The Republic of Macedonia is a landlocked country in the Balkans. It is bordered by Serbia and Kosovo to the north, Albania to the west, Bulgaria to the east, and Greece to the south. The constitutional name of the country is the Republic of Macedonia and it is usually called simply Macedonia, despite the disambiguation concerns of the neighboring Greeks in the Greek province Macedonia and the official provisional name the country has under UN. While easily accessible from all points abroad, and boasting all the amenities of the Western world, the Republic of Macedonia remains one of Europe’s last undiscovered countries: a natural paradise of mountains, lakes and rivers, where life moves to a different rhythm, amidst the sprawling grandeur of rich historical ruins and idyllic villages that have remained practically unchanged for centuries. The majority population is ethnic Macedonian and Orthodox but there is also a significant Albanian Muslim minority. Therefore, one can expect a wonderful mix of architectural and ethnic heritage. The country represents the Balkans in the truest sense, consisting of a fascinating mix of Macedonian, Albanian, Turkish, and Mediterranean influences.
Improvements in Macedonia’s regulatory framework have created a stable environment for foreign and domestic investment, but political instability has undercut vibrant growth. Although Macedonia depends primarily on economic activity in service sectors, new investment in automotive parts manufacturing is helping to diversify the economy. Businesses benefit from competitive flat tax rates and an open trade regime. Greater structural reform is still needed, especially in the area of government corruption and bureaucracy. The legal framework is sound, but enforcement is slow and weak. Frequently changing business regulations and selective law enforcement hinder the confidence of foreign investors. Trade is extremely important to Macedonia’s economy; the value of exports and imports taken together equals 113 percent of GDP. The average applied tariff rate is 2.0 percent. In general, foreign and domestic investments are treated equally. State-owned enterprises distort the economy. The financial sector has become more dynamic. Bank competition has increased, and the foreign presence accounts for more than 80 percent of total banking sector assets. The individual income and corporate tax rates are a flat 10 percent. Other taxes include a value-added tax and a property transfer tax. The overall tax burden equals 24.6 percent of total domestic income. Government spending has amounted to 32.2 percent of total output (GDP) over the past three years, and budget deficits have averaged 3.9 percent of GDP. Public debt is equivalent to 38.6 percent of GDP. The banking system of the Republic of Macedonia contains financial institutions that are part of the institutional framework and legal regulations that constitute the legal framework. The institutional framework is comprised of the National Bank of the Republic of Macedonia (hereinafter: “NBRM”), commercial banks (hereinafter: “Banks”), savings banks and the Deposit Insurance Fund. The NBRM holds a central role in the banking system and is regulated under the Law on the National Bank of Macedonia, while commercial banks accomplish their activities based on general law, the Banking Law and other laws and regulations. Nowadays, the banking system of the Republic of Macedonia consists of 15 commercial banks, as well as three saving banks, in which foreign share capital comprises more than 75% of the total share capital of the Banks.
|Agriculture||Vegetable, mulberry, cotton, milk products, tobacco, fruits.|
|Manufacture||Steel, chemicals, ceramics, food stuff, veg. buffy, furniture.|
|Services (Including financial)||66.5% (2016 EST.)|
|OKTA||Oil and Gas|
The Macedonian Stock Exchange is the principal stock exchange in the Republic of Macedonia. It is located in the capital city of Skopje and its name is abbreviated to MSE. It was established in 1995 and the first trading occurred in 1996. The Macedonian Stock Exchange is a member of the Federation of Euro-Asian Stock Exchanges.
Most of the territory that is now the Republic of Macedonia was included in the kingdom of Paeonia, which was populated by the Paeonians, a people of Thracian origins, but also parts of ancient Illyria and Dardania, inhabited by various Illyrian peoples, and Lyncestis and Pelagonia populated by the ancient Greek Molossian tribes. None of these had fixed boundaries; they were sometimes subject to the Kings of Macedon, and sometimes broke away. In the late 6th century BC, the Achaemenid Persians under Darius the Great conquered the Paeonians, incorporating what is today the Republic of Macedonia within their vast territories. Following the loss in the Second Persian invasion of Greece in 479 BC, the Persians eventually withdrew from their European territories, including thus from what is today the Republic of Macedonia.
In 336 BC Philip II of Macedon fully annexed Upper Macedonia, including its northern part and southern Paeonia, which both now lie within the Republic of Macedonia. Philip's son Alexander the Great conquered most of the remainder of the region, incorporating it in his empire, with exclusion of Dardania. The Romans included most of the Republic in their province of Macedonia, but the northernmost parts (Dardania) lay in Moesia; by the time of Diocletian, they had been subdivided, and the Republic was split between Macedonia Salutaris and Moesia prima. Little is known about the Slavs before the 5th century.
(Nun, Nobel prize winner)
The first Macedonian denar was established on 26 April 1992. It replaced the 1990 version of the Yugoslav dinar at par. In May 1993, the currency was reformed. A new denar was introduced, with one new denar being equal to 100 old denari. The name denar comes from the name of the ancient Roman monetary unit, the denarius. The currency symbol is oeH, the first three letters of its name. The first denar was a temporary currency introduced in April 1992 to establish the monetary independence of the Republic of Macedonia. It replaced the Yugoslav dinar at par. The Republic of Macedonia declared independence from Yugoslavia on 8 September 1991. At the time the country was using the Yugoslav dinar. Secret preparations were started to introduce its own currency. In April 1992, the country was ready to acquire monetary independence from Yugoslavia.
On 26 April, the national bank was established and the denar declared the currency of the country. Notes ("value coupons") entered circulation the next day and on 30 April the Yugoslav dinar ceased to be legal tender. The first denar was replaced at a rate of 100 to 1 by a new, permanent, denar consisting of notes and coins in May 1993. No coins were issued for the first denar.
In May 1993, coins for the second denar were introduced in denominations of 50 deni, 1, 2, and 5 denari. 10 and 50 denari coins were introduced in November 2008. The 50 deni coin was withdrawn in 2013; due to its low, it was practically never seen in circulation. Since 1996 many commemorative coins for collectors has been issued.
|National Song||"Denes nad Makedonija"|
|Currency||Macedonian denar (MKD)|
|GDP / GDP Rank||30.265 Billion USD|
|GDP Growth Rate||3.7 Percent|
|GDP Per Captial||$14596.958 (PPP)|
President – Gjorge Ivanov
President of the Government – Zoran Zaev
|Website||Go to the web|
|Public Debt||38.683 Percent|
|Unemployment Rate||26.728 Percent|
|Labor Force (Occupation)||-|