high requirements on the part of Swiss importers. Some exporters from North
Macedonia, namely in the agricultural sector, were, however, able to successfully enter in the Swiss
market after bringing their practice into line with the Bio Suisse standards in organic agriculture.
Import from Switzerland to North Macedonia consisted primarily of chemical products and
pharmaceuticals (29%), followed by machinery, appliances and electronics (20%), vehicles (19%),
textiles, clothing and shoes (13%) as well as precision instruments, clocks/watches and jewellery (6%).
At the same time, the largest contributor to exports from North Macedonia to Switzerland came from
textiles, clothing and shoes (63%), followed by forestry and agricultural products and fishery (13%).
4. Direct Investments
4.1. Development and General Outlook6
The authorities in North Macedonia’s have demonstrated generally a longstanding positive attitude
towards FDIs. The country’s regulatory as well as legal framework is favourable to foreign investors.
Furthermore, the authorities provide various incentives to attract new investors in the Technological-
Industrial Development Zones (TIDZs) such as tax exemptions and in the form of financial contributions
to the construction costs. As a result, the country has outperformed peer countries in attracting
greenfield FDIs in the past few years. On top of that, while exports generally decreased in North
Macedonia, this was not the case in the TIDZs, where they increased by 7% compared to 2019. This
increase was linked to new agreements for investments in the TIDZs.
In general, there has been a continuous increase in stock FDIs since 1997 with a total 5'704m at the
end of 2019. Most FDI stock came from Austria, followed by the United Kingdom, Greece, the
Netherlands and Slovenia. All these countries accounted for 48% of the total. While an increase in FDI
stock was noticeable, the overall inflow of FDIs in the year 2020 decreased by 40% and stood at EUR
240m. The largest FDI inflows in 2020 came from the United Kingdom (53% of the total), Germany
(24%), Turkey (21%), United States of America (7%) and Bulgaria (5%). While the FDI inflow of China
amounted to EUR -8.3m there are credit lines that North Macedonia is using from Banks based in China
for the construction of highways. Overall, among the main areas in which FDIs were made in North
Macedonia are parts for the automotive industry, financial services, manufacturing, agriculture, forestry
and fishing, information technology, mining, construction. To further stimulate investment, North
Macedonia has an Economic Citizenship Program, where individuals can apply and make investments
in order to obtain the citizenship of North Macedonia.
According to the World Bank Doing Business report of 2020, North Macedonia remains on the same
level at 17th place. However, the report notes that there was an improvement in contract enforcement.
Nevertheless, deficits continued to exist in the business environment in regard to the competitiveness.
In the 2019 published World Economic Forums Global Competitiveness Report, this has already been
clearly visible as North Macedonia was ranks 82nd out of 141 economies. For more than 70% of Swiss
firms doing business in North Macedonia, uncertainties due to the political situation remains a key
challenge in their operations in the country. Other challenges are administrative hurdles and
5
See Annex 4 for trade statistics from Swiss Customs Administration
6
Data: National Bank of the Republic of North Macedonia, Republic of North Macedonia Free Zone and Ministry of Labour and Social Policy of the
Republic of North Macedonia
5shortcomings in the rule of law as well as finding qualified employees. On top of that, corruption is an
additional area of concern in North Macedonia. In this respect, Transparency International reported that
the level of corruption in 2020 has remained the same as in 2019. North Macedonia was ranked by
Transparency International at 111th place compared to 180 other countries in the 2020 Corruption
Perceptions Index. The large informal economy – it is estimated that 18% of all employees in North
Macedonia are working in the grey economy – and a lack of entrepreneurial culture also continues to
negatively impact the business environment and competitiveness of the economy. The new Swiss
Cooperation Programme 2021-2024 in North Macedonia aims to address some of these shortcomings.
More specifically, this means that projects are being pursued to foster the start-up ecosystem, reform
the vocational training system in North Macedonia and improve the framework conditions (public finance
management, tax administration, legal framework for insolvency and bankruptcy). Furthermore, a new
project is currently planned to contribute to the reduction of corruption.
4.2. Bilateral Investment Flows
The FDI inflow from Switzerland to North Macedonia reached EUR 12m, placing Switzerland in 2020 as
the 6th largest source of FDIs in North Macedonia. This represents a slight decrease compared to 2019
(EUR – 13m). The FDI inflows, however, are from year to year relatively volatile, a result of the limited
number of Swiss investments in North Macedonia. By the end of 2019, overall stock FDIs from
Switzerland amounted to EUR 183m7.
There are more than 30 known Swiss firms currently present in North Macedonia and an additional
dozen companies that represent or distribute Swiss products. The largest Swiss investments in North
Macedonia are in the steel (Duferco, Makstil), tobacco (Socotab, Frana), electro mechanic devices
(Baumer), healthcare products (Rontis), transport services (Kuehne & Nagel, MSC), construction (Madal
Bal), mining (Euromax) and construction materials (Ruchti Aerni, City Beton), banking (Silk Road Bank),
and software services (Netcetera, Inside Solutions, Digicube) sectors. Other Swiss companies are
represented through either their representation offices or through third parties representing their
interests. Over 3’400 people are directly working for Swiss companies operating in North Macedonia,
while an estimated 15’000 people are indirectly employed by Swiss companies (employed by suppliers
of goods and services to Swiss companies in the country).
In September 2019, Swiss companies present in the country gathered to create the Switzerland – North
Macedonia Business Club to foster exchange of information among them, promote their interest towards
the authorities, and support new Swiss companies interested in investing in the country. The Business
Club was established within the Macedonian Chambers of Commerce. Swiss companies interested in
investing in North Macedonia can also obtain information from the government agency Invest in North
Macedonia and the Free Zones Authority. In Switzerland, Switzerland Global Enterprise (S-GE) and the
Chamber of Commerce Switzerland-Central Europe (SEC) are the relevant organizations supporting
Swiss companies interested in investing in North Macedonia.
5. Trade, Economic and Touristic Promotion
5.1. Foreign Economic Promotion Instruments
Switzerland enjoys an excellent reputation in North Macedonia, among others, thanks to the strong
human links through North Macedonia’s diaspora in Switzerland and its substantial cooperation
programme in the country. Through the various projects of the Swiss Cooperation Programme funded
by the Swiss Agency for Development and Cooperation (SDC) and the Swiss State Secretariat for
Economic Affairs (SECO), the Swiss Embassy has developed an extensive network of contacts in the
public and private sectors of direct relevance to Swiss companies interested in trading with or investing
in North Macedonia. Public events in the framework of the various Swiss-funded projects usually receive
important media coverage, thereby contributing to enhancing the visibility of Switzerland as an economic
partner.
The Swiss Embassy invites Swiss companies operating in North Macedonia and companies from North
Macedonia with a link to Switzerland to relevant events and has supported their networking as well as
7
Source: National Bank of the Republic of North Macedonia
6the creation of the Switzerland – North Macedonia Business Club within the Macedonian Chambers of
Commerce. The Embassy is actively fostering opportunities for cooperation between Swiss companies
and projects of the Swiss Cooperation Programme, among others in the area of vocational education
and training (VET) or in the co-financing of new projects in North Macedonia. The Embassy is also
engaged in facilitating contacts for Swiss companies with the authorities of North Macedonia and to local
counterparts. When made aware of specific opportunities, the Swiss Embassy informs Switzerland
Global Enterprise (S-GE) and specialized associations of public tenders issued by North Macedonia’s
authorities. Promotion material from Switzerland Tourism and Presence Switzerland is available at the
Embassy for display to visitors or distribution at specific events, and shared on the Embassy’s Facebook
page when relevant.
In addition to the Switzerland – North Macedonia Business Club within the Macedonian Chambers of
Commerce and the Chamber of Commerce Switzerland – Central Europe (SEC), Switzerland Global
Enterprise (S-GE) also offers support for Swiss companies interested in trading with or investing in North
Macedonia.
5.2. North Macedonia’s Interest for Switzerland
For North Macedonia’s tourists, Switzerland is of modest importance as a tourism destination.
Accordingly, Switzerland Tourism is not present locally. The main destinations for tourists from North
Macedonia are the neighbouring countries (Greece, Albania, Bulgaria, and Serbia) or countries in the
region (Turkey). The direct flights between Switzerland and North Macedonia are mostly used by
members of the diaspora of North Macedonia in Switzerland visiting North Macedonia, or their relatives
living in North Macedonia and visiting them in Switzerland. There is however increasing interest among
Swiss tourists for North Macedonia as a destination for cultural and adventure tourism.
Before the pandemic, there were daily direct flights between Skopje and Zurich (Edelweiss/Swiss and
Chair Airlines) and Skopje and Basel-Mulhouse-Freiburg (Wizz Air). Edelweiss and Wizz Air were both
also operating seasonal flight connections from Basel respectively from Zurich to Ohrid, an important
tourist destination in North Macedonia. In addition, regular bus-lines connect North Macedonia and
Switzerland. Since the demand to travel is primarily driven by diaspora relations, it is expected that the
pre-COVID-19 connectivity between the two countries will be reached again.
Significant interest for Swiss expertise exists in various sectors, including disaster risk reduction, waste
water management, nature conservation, tourism and hospitality, agribusiness, entrepreneurship and
innovation. The transfer of such expertise is facilitated, among others, in the framework of projects of
the Swiss Cooperation Programme 2021-2024 in North Macedonia. The transfer of Swiss expertise is
also sought after through the establishment of cooperation between Swiss education institutions and
their counterparts in North Macedonia. Such cooperation exists notably in the forestry sector.
Switzerland is not the common destination chosen by students from North Macedonia for higher
education. Research, doctoral and post-doctoral fellowships granted by the Federal Commission for
Scholarships encounter limited interest among students from North Macedonia.
Large businesses and wealthy individuals from North Macedonia are well aware of Switzerland as a
location offering competitive financial services. Therefore, it is likely that some of the FDIs in North
Macedonia originating from Switzerland are actually funds from North Macedonia channelled through
Swiss financial institutions.
7ANNEX 1
Economic Structure of North Macedonia8
Distribution of GDP (%) 2014 2019
Primary Sector 10.0% 8%
Industry 22.8% 23.5%
Services 53.8% 55.2%
Distribution of Employment 2014 2019
Primary Sector 18.5% 13.9%
Industry 30.4% 31.1 %
Services 51.2% 55.0 %
8
Source: World Bank
8ANNEX 2
Key Data9
2019 2020 2021
GDP (USD bn) 12.5 12.3 13.8
GDP/capita (USD) 6’044 5’918 6’656
Growth (% GDP) 3.2 -4.5 3.8
Inflation (%) 0.8 1.2 1.963
Unemployment (%) 17.3 16.4 16.341
Budget Balance (% GDP) -2.1 -8.1 n.a
Current Account Balance (% GDP) -3 -4 -3
Public Debt (% GDP) 57.6 65.2 n.a
Debt Services (% of Exports) 4.2 n.a n.a
Reserves (in months of import) 4.2 n.a n.a
Estimated by the World Bank
9
Source: International Monetary Fund, World Economic Outlook (April 2021), National Bank of the Republic of North Macedonia, World Bank
9ANNEX 3
Trade Partners10 Year: 2020
Exports Imports
Value Share Change Value Share Change
Rank Country Rank Country
(EUR m) (%) (%) (EUR m) (%) (%)
United
1 Germany 2‘717.28 47.03 -13.13 1 1‘170.00 15.41 20.70
Kingdom
2 Bulgaria 271.89 4.71 -13.38 2 Germany 809.06 10.66 -15.81
3 Kosovo 233.70 4.04 -21.47 3 Serbia 558.34 7.35 -7.91
4 Serbia 223.13 3.86 -10.03 4 China 522.55 6.88 7.32
5 Hungary 171.56 2.97 5.25 5 Greece 451.71 5.95 -33.93
6 Belgium 157.49 2.73 -26.08 6 Turkey 388.47 5.12 -4.04
7 Italy 143.11 2.48 -17.67 7 Italy 338.86 4.46 -28.08
8 United Kingdom 142.59 2.47 -0.63 8 Bulgaria 309.72 4.08 -4.55
9 China 141.81 2.45 -4.82 9 Poland 211.99 2.79 -10.62
United States
10 Netherland 111.83 1.93 6.06 10 207.54 2.73 -25.02
of America
30 Switzerland 38.37 0.66 7.87 27 Switzerland 83.61 1.10 48.28
95 Liechtenstein 0.10 0.00 30.00 116 Liechtenstein 0.06 0.00 47.27
Total EU-27 4‘480.00 77.53 -11.24 Total EU-27 3‘516.30 46.32 -18.19
Total CEFTA 638.46 11.05 -14.13 Total CEFTA 735.31 9.68 -5.62
Total 5‘777.90 100.00 -10.19 Total 7‘592.00 100.00 -10.06
10
Source: National Bank of the Republic of North Macedonia, State Statistical Office of the Republic of North Macedonia
10ANNEX 4
Trade between Switzerland and North Macedonia11
Exports Imports Trade balance
Annual Change Annual Change
(mil. CHF) (mil. CHF) (mil. CHF)
2013 51 -6% 74 1% -23
2014 45 -13 % 76 2% -31
2015 41 -7 % 66 -14 % -25
2016 41 -1 % 65 -1 % -24
2017 48 18 % 72 11 % -24
2018 55 14 % 78 8% -23
2019 60 9% 75 -4% -15
2020 76 27% 74 -1 % -2
Change from
Share of
2019 2020 Previous
Main Swiss Exports (mil. CHF) Total
Year
Chemical products and pharmaceuticals 18.61 22.25 19.5% 29.3%
Machines, appliances, electronics 6.11 15.63 155.8% 20.6%
Vehicles 14.68 14.58 -0.7% 19.2%
Textiles, clothing, shoes 7.07 9.91 40.1% 13.0%
Precision instruments, clocks/watches & jewellery 5.34 4.48 -16.2% 5.9%
Metals 1.54 2.35 52.0% 3.1%
Change from
Share of
2019 2020 Previous
Main Swiss Imports (mil. CHF) Total
Year
Textiles, clothing, shoes 48.05 47.19 -1.8% 63.3%
Forestry and agricultural products, fisheries 5.79 9.45 63.2% 12.6%
Various goods such as music instruments, home
furnishings, toys, sports equipment, etc. 4.18 5.51 31.8% 7.4%
Leather, rubber, plastics 7.92 3.10 60.9% 4.2%
Machines, appliances, electronics 2.53 3.07 21.3% 4.1%
Metals 2.10 2.36 12.4% 3.2%
Vehicles 0.67 2.01 200.0% 2.7%
11
Source: Swiss Customs Administration
11ANNEX 5
Main Investing Countries12 Year: 2020
Net Inward Direct Previous Year Net Inward
Rank Country Investments Flow Share of Total Direct Investment Flow
(EUR m) (EUR m)
1 United Kingdom 127.33 53.09 -78.73
2 Germany 56.70 23.64 48.59
3 Turkey 49.28 20.55 55.46
United States of
4 16.01 6.68 21.12
America
5 Bulgaria 12.22 5.09 23.47
6 Switzerland 12.05 5.02 -13.50
7 Italy 8.09 3.37 16.48
8 Greece 6.65 2.77 29.68
9 Serbia 5.07 2.11 11.78
10 France 4.15 1.73 -0.78
Liechtenstein 0.13 0.05 1.97
Slovakia -11.02 -4.59 7.66
Belgium -21.54 -8.98 14.22
Total 225.07 93.85 398.76
Undistributed-Reinvested
Earnings and Part of Other 14.76 6.15 0.00
Capital
Total Inward DI Flows 239.82 100.00 398.76
Total Inward DI Flows
29.84 13.26 220.10
(EU-27 only)
12
Source: National Bank of the Republic of North Macedonia
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