Reducing imports and exports with the UK is a possible consequence for the Macedonian economy after the country leaves the European Union. However, overall there will be no significant changes and adverse effects on the Macedonian economy.

The Economic Chamber of Macedonia said that the impact of Brexit on the Macedonian economy will depend on the next steps regarding the synchronization of all the details and the terms of the country’s exit, and the regulation of trade agreements with other countries that are not members of the Union .

“Now it is the question of whether and when Article 50 of the Lisbon Treaty will be activated, which includes the process of the separation from the EU, which could last two years. Since Great Britain is the first country to leave the Union, many things are yet to be specified and known, and within the EU, it is unknown what implications could arise from this decision”, said the Chamber of Commerce.

Macedonian companies expect that after the fall of the pound, the situation will normalize and that there will not be significant changes and adverse effects on the Macedonian economy.

According to the Union of Chambers of Commerce (MCC), it will be important for our economy to see what kind of economic agreement Great Britain will reach with the EU after their official exit.

“This Applies particularly to Germany’s trade relations with Great Britain, which exports approximately 100 billion dollars a year in Britain, and is our largest trading partner, it is where 44 percent of our exports go”, say the MCC.

The total trade exchange between Macedonia and Great Britain in the first four months of 2016 amounted to 254.2 million dollars, which is a decline of 8.17 percent compared to the same period last year.