Macedonia country

Macedonia – short facts

  • Macedonia is located in the central Balkan Peninsula in Southeast Europe. It was one of the states of Yugoslavia, but it is independent since 1991. It has a dispute with Greece over its name. Macedonia is bordering with Kosovo, Serbia, Bulgaria, Greece and Albania.
  • total area: 25.713 km2
  • Population (2011): 2.058.539
  • Capital: Skopje
  • Monetary unit: Denar (MKD)
  • Languages: Macedonian

Economic summary:

  • GDP/PPP (2014 est): $22.147 billion; per capita $10.718.
  • Real growth rate: 3.1%
  • Inflation (est.2014): 2.8%
  • Unemployment: 32.2%
  • Labor force (2013): 965.910 million
  • Major trading partners:Germany, Italy, Bulgaria, China, Serbia, Greece

Economic environment

Macedonia is vulnerable to economic developments in Europe because of strong trading and banking ties.

Official unemployment remains high at 31.2%, big problems is also so called gray economy which is not captures in GDP. Problems are also with lower foreign investments, credit availability and trade deficit.

The average hourly labor costs of industrial workers as:

Average € 1 per hour
The national minimum wage is currently 179 EUR per month.

If you have questions about different type of entities in Macedonia, do not hesitate to contact us.