Investing in North Macedonia in 2026
Europe & Central Asia
50
Score
Moderate Investment Destination
Growing economy with manageable risks - suitable for diversified portfolios
North Macedonia earns an investment score of 50/100, placing it in the moderate category for global investors. Growing economy with manageable risks - suitable for diversified portfolios. The country's standout dimensions are growth potential (58/100) and business climate (52/100), with overall GDP of $14.8B and per-capita output of $7,120. Growth is running at 2.5% with 3.5% of GDP arriving as foreign direct investment. Inflation is contained at 3.8%. The sovereign holds a NR credit rating, generally considered speculative-grade with elevated default risk. Investment opportunities cluster around IT & Services (sector score 58/100, currently growing), which represents 4.5% of GDP. Trade openness sits at 129% of GDP, a useful proxy for how integrated North Macedonia is with the global economy.
How North Macedonia's investment score has evolved over time
IT & Services
4.5% of GDP, growing
Manufacturing
14.5% of GDP, stable
Agriculture
8.2% of GDP, stable
Mining
3.8% of GDP, stable
World Bank Governance Indicators (-2.5 to +2.5, higher is better)
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Is North Macedonia a safe country to invest in?
North Macedonia carries a moderate risk rating with an overall investment score of 50/100. Growing economy with manageable risks - suitable for diversified portfolios. Sub-scores: economic health 48/100, political stability 45/100, business climate 52/100, financial strength 52/100, growth potential 58/100.
What is North Macedonia's sovereign credit rating?
North Macedonia holds a credit rating of NR, reflecting its ability to meet sovereign debt obligations. Credit ratings are a key signal of macro-financial health and a prerequisite many institutional investors require before allocating capital.
What are the strongest sectors for investment in North Macedonia?
The top investment sectors in North Macedonia are IT & Services, Manufacturing, Agriculture. IT & Services leads with a sector score of 58/100 and represents 4.5% of GDP. Its current trend is growing.
What is North Macedonia's GDP growth rate?
North Macedonia's most recent GDP growth was 2.5%, with total GDP of $14.8B and GDP per capita of $7,120. Inflation is running at 3.8% and the current account balance is -2.5% of GDP.
How does North Macedonia score on governance and rule of law?
On the World Bank Governance Indicators (scale -2.5 to +2.5, higher is better), North Macedonia scores: political stability -0.2, rule of law -0.3, corruption control -0.3, and regulatory quality 0.3.
Can foreigners invest in North Macedonia?
Most industries in North Macedonia are open to foreign direct investment, though specific sectors may require a local partner, government approval, or special licensing. Consult a qualified local advisor for restrictions that apply to your sector.
What is foreign direct investment (FDI) like in North Macedonia?
Foreign Direct Investment in North Macedonia runs at 3.5% of GDP, while the trade openness ratio (exports + imports as a share of GDP) stands at 129%. These figures show how integrated North Macedonia is with the global economy and how welcoming it has been to international capital.
What is the public debt level in North Macedonia?
North Macedonia's government debt stands at 52% of GDP. This is a relatively conservative debt load, supporting fiscal flexibility.