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North Macedonia

13. Foreign Direct Investment and Foreign Portfolio Investment Statistics

Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy
Host Country Statistical source* USG or international statistical source USG or International Source of Data:
BEA; IMF; Eurostat; UNCTAD, Other
Economic Data Year Amount Year Amount
Host Country Gross Domestic Product (GDP) ($M USD) 2019 $12,694 2018 $12,672 
Foreign Direct Investment Host Country Statistical source* USG or international statistical source USG or international Source of data:
BEA; IMF; Eurostat; UNCTAD, Other
U.S. FDI in partner country ($M USD, stock positions) 2019 $123 2018 $54 BEA data available at
Host country’s FDI in the United States ($M USD, stock positions) 2018 $0.03 2018 $-1 BEA data available at
Total inbound stock of FDI as % host GDP 2019 50.7% 2018 47.1% UNCTAD data available at

* Source for Host Country Data: State Statistical Office (SSO) publishes data estimates on GDP; National Bank of the Republic of North Macedonia (NBRNM) publishes data on FDI. Data is publicly available online, and is published immediately upon processing with a lag of less than one quarter. End-year data for previous year is usually published in March of current year.

Table 3: Sources and Destination of FDI
Direct Investment from/in Counterpart Economy Data
From Top Five Sources/To Top Five Destinations (US Dollars, Millions)
Inward Direct Investment Outward Direct Investment
Total Inward 6,079 100% Total Outward 71 100%
United Kingdom 847 13.9% Serbia 72 102.3%
Austria 787 12.9% Netherlands 30 42.1%
Greece 559 9.2% Slovenia 27 38.5%
Netherlands 488 8.0% Bosnia & Herzegovina 14 20.2%
Slovenia 416 6.8% Kosovo 8 10.9%
“0” reflects amounts rounded to +/- USD 500,000.
Table 4: Sources of Portfolio Investment
Portfolio Investment Assets
Top Five Partners (Millions, US Dollars)
Total Equity Securities Total Debt Securities
All Countries 417 100% All Countries 384 100% All Countries 33 100%
United States 286 68.6% United States 286 74.5% Austria 13 39.4%
Germany 55 13.2% Germany 55 14.3% Turkey 3 9.1%
France 15 3.6% France 15 3.9% Netherlands 3 9.1%
Austria 14 3.4% Switzerland 7 1.8% Spain 3 9.1%
Switzerland 7 1.7% International Organizations 6 1.6% Italy 3 9.1%

The results from the International Monetary Fund (IMF) are consistent with host country data. Sources of portfolio investments are not tax heavens.

Investment Climate Statements
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