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Economy of Macedonia

Macedonia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Macedonia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Macedonia exports around $4.27 billion and imports roughly $6.6 billion. 22.6% of population in the country are unemployed. The total number of unemployed people in Macedonia is 471,222. In Macedonia, 21.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Macedonia is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. The Gini Index of the country is 43.6. Macedonia is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Macedonia has a Human Development Index (HDI) of 0.732. Macedonia has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Macedonia is 1.944. Due to strong law enforcement presence and high social responsibility, Macedonia is very safe by international standards. The strength of legal rights index for Macedonia is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Macedonia is Macedonian denar. There are several plural forms of the name 'Macedonian denar'. These are denars, denari. The symbol used for this currency is den, and it is abbreviated as MKD.

Credit rating

The depth of credit information index for Macedonia is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Macedonia has a credit rating score of BB, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Macedonia has a credit rating score of BB+, and the prospects of this rating are stable.

Central bank

In Macedonia, the institution that manages the state's currency, money supply, and interest rates is called National Bank of the Republic of Macedonia. Locally, the central bank of Macedonia is called Народна банка на Република Македонија. The average deposit interest rate offered by local banks in Macedonia is 3.7%.

Public debt

Macedonia has a government debt of 33.6% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Macedonia is set at 10%. Personal income tax ranges from 10% to 10%, depending on your specific situation and income level. VAT in Macedonia is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Macedonia is $27723 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Macedonia was last recorded at $13 million. PPP in Macedonia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Macedonia is 10,767 billion. Based on this statistic, Macedonia is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Macedonia was last recorded at $5 million. The average citizen in Macedonia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Macedonia averaged 3.4% in 2014. According to this percentage, Macedonia is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Macedonia.

Industry

Major industries in the country are food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts. The total labor force of Macedonia is 953,560 people, wherein 22.6% of population in the country are unemployed. The total number of unemployed people in Macedonia is 471,222. The Industrial Production growth rate of Macedonia is 1.3%.To read more about industrial information within Macedonia click on industry of Macedonia.

Agriculture

There are 5471 km2 of arable land in Macedonia, and it comprises 21% of the country's total territory. There are 5916 km2 of cultivated land in Macedonia. To read more about agriculture click on agriculture of Macedonia.