The Evolution of Foreign Direct Investment

The foreign direct investment (FDI) inflow into North Macedonia increased more than thirteenfold between 2000 and 2022, rising from about $540 million to approximately $7.479 billion—an increase of about $6.939 billion over this period, with an average annual increase of $315 million.

In contrast, North Macedonia’s outbound investment balances decreased compared to the inbound investments during the same period, but they still multiplied about eleven times, growing from $16 million in 2000 to $178 million.

Regarding the annual FDI inflows into North Macedonia from 2018 to 2022, there was a downward trend in the first half of this period, decreasing from $725 million in 2018 to just $230 million in 2020, before rising again to reach $794 million in 2022.

Meanwhile, North Macedonian investment flows abroad showed an upward trend, although starting from a smaller base, increasing from about $12 million in 2018 to $98 million in 2021, before decreasing to $88 million in the last year reported.