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Economy and Banking Sector of Macedonia

Southeastern Europe
EU Status
not a member, candidate since 2004

Macedonia (officially the Republic of Macedonia) is a country in Southeastern Europe (Balkan peninsula). Macedonia is a candidate for joining the European Union since 2004.


MKD (Macedonian denar)
Population  (2019)
2,077,132  (0.00%)
Nominal GDP (2018)
10.7 bln EUR  (+0.07%)
Credit Ratings (as of Nov 2020)

Main sectors of Macedonian economy are manufacturing (including mining and construction), trade, transportation, accommodation and agriculture.


Withholding tax rates in Macedonia are 0.0-10.0 %. Macedonia signed 27 double taxation agreements.
Macedonia didn't sign the automatic information exchange agreement and didn't indicate a timeline of the start of the automatic information exchange.
Although there is no IGA between Macedonia and the United States, banking and financial entities operating in Macedonia have reached the agreement with the IRS to participate in FATCA on an individual basis.

Banking Sector

Number of Banks
Consolidated Banking Assets
Deposit Guarantee
30,000 EUR

Macedonian banking sector is highly concentrated and is dominated by foreign-controlled banks. Most of the banks in Macedonia operate as universal banks.

Major Banks

See Also

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