North Macedonia
North Macedonia, an upper-middle-income country in Southeast Europe, has demonstrated economic resilience despite numerous challenges. The country's economy is diverse, with strong sectors in services, industry, and agriculture. Economic growth is expected to improve in the coming years, supported by ongoing reforms and investments.
In 2023, North Macedonia's GDP grew by 1.2%, driven by private consumption and public investment. The economy is projected to grow by 3.0% in 2024, supported by a recovery in exports and robust domestic demand.
Inflation in North Macedonia is expected to decrease from 9.6% in 2023 to around 5.5% in 2024 as global commodity prices stabilize. The unemployment rate is projected to remain relatively stable at around 15.5%, reflecting gradual improvements in the labor market.
North Macedonia's fiscal deficit is anticipated to be around 4.6% of GDP in 2024, driven by increased public spending on infrastructure and social programs. The government is focusing on fiscal consolidation and improving public sector efficiency to ensure sustainable growth.
Top banks
Komercijalna Banka
Komercijalna Banka is one of the largest banks in North Macedonia, offering a wide range of financial services to individuals and businesses.
NLB Banka
NLB Banka provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
Stopanska Banka
Stopanska Banka is a significant player in the Macedonian banking sector, offering various financial services and maintaining a strong market presence.
Halkbank
Halkbank offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Concluding remarks
North Macedonia's economy is poised for recovery, supported by a diverse payment landscape and ongoing economic reforms. As the country navigates through economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Готовина)
Cash remains a widely used payment method in North Macedonia, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash is still a significant part of the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive, with major card networks like Visa and MasterCard widely accepted. The adoption of contactless payment methods is growing, driven by convenience and technological advancements.
Bank Transfers (Банкарски трансфери)
Bank transfers are commonly used for larger transactions, such as rent payments and business dealings. SEPA (Single Euro Payments Area) transfers facilitate cross-border payments within the Eurozone, even though North Macedonia uses the Macedonian Denar (MKD).
Mobile Payments
Mobile payment options, including Apple Pay, Google Pay, and local apps, are gaining popularity. These methods provide a convenient way to make payments using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and PayU are widely used for eCommerce transactions, offering secure and efficient ways to pay for goods and services online.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards are used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in North Macedonia, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, but widespread acceptance is still in its early stages.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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