FDI inflows in North Macedonia totalled €616.7m in 2023, 17% lower than a year before, data by the country’s central bank shows.

FDI inflows during the fourth quarter of 2023 reached €232.6m as a result of intercompany lending, while increased investments in equity stood at €49m.

The latest figures stand in contrast to previous years. In 2021 alone, the country managed to attract more than 11-times its fair share of inward greenfield FDI, according to Investment Monitor’s 2022 Inward FDI Performance Index.

Separately, GlobalData’s FDI Database shows greenfield investment volumes into North Macedonia fell by around 40% in 2023, compared with 2022.

“A slowdown in tech and renewable energy projects are the main drivers,” said Glenn Barklie, head of FDI Services at GlobalData. “However, North Macedonia has seen a surge in foreign investment activity since 2020 and its 2023 levels are still above pre-Covid times.”

Overall, FDI levels have been quite volatile in the past decade, as a result of the Covid pandemic. According to UNCTAD’s World Investment Report 2023, the value of investments hit €670.97 in 2018, before dropping to €212.86m in 2020.

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