Overview of North Macedonia

North Macedonia suffered a great economic loss in 2020. But on the road to recovery, North Macedonia is all buckled up. This country strongly believes in reformation, which explains its fourth rank in 2009 as the best reformatory state. The country has observed a steady economic growth of approximately 3% per year until the pandemic hit it. The country is now facing inflation, but the officials say it is just a matter of time to get back on track.

Total population – 2,082,706

GDP – US $35 billion (2024 Est.)

Economic Overview

North Macedonia has an open economy. It was noted in the year 2019 that its PPP GDP is US $33.822 billion (1,767.85 billion MKD). With respect to that, the per capita income is US $16,253 (849,533.26 MKD). But concerning the nominal GDP, which is US $12.383 billion (647.25 billion MKD), the per capita income is US $6,143 (321,090.43 MKD). The recently introduced flat tax system enhances its economic status on the global level.

Market size

The market of North Macedonia is very liberal. The private sector has the lion's share in the market size of North Macedonia. The economic developments greatly influence this market in Europe, which makes it vulnerable to sudden changes may it be positive or negative. North Macedonia has excellent trade relations with Switzerland, Iceland, Turkey, Norway, Liechtenstein, and Ukraine.

A brief glimpse of the industries

• The agricultural sector of North Macedonia was recently developed. It has not always been an agricultural nation. Still, since its freedom from Yugoslavia, it has started producing grapes, wheat, maize, bell peppers, potatoes, cabbages, tomatoes, apples, watermelons, barley, onions, and cucumber.
• The trade sector of North Macedonia contributes 90% to the total GDP of the nation. It is a very strongly established trading nation. North Macedonia is a member of several respected trade associations, including the European Union (EU), the World Trade Organization (WTO) and the North Atlantic Treaty Organization (NATO).
• Tourism is one of the important sectors of North Macedonia. Its contribution of 6.7% to the national GDP makes it one of the most well-maintained sectors. North Macedonia has millions of tourists visiting each year.

Cost of living in North Macedonia

North Macedonia, a European country, is a beautiful place to live. The cost of living in this country is very low. The cost of utilities, rent, food and transportation in North Macedonia combined is quite affordable to most. You should consider shifting to North Macedonia if you are looking for a country with a low cost of living.

Cost of Renting

The cost of renting is the monthly cost that one needs to pay the housing facility owner in exchange for using their services and getting a desired place of life. Your housing area is a huge contributing factor in deciding how much rent you'll have to pay. You can easily get a one-room place for a single person at US $200.

Cost of living depending upon your location

Depending on the location of your housing facility, the cost of living changes. It is the highest in Tier 1 cities and lowest in Tier 3 cities.

• Tier 1 cities are the cities such as Bitola, Skopje, Kumanovo, etc., which are metropolitan.
• Tier 2 cities are cities such as Gostivar, Kočani, etc., which are upcoming centres.
• Tier 3 cities are cities such as Kruševo, Valandovo, Demir Kapija, etc., which have growth potential.

Below are details regarding the cost of living in the leading Tier 1 and Tier 2 cities of North Macedonia.

Top skills in North Macedonia

North Macedonia believes in advancing itself in every way possible. To accomplish that, it needs talented individuals willing to contribute to various sectors in the country. North Macedonia is always looking for programmers, IT developers, agriculture specialists, and teachers who will make an excellent addition to the country.

Major skills and areas which have witnessed a recent growth rate

• Teaching
• Communication
• Automation
• Information Technology
• programming

Hiring Cost

The cost of hiring covers several aspects of any hiring process. This is a very important expenditure for any organization as it is an investment in their future. The cost of hiring covers –

• Onboarding costs
• Invested time
• Advertisement costs
• Training costs

Salary structure for various roles

The table below contains the average salaries of various sectors in North Macedonia –

Employment laws in North Macedonia

North Macedonia takes into consideration the following aspects while drafting employment laws. The laws are to be strictly adhered to.

• Guaranteed statutory minimum wage
• Working hours and breaks
• Paid annual leave
• Health insurance

The employment relationships in North Macedonia are based upon laws, rules and regulations laid down by –

• The employment contract
• The General Collective Agreement

How Can Skuad Help You with Hiring in Macedonia?

If you are looking to expand your operations in Macedonia, you must look for the best talent in the market. But many laws and regulations that are governing the employment market make it a difficult task. With highly experienced consultants in the team, Skuad can manage all the steps in the hiring process for you. Connect with Skuad Experts to know more.