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MACEDONIA

Global Trade Volume of Macedonia

In Macedonia, which is a country of Agriculture, 18.3% of the active population is engaged in agriculture. Cotton, tobacco, rice and various fruits are among the main agricultural products. In the field of livestock, goats and sheep breeding are the forefront. In Macedonia, where PreaGlobal is active, iron and steel, machinery, chemical products, textiles and metallurgy play an important role in the industrial sector. Especially leather industry is the most important industrial branch. 26.3% of GDP is industry and 62.5% is service sector. The service sector is concentrated in the fields of telecommunications, transportation, banking and trade.

In Macedonia, the country with the lowest corporate tax in Europe, the corporate and income tax was reduced from 15% to 12% in 2007 and 10% in 2008. Reducing taxes and increasing foreign investments, ensuring economic growth and reducing unemployment rates are targeted. The government has aimed especially at attracting foreign investors to the country and focusing on the private sector.

Economic Data of Macedonia
  2012 2013 2014 2015 2016 2017
Population (million) 2,074 2,076 2,077 2,079 2,081 2076
Per capita GDP ($) 4698,69 5211,5 5469,22 4834,14 5237,15 5500
GDP (billion $) 9,745 10,82 11,36 10,05 10,9 11,416
Jobless rate 32 28,7 27,6 27,3 24,6 23
Financial Balance (GDP rate, %) -2,5 -2,3 -2,1 -2 -1,9 -3,47
Inflation Rate (consumer price index, annual change %) 3,5 4 1,3 -1,8 0,5 0,3
Exchange rate (USD) 47,6 47,19 44,86 51,39 56,41 55,8

Economic Policies

Macedonia has achieved many macroeconomic successes. The most important thing is that Dinar, the currency, fixed it and made it stable against the Euro. Macedonia is a country with a small economy. In 2016, the budget deficit increased by 1.85% of GDP, while public debt accounts for 30.6% of GDP. It has the lowest data in the region.

Traiding Qualities

  1. Banking and Finance

    The banking sector in Macedonia is protected by law in the country. Establishment licenses are granted to banks by the Central Bank. In addition, the required capital for the savings banks is 7 million euros and for the savings banks is 300 thousand euros. Although there are 18 banks in the country, 14 of them have foreign capital.

  2. Mining

    Macedonia is rich in underground resources. In particular, there are precious metals such as copper, zinc, lead, manganese, nickel, titanium, uranium and gold. 70% of mining production, which contributes 1% to GDP, is exported to the USA and EU countries.

    Low quality coal comes out of the very rich coal reserves. Therefore, coal is imported. The oil pipeline constructed between Thessaloniki-Skopje and the port of Burgas and the oil in the Caucasus are transported to Europe.

  3. Chemistry

    The vast majority of raw materials used in the chemical industry are imported from abroad. The sector, which constitutes 10% of industrial production, exports 5% of the products it uses. The Chemical Industry contributes 13% to GDP.

  4. Construction

    Macedonia, which gained momentum in the 1990s, has the raw materials needed for the construction sector. Ceramic industry in the country is also very developed. 67% of total construction materials are gypsum, cement, marble and fire-resistant products.

  5. Agricultural

    The current climate conditions of the country have led to the development of agriculture sector. In Macedonia, the total workable area is 1.3 million hectares. 80% of agricultural land is processed by the private sector. Exports of agricultural products constitute 20% of total exports. The most important product of exports is tobacco. On average, 30 thousand tons of tobacco is produced annually.

    Development of the food sector is of great importance for the Macedonian economy. The Main products imported in the food sector are biscuits, wafers, cakes, wheat, flour, frozen pork, chicken, fish, coffee, soup and citrus.

As shown above, if you consider improving your business in Macedonia, which has the best economy among the countries of the region, PraeGlobal provides consulting services. We will provide all kinds of support for your company and we will be with you with all consultancy services with our expert staff in the process of establishment of your company.

With PraeGlobal’s expert staff, you will feel like you are at home even you are in abroad.

Contact Informations

Office No. 106. Ul. Filip Vtori Makedonski No.3 Soravia Centre Skopje 1000 Skopje / Macedonia

Turkey:   +90 212 212 22 35
  +90 312 284 13 00
Estonia:   +372 589 78198
Macedonia:   +389 70 841 853

www.praeglobal.com

info@praeglobal.com