Category: Economy
Economy 09.01.24 | 14:00

Fuel prices dropped out

The Regulatory Commission for Energy, Water Services and Municipal Waste Management Services of the Republic of Macedonia (RKE) has adopted a Decision reducing the retail prices of petroleum products by an average of 0.54% compared to the decision of 2.1.2024. From 10.1.2024 at 00:01, the maximum prices...
Economy 04.01.24 | 16:16

Besimi clarified that there are no plans to increase officials’ wages in 2024 as it is not part of the budgetary provisions

Finance Minister Fatmir Besimi stated on Thursday that the 2024 Budget does not accommodate any increments in officials’ wages. Addressing queries during a press conference, Besimi emphasized the absence of provisions in the Budget for raising the salaries of elected and appointed officials, aligning...
Economy 03.01.24 | 18:22

Cigarette prices see a recent surge

An upward trend in cigarette and tobacco product prices ranging from two to four denars arises from amendments to the excise tax law passed in October of the current year. These revisions aim to align cigarette excise rates with the EU’s minimum standards and bring the total excise tax share in...
Economy 02.01.24 | 22:41

Large Cebren dam project on the verge of collapse

The Greek energy company Archirodon did not sign the contract for construction of the large Cebren hydro plant by the end of the year – as was requested – and also has not yet agreed to create a joint venture with the Macedonian ESM/ELEM for this purpose. This means that the much advertised...
Economy 02.01.24 | 16:55

The PRO requires foreign entities without a local subsidiary to assign a tax agent for VAT purposes

From January 1, foreign entities lacking a base or subsidiary in Macedonia, yet distributing VAT-taxable goods or services, must appoint a tax agent. Amendments to the Law on Value Added Tax dictate this requirement. To qualify as a tax agent, VAT-registered entities or individuals need at least a year...
Economy 02.01.24 | 16:38

Fuels from midnight with new prices

The Energy Regulatory Commission (ERC) has announced a decrease in gasoline fuel prices by Mden 0.5 per liter and diesel by Mden 1 starting Tuesday midnight. Following the adjustment, the new retail prices will stand at Mden 77 per liter for EUROSUPER BS-95, Mden 79.5 for EUROSUPER BS-98, Mden 73.5 for...
Economy 02.01.24 | 13:30

Despotovski announces Free Zones Authority’s kickstart to 2024 with a significant new investment

The Directorate for Technological-Industrial Development Zones (TIDZ) is welcoming a new foreign investment from a leading tech company based in Southeast Asia. Jovan Despotovski, the Free Zones Authority director, disclosed that this investment, located in economic zone Skopje 1, will bring in over...
Economy 30.12.23 | 21:01

As some Government officials promote Bechtel, others demand guarantees from the Chinese Sinohydro over a badly delayed highway

Deputy Prime Minister Fatmir Bytyqi said that it is high time to complete the Kicevo – Ohrid highway, where construction was stopped by the Zaev Government in 2017, citing alleged issues with the planned route. Officials in the Government, mainly First Deputy Prime Minister Artan Grubi, are trying...
Economy 30.12.23 | 13:14

New energy fee and price hike for those who use electricity for heating

The Energy Regulatory Commission (RKE) introduced a fee of 200 denars to access the power grid. It’s one of their attempts to hike the energy prices as the production sector continues to struggle. RKE also announced a 5 percent price cuts for households that spend less energy, but a smaller, almost...
Economy 29.12.23 | 20:45

Kovachevski highlighted that the Greek company must make a decision about signing the contract for the Chebren project

Prime Minister Dimitar Kovachevski declared that the Greek company Archirodon, awarded a concession for constructing the Chebren hydropower plant, holds until the month’s end to finalize its decision on signing the contract and forming a joint venture with the state-owned power utility ESM. Kovachevski...
Economy 29.12.23 | 15:14

November witnessed a decline in industrial production, according to statistics

In November, industrial production experienced a 2.3% decline compared to the same period in 2022, as reported by the State Statistical Office. However, for the January-November timeframe, there was a 1.3% rise in industrial production compared to the corresponding period in 2022. Breaking down the sectors...
Economy 28.12.23 | 20:37

MEP Ilhan Kyuchyuk has remarked that Macedonia is overlooking a significant opportunity

Bulgarian Member of European Parliament (MEP) and Macedonia Rapporteur, Ilhan Kyuchyuk, expressed concern that Macedonia is forfeiting a significant opportunity by refusing to implement necessary reforms that would kickstart the country’s EU accession negotiations. Kyuchyuk emphasized the crucial...
Economy 28.12.23 | 20:24

Nikolovski summed up a prosperous year, highlighting that a significant EUR 157 million had been distributed for agricultural purposes

In an unprecedented move for the country, Minister of Agriculture, Forestry, and Water Economy Ljupcho Nikolovski announced that 30 percent of subsidies, totaling Mden 750 million (EUR 12.2 million), would be disbursed to 40,000 farmers in advance—scheduled for distribution by the following day, as...
Economy 27.12.23 | 19:35

Wizz Air has decided to temporarily halt operations on the Skopje – Luxembourg and Skopje – Bologna routes

Wizz Air plans to reduce its overall network capacity from mid-January to mid-March due to widespread issues with Pratt & Whitney-manufactured engines. Consequently, they will temporarily suspend operations on two routes—Skopje to Luxembourg and Skopje to Bologna—during this two-month period,...
Economy 27.12.23 | 12:33

Basic food products and drinks with frozen prices until January 31

The prices of basic food products, water, non-carbonated and carbonated drinks and beer will remain frozen until January 31, the government decided. The decision was made at yesterday’s government session on the proposal of the Ministry of Economy and, as stated in the announcement, it is in the...
Economy 27.12.23 | 08:23

Development Bank to provide EUR 215 million in support to 855 domestic businesses

At a press conference on Tuesday to commemorate the Development Bank of North Macedonia’s 25th anniversary, Prime Minister Dimitar Kovachevski stated that the bank has enabled financial support of EUR 378,8 million for 6.307 companies and 50.529 jobs over the last five years through the implementation...
Economy 25.12.23 | 20:21

Fuel prices rise

The Energy Regulatory Commission announced that starting midnight on Monday, fuel prices are slated to increase by Mden 1-1.5. This decision by the ERC will bump up the retail cost of EUROSUPER BS-95 by Mden 1 per liter, while EUROSUPER BS-98, EURODIESEL, and extra light household oil will see a rise...
Economy 22.12.23 | 20:26

Fuel prices remain steady despite an increase in Mazut prices

From Friday midnight, the price of a kilogram of Mazut M-1 will increase by Mden 1,017, according to the Energy Regulatory Commission. The costs of EURODIESEL, extra light household oil, and fuels EUROSUPER BS-95 and BS-98 are all still the same. Mazut M-1 will now set you back Mden 41,937 per kilogram....
Economy 21.12.23 | 08:31

Bitola — Medzhitlija Road underwent a EUR 3.6 million renovation

The 12.7 km road linking Bitola and the Medzhitlija border, part of Corridor 10d, reopened after a 3.6 million euro renovation, emphasized by top government officials. Prime Minister Dimitar Kovachevski highlighted its significance in connecting with the southern neighbor through Corridor 10d. Transport...
Economy 20.12.23 | 19:20

ELEM workers will be given 20 to 30 thousand EUR to leave their jobs

Economy Minister Kresnik Bektesi announced that there will be layoffs at the ELEM/ESM energy company, including its major REK Bitola coal mine and power plant, that the Government wants to ultimately shut down as part of its green plans. REK Bitola generates the bulk of Macedonia’s energy. Bektesi...
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