Business Opportunities in Macedonia

Macedonia continues to take steps to attract foreign direct investment (FDI). Follow-through and rule of law issues, however, remain concerns. The European Union granted Macedonia candidate status in 2005, and the country is implementing additional reforms to meet the requirements of EU membership. Macedonia remains committed to joining NATO and is actively participating in NATO-led operations. Macedonia has maintained a sound macroeconomic foundation for the past several years. Inflation is low, 2.8 percent in 2013, and the government budget deficit in 2013 was 4.1 percent of GDP. The currency is stable and pegged to the euro. In May 2013, Standard and Poor?s lowered its sovereign credit rating for both foreign currency and local currency debt for Macedonia from ?BB? to ?BB - .? In 2014, Fitch Ratings confirmed its long-term credit rating of the country for both foreign and local currency at ?BB+? with a stable outlook. Macedonia is open to international trade, with total 2013 trade (imports plus exports) reaching USD 10.9 billion, or 106.3 percent of GDP. In 2013, U. S. ? Macedonia bilateral trade totaled USD 118.7 million, of which U. S. exports were USD 56.6 million. This is an increase in U. S. exports to Macedonia of almost 170 percent compared to 2012.