Chamber of Commerce Country Factsheet Last update: 08.08.2017
Your advisors at the Chamber of Commerce
- Edith Stein+352423939482
- Daniel Sahr+352423939313
Macedonia gained its independence peacefully from Yugoslavia in 1991. Greek objection to Macedonia’s name, insisting it implies territorial pretensions to the northern Greek province of the same name, have stalled the country’s movement toward Euro-Atlantic integration. Immediately after Macedonia declared independence, Greece sought to block Macedonian efforts to gain UN membership if the name “Macedonia” was used. Macedonia was eventually admitted to the UN in 1993 as “The Former Yugoslav Republic of Macedonia,” and at the same time it agreed to UN-sponsored negotiations on the name dispute. In 1995, Greece lifted a 20-month trade embargo and the two countries agreed to normalize relations, but the issue of the name remained unresolved and negotiations for a solution are ongoing. Since 2004, the US and over 130 other nations have recognized Macedonia by its constitutional name, Republic of Macedonia. Ethnic Albanian grievances over perceived political and economic inequities escalated into an insurgency in 2001 that eventually led to the internationally brokered Ohrid Framework Agreement, which ended the fighting and established guidelines for constitutional amendments and the creation of new laws that enhanced the rights of minorities. Relations between Macedonians and ethnic Albanians remain fragile, however. Although Macedonia became an EU candidate in 2005, the country still faces challenges, including overcoming the ongoing political crisis that began in 2015 when opposition party SDSM began releasing wiretap content that it alleged showed widespread government corruption, the ongoing migration crisis, fully implementing the Framework Agreement, resolving the outstanding name dispute with Greece, improving relations with Bulgaria, halting democratic backsliding, and stimulating economic growth and development. Macedonia's membership in NATO was blocked by Greece at the Alliance's Summit of Bucharest in 2008.
Source: The CIA World Factbook - Moldova
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 3.541 3.665 2.200 3.500 3.500 Gross domestic product, current prices 11.334 10.089 10.492 11.105 11.735 Gross domestic product per capita, current prices 5,477.649 4,870.812 5,060.185 5,350.354 5,647.964 Inflation, average consumer prices -0.134 -0.249 0.096 0.750 1.500 Volume of imports of goods and services 15.985 2.396 5.906 6.868 6.789 Volume of exports of goods and services 18.215 4.606 5.356 8.149 8.486 Unemployment rate 28.025 26.050 25.402 24.809 24.294 Current account balance -0.091 -0.141 -0.194 -0.263 -0.294 Current account balance -0.806 -1.400 -1.845 -2.369 -2.504
Source: IMF Statistics - Macedonia
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 15.05.2012 (Memorial A N°114, page 1747) effective on 01.01.2014
Air Services agreement
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact point in Macedonia
Ambassador with residence in Luxembourg:
Mr. Marc HÜBSCH
Ministry of Foreign Affairs
9, rue du Palais de la Justice
Economic and Commercial Attaché (AWEX):
Mrs. Anne DEFOURNY
19, Frederik Zholio Kyuri
Bat. 1 and 12, App. 22
Tel: +436/460/359 2 97 97 435 /461
Fax: +359 2 97 97 435
Country risk as defined by Office du Ducroire for Macedonia
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Other useful links
- CIA World factbook on Macedonia
- La Macédoine sur le site de l'Awex
- Macedonian Chamber of Commerce
- Invest in Macedonia
The Chamber of Commerce and the country