• GDP: US$5.6 billion (2006).
• Main exports: Steel, iron, textile products, tobacco, food and beverages.
• Main imports: Machinery and equipment, automobiles, chemicals, fuels and food products.
• Main trade partners: Serbia and Montenegro, Bulgaria, Greece, Germany, Italy and Russia.

Macedonia's economy has been undermined by regional strife - the civil war in the neighbouring Serbian province of Kosovo, instability in Albania and, most recently, the conflict between the government and Albanian nationalists - which has also deterred investment from the region. The economy shrank consistently throughout the 1990s; in 2001, it contracted by 5%.

However, by 2004, the economy began to grow, with annual growth reaching 3.6% in 2005. The new government elected in 2006 pledged to increase growth to 7%. In 2006, the growth rate remained around the 3% mark.

Unemployment remains exceptionally high at around 36%, with the result that a thriving black economy (a characteristic of most of the southern Balkans) is operating.

Suits and ties are correct attire for men, with skirt, blouse and tights the accepted attire for women. English, French and German are spoken in most business circles.

Office hours: Mon-Fri 0730-1530.

National Bank of the Republic of Macedonia
Kompleks Banki bb, PO Box 401, 1000 Skopje, Macedonia
Tel: (2) 310 8108.
Website: www.nbrm.gov.mk

Economic Chamber of Macedonia
St Dimitrie Cupovski 13, 1000 Skopje, Macedonia
Tel: (2) 324 4000.
Website: www.mchamber.org.mk