Tag: economy
Economy 21.03.24 | 20:39

Ending a long growth streak, the average salary went down by 500 denars in January

After years of strong rise, the average salary in Macedonia actually declined in January 2024, compared to the previous month. The salary reached 39.542 denars, or about 650 EUR. It is down by 500 denars, or about 10 EUR, compared to the previous month. The drop was most pronounced in construction (-10.9...
Economy 21.10.23 | 19:58

Macedonia has the highest inflation and the lowest growth rate in the region

The latest World Bank report shows that the Macedonian economy has the worst performance in the region. Prime Minister Kovacevski predicted an inflation rate of 5.6 percent in 2023, but the report sets it at almost twice that number. The economic growth, on the other hand, is at 1.8 percent – the...
Economy 14.09.23 | 22:33

Government plans to mandate price reduction for 50 products

Economy Minister Kreshnik Bekteshi said that the Government will impose lower prices on food items comparable to the period before the latest price spike in August and September. We will not use the September prices as point of reference. We will reduce prices by 10 percent, but from the level of previous...
Economy 21.07.23 | 20:20

Average salary rises to 600 EUR

The average salary increased to 36,465 denars (about 600 EUR) in May 2023, an increase of 16 percent compared to the same period last year. Salaries rose the most in the areas of services (25.5% increase), scientific and technical occupations (21.4%) and finances (18.8%). Macedonia is also hit by a significant...
Economy 11.07.23 | 13:07

Only 4% of the Macedonian citizens have no financial problems

Only 4% of Macedonian citizens declared having enough money to pay for the monthly expenses without a problem, 64% can barely do that, while 29% said that their salaries are far from enough for a family’s basic needs, the latest IRI poll revealed. What is different from other years is that 3.5...
Economy 07.07.23 | 20:02

Monthly cost of living estimated at a little over 48,500 denars

This June, the average Macedonian family spent 48,543 denars on basic necessities, shows data from SSM – the largest union in the country. SSM informs that there is a slight decrease in the value of the cost of living index in June, however, the prices of groceries are still increasing. The minimum...
Economy 18.04.23 | 13:20

It takes two centuries for the average Macedonian to make a million dollars

An average Macedonian needs two centuries to earn a million dollars, while an average Swiss does so in just 15 years, an estimate by Picodi.com shows. Macedonia is in a group with countries like Argentina, Albania, Turkey, and lags behind Croatia, Bulgaria, Serbia and Montenegro. The ranking includes...
Economy 14.04.23 | 18:23

IMF: Macedonia will have the lowest growth rate in the region in 2023

The International Monetary Fund estimates that Macedonia will have the lowest growth rate of the entire region in 2023. According to the IMF, Macedonia’s economy will grow by just 1.4 percent. Serbia, Bosnia and Albania will grow by about 2 percent and Kosovo and Montenegro will be above 3 percent. Meanwhile,...
Macedonia 27.02.23 | 11:18

Two thirds of citizens don’t expect the economy to improve under Kovacevski

Macedonian citizens don’t see current Prime Minister Dimitar Kovacevski turning the economy around. The latest poll conducted by Market Vision for MKD.mk shows that only 19.3 percent see Kovacevski improving he economy, while 67.8 percent don’t see this happening. Of the 1,200 citizens who...
Economy 22.01.23 | 21:26

Poll: 49.1 percent of the citizens can’t make it through the month with their current salaries

A poll conducted by IPIS for the Detektor show revealed that half of our citizens (49.1%) can’t make ends meet with their current monthly salaries. In light of the spiking inflation, 80 percent of those polled said that their costs have risen compared to last year, and 54.4 percent said that their...
Macedonia 27.11.22 | 11:27

VMRO-DPMNE: Kovacevski caused an economic disaster

In response to comments from SDSM leader and Prime Minister Dimitar Kovacevski that he is delivering an improved economic situation, VMRO-DPMNE pointed to the fact that 12,000 businesses shut down in the past year and half. He promised to end the energy crisis, but instead of relying on domestic production,...
Macedonia 14.03.22 | 22:46

Finance Minister Besimi agrees that the economic measures will not be enough

Finance Minister Fatmir Besimi agreed that the measures which his Government has introduced are not enough, because the economic crisis is far too deep. I think that we had an all encompassing package pretty quickly, and we won’t stop there. But what we need to know is that what the Government...
Economy 10.03.22 | 10:35

VMRO-DPMNE: Half-measures will not help the citizens

The Government is deluding the citizens with half-measures that will not put an end to the inflation and the overall crisis, said the opposition VMRO-DPMNE party in a statement. The Government yesterday announced modest cuts to the fuel excise tax and to the value added tax on some strategic resources. Some...
Economy 05.03.22 | 12:41

Macedonia is unlikely to reach its 4 percent growth target for 2022

The Finance Think analytical group warns that Macedonia won’t be able to meet its 4 percent GDP growth projection for 2022, due to the war in Ukraine. Uncertainty is elevated at the start of 2022, due to the increase in food and energy prices at the global level. Outlook is made even worse by the...
Economy 21.02.22 | 10:11

The state budget fills up even as living standards are eroding

With the spiking inflation, living standards are quickly declining, but there is a false appearance of stability in public finances, said VMRO-DPMNE President Hristijan Mickoski in a Sitel TV interview yesterday. Mickoski noted that the budget is filling up due to the increase in value added tax receipts...
Economy 02.01.22 | 10:44

“Nobody is prepared for the price shock that is coming”

Companies are bracing for a major energy shock in 2022, as the electricity prices spike in light of collapsing domestic production. Drilon Iseni from the Chamber of commerce of North-Western Macedonia, which represents mainly ethnic Albanian owned businesses, said that nobody is prepared for the blow...
Macedonia 13.10.21 | 23:32

With the EU agenda and the Covid response in tatters, Zaev tries to campaign on the economy

With his EU agenda in tatters, and the handling of the coronavirus ranked even worse due to the sky high death rate and the Tetovo hospital disaster, Zoran Zaev turned to a new talking point for the end of the local election campaign – the economy. In his remarks in Butel in Skopje today, Zaev...
Economy 06.09.21 | 18:14

Byrnes: Macedonian economy showed it can adapt and thrive

While large companies are able to maneuver through bureaucracies and make significant investments in Macedonia, smaller companies find this business environment difficult. So ensuring that procurement processes are transparent and establishing a professional bureaucracy that’s able to work with companies...
Economy 04.08.21 | 11:14

VMRO-DPMNE: In the economy part, Zaev’s government only knows of price hikes and borrowing

In the economy part, we can only hear from Zaev’s government about price increases and borrowing. The last decision to increase the price of fuels, which will reach up to 3.5 denars more per liter, will be a new blow to the pockets of the people. The standard is falling and everything is getting...
Macedonia Economy 10.07.21 | 21:00

If nothing changes, in ten years salaries in Macedonia will be half the regional average

If Macedonia’s economic growth continues to lag behind other countries in the region with the current rate, in ten years we will have half the regional salaries and retirement incomes, warned economist Goce Dimkovski from VMRO-DPMNE. He pointed that the Zaev Government failed to deliver the promised...
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