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Wirtschaft Mazedoniens - Економија на Македонија - Economy of Macedonia (Rep. of)
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[TD="class: contentheading"]Macedonian Government Reduced Debt by 65m Euros[/TD]
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[TD="class: createdate, colspan: 2"]Tuesday, 13 January 2015[/TD]
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The government debt has continually decreased over the past three months. In November, it lowered by EUR 65 million compared to the previous month.
Finance Ministry data show the government debt as of 30 November 2014 reduced from 38.9 to 38.1 percent of the GDP. The public debt, which also includes the debts of municipalities and public enterprises, amounts to 45.5 percent of the GDP, which is down by 0.7 percent compared to October.According to the ministry, the drop results from the reduced issuance of securities and payment of liabilities to the IMF. Lowering of the indebtedness by way of securities has resumed in 2015 through the return of MKD 220 million (EUR 3,57 million) in the economy without issuing fresh securities. The Eurobond is to be paid by the year-end, which will additionally reduce the government debt by EUR 150 million.[/TD]
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Macedonia will post the highest economic growth in Southeast Europe in 2015. According to World Bank projections, the GDP growth will exceed 3.5 percent, owed primarily to public investments and exports related to foreign direct investments. “Macedonia had the highest regional growth in 2014. This is partially owed to the country being spared from the floods that hit neighboring countries, but also due to the favorable economic relations with exporting partners. We believe growth will remain at a high level and even enhance. Growth in exports related to foreign direct investments should continue, but we also see certain recovery in the traditional exporting sectors. Public investments continue to generate growth, but there is certain improvement in the section of domestic demand, which we see as a good sign”, said World Bank senior economist Doerte Doemeland in Tuesday’s presentation of the regular semi-annual report. The economies of Albania, Kosovo and Montenegro will also rise by more than three percent, one percent in Bosnia-Herzegovina, while Serbia’s economy will contract 0.5 percent. Doemeland said unemployment in Macedonia remained high, but the country made largest progress in the field when compared to the other regional states. “Unemployment in Europe is at a record high, but when we compare Macedonia to the regional countries we can see relatively strong performance in the economic growth, which is reflected on the lowering of the unemployment rate”, stressed the World Bank economist. According to the World Bank, dropping oil prices would not have much influence on the Budget’s revenues, whereas the Eurobond has been taken under favorable conditions. “The Government has managed to agree on very favorable conditions in time of turbulent financial markets”, added Doemeland. The World Bank said the public debt was still below the regional average, but increased fast, while the Government should focus on investments that yield economic benefit
Macedonia in 2014 and 2015 has seen the highest growth among the countries of South East Europe, it is written in the last reports of the World Bank and EBRD. According to the reports Macedonia in 2015 is forecast to achieve GDP growth of 3.5 percent, which is for more than half percentage then EBRD forecasts made in September last year and the highest growth in the region. Growth in Macedonia, according to experts, is due to public investment and exports associated with foreign direct investment. - Estimates of the world’s leading financial organizations of accomplishing the Macedonian economy in some way refer to stabilizing the national economy and its gradual shift to prosperous path to its economic cycle, which is due to several factors, first it is the increased demand for goods and services in 2013 in 2014 as manifested in the growing personal consumption of citizen especially in the first two or three quarters of the year. In the first nine months we had satisfactory export of foreign investment of about 200 million euro, which also increased investment spending and increased number of employees, which will further affect as kind of swing in the economy. The third factor that influenced the growth of the economy are the capital investments made by the state using funds from the budget but also by engaging donors or lenders, especially here I think of construction activities that in the middle of the year were intensified in terms of starting and further movement of the construction of three highways in Macedonia, which pulled the construction business, which is basically locomotive of overall economic development, said in the statement for Kurir the professor and ex-deputy governor of the Central Bank, Tome Nenovski. He stressed that Macedonia has growing exports, which according to him is important category in achieving GDP. - But as imports grew with greater dynamic, also was growing export that has beneficial effects on the whole of the achievement of GDP in the previous year. All in all we had sufficient impact on the metal, textile, and manufacturing industry, he added. Nenovski explained that continuing economic growth in the coming years would significantly improve the standard of living of citizens. - Of course, the population cannot feel it overnight as to feel the growth of the economy in terms of living standards it requires permanent and sustainable rates of economic growth. So, when this dynamic would be increased and maintained for several years ahead, in few years we will be able to talk and to improve the living standards of the population, said Nenovski. As stated in the reports of the EBRD and the World Bank most of countries can hope for modest benefits from the dramatic decline in oil prices and the average growth of 2.2 percents, while for Macedonia it is predicted growth of 4 percents or 3.8%, which is definitely the highest growth among the countries of Southeast Europe.
American company KSS- “Key Safety Systems” for two to three weeks will begin building manufacturing plant in the free economic zone in Kichevo. The building should be ready by the second half of November, by the end of this year plans to employ 300 people. In 2016 the expected number of employees will increase up to 600 to 700, and later will reach the final number of 1,000 employment. - Our project progresses successfully. Our first stage of employment is almost done , we have finalized group and employed financial controllers. Ongoing is training for employees in the first phase. Employment in the second phase begins, we ask for very experienced operators, technicians and engineers in the process. Our brown field capacity is ready, the equipment is already installed. For our green field investment contract was signed, we expect construction to begin next week. Treaty land is now signed. As we move forward now in Kichevo, we are interested to work with local suppliers as industrial procurement, hotels, and the dynamics of employment in the last quarter of 2015 is expect that to reach about 300 employees in 2016 from 600 to 700 employees and we expect that we will reach potential of 1,000 jobs. We expect positive and favorable results, said Vice President of global production of KSS, Jims Scarpa. At present, KSS in Kichevo, in brown field investment in existing facility in the city center 10 workers are being trained in Romania. Director of the Directorate for Technological Industrial Development Zones Viktor Mizo said that signing of the contracts today, actively starts this investment, which is the longest job. - The company confirmed plans for investment and investment already started. Currently dozen people are already in their plants in Romania, where the training is ongoing and have to start in the middle of February. The total area of the building will be 13,600 square meters, and construction should begin in the next two to three weeks, depending on weather conditions in Kichevo. Already completed most of the design activities so that the beginning of construction and all those activities that we as the Directorate for Technological Industrial Development Zones should take for ending infrastructure are communicated to the contractor and the company KSS are going to be ready until about the second half of November and company can actively begin work. In the beginning all those people will be trained and will be produced in existing production test facility in Kichevo, Mizo said. The KKS produces airbags for the automotive industry, belts and electronics and has 34 factories in 12 countries.
Mazedoniens Außenhandel hatte 2014 ein Gesamtvolumen von 12,2 Mrd. Dollar (10,69 Mrd. Euro), wobei die Exporte im Vergleich zum Vorjahr um 15,6 Prozent auf 4,93 Mrd. Dollar gestiegen sind und die Importe um 10,3 Prozent auf 7,27 Mrd. Dollar. Das berichtete das mazedonische Internetportal „Ekonomski lider“ am Freitag.
Der Großteil der Ausfuhren - 76.6 Prozent - ging in EU-Staaten. Wichtige Exportgüter waren u.a. Stahl- und Eisenprodukte sowie Bekleidung. 63,5 Prozent der Importe stammten ebenfalls aus EU-Staaten.
[h=1]Endava opened offices in Skopje, employment for over 400 people[/h]
British IT company “Endava” starts operations in Macedonia and is one of the leading companies in the sector in the UK and Europe. Currently at the newly vacant premises operate 36 people, and in the next few years will employ minimum of 400 persons as direct employment, and there will be several more indirect jobs. As said CEO John Cotterell of the team in Skopje in the next 12 months will reach 100 people. - Rapid economic growth, even more intensive development of the IT sector and higher education staff were key reasons why we chose Skopje among 40 other cities. Our goal is to attract the best in this area, they should recognize us place to build their career, said Cotterell. As noted the Prime Minister Nikola Gruevski, who has attended the opening of the offices, the company chose Macedonia as regional IT leader in Southeast Europe. - Macedonia is known as one of the fastest growing markets in the ICT sector in this part of Europe. This trend is due to our policies and measures for development in recent years, encouraging young people to be educated in the field of information sciences, opening new faculties … These similarities, but also good business conditions offered by Macedonia, are the main reasons why the world famous brand “Endava” decided to expand its production here, said Gruevski. Gruevski hopes that other companies in Europe and the world will follow the example of the British “Endava”. The offices of “Endava” are located in prestigious building “Kale” and they signed five-year rental contract. The area covers 3,000 square meters, and is designed and laid out according to the highest international standards in ICT industry. There are 19 meeting rooms, areas for relaxation, games section, and space where employees can socialize. This concept, as pointed CEO, fits into the culture of “Endava”, which means providing excellent working atmosphere. The company has already opened 11 offices around the world i.e. in the UK, US, Germany, Romania, Moldova, including offices in Macedonia.
Former Minister of Finance and Governor of the National Bank of the Republic of Macedonia, Petar Gosev, forgets that exactly when he was a finance minister, the unemployment rate set a record. In 2002 it was 31.9 percent (263,196 were filed as unemployed), and in 2003 the absolute unemployment record was set in the country – 36.7 percent or 315,868 people were unemployed.
All aforesaid is included in the analysis of the economy portal “Economic Leader”, released on the occasion of his participation in the debate titled “This home would leave Macedonia forever”, held on 19 February in the movie theatre Frosina. At the debate Gosev expressed serious allegations related to poverty and unemployment in the country.
“We are leaders in poverty. Poverty rate, the population rate under the poverty threshold is 19 percent on average for the period from 2002 to 2012. In Europe there is no country with such poverty rate. Bosnia and Herzegovina is the closest with 14 percent, Albania with 12 and Monte Negro with 6. We are leaders in Europe as for poverty rate. Now our statistics reports 28 percent but with young people it exceeds 50 percent”, Gosev said at the debate.
Still, the analysis of “Leader” underlines, “Gosev talks about poverty, but it seems he does not remember that when he was a minister of finance, according to the data of the State Statistical Office, it raised up to 30.2 percent in 2002 and 2003. On the basis of the latest information from the Statistical Office, the poverty rate in 2012 was 26.2 percent”.
Macedonia was struggling with FDI during Gosev’s term.
“Inglorious records of Gosev follow in a succession, with foreign direct investments (FDI) in the country as well. When he was sitting in the chair of the Ministry of Finance, in 2002 FDI of 77.89 million US dollars entered the country, and 96.29 million in 2003. For comparison reasons, in 2010 FDI of $211.61 million entered the country, in 2011 – $473.54 and 2012 was the worst of the past few years with $192.91 million, although much better compared to FDI during Gosev’s term as a minister”, “Economic Leader” analysis reads - its full version can be found on the Leader’s Internet site.
[h=3]Маcedonian Export to Russia Increаses by 228%[/h]Labels: Export
The export of the Macedonian fruit and vegetables to Russia has increased by 228% in the second half of 2014.
Financial Times says that Macedonia along with Serbia, Turkey and China have replaced EU and US on the Russian market. Serbia's export in the period between August and September was 36% higher, compared to Turkey (25%) and China (10%).
Despite the increased export of agricultural products from this country, apples, pears and tomatoes are still wanted on the Russian market. Russia also needs other food products as meat, fish and dairy products that the country used to export from EU and US.
Last year Russia had exported 670,000 tons of fruits and vegetables which is 6% less than 2013. This is due to the import ban of all the products coming from EU and US after the sanctions that Brussels and Washington introduced because of the Ukraine crisis.
Last year the Macedonian export to Russia mounted to USD 42.068.000 million.
NEW INVESTMENT: US company will employ up to 2,500 people
American company specialized in the automotive industry has decided on building new plant, which will be located in city in northwestern Macedonia. This was announced by Prime Minister Nikola Gruevski, the release of new sports hall in the village Ljubanci. Gruevski said that the new plant in northwestern Macedonia would employ 2,000 to 2,500 people. In the next month or two will be published which is the factory. - This makes me happy, because in that part needs employment. Many people from the region will find employment and will be able to care for their families, said Gruevski.
Macedonia’s early settlement of its IMF debt is wonderful news, experts agreed in the Macedonian capital. Not only $5 million are saved and public debt is reduced with this move, but also Macedonia is sending a clear message to investors about its economic stability, which also affects the country’s international ratings, according to university professor Tome Nenovski.
If budgetary opportunities, foreign exchange reserves and calculations create favorable conditions, he said, then loans should be settled early since it could yield adequate effects.
“Early payment of the precautionary credit line creates positive effects for the state budget and foreign exchange reserves based on installments and foreign currency differences, somewhere close to $5 million, which is not something that can be disregarded. Moreover, public debt will be reduced, as it was said, by 1.7 percentage points as well as the state debt, which is a favorable impact over the entire indebtedness of the country,” said Nenovski.
Impending effects from the early debt settlement, he noted, are also very important.
“The IMF will have a positive approach because it usually monitors the movement of foreign exchange reserves and the balance of payment of a country. While approving arrangements, the organization is informed about the balance of payment and the dynamics of foreign exchange reserves,” Nenovski stated.
According to him, following this move, foreign investors will have a more positive opinion about Macedonia allowing them to make decisions for investing in Macedonia much easier.
“Undoubtedly, this will also have an effect over the country’s credit rating which will be registered by leading international organizations. Fitch Ratings has already affirmed Macedonia’s BB+ ratings with stable outlooks,” the professor concluded.
Renowned Belgian company SLABBINCK NV is new investor in the country. After several months of successful negotiations with the Agency for Foreign Investments and Export Promotion, the company decided to invest in Gazi Baba where for the start is already secured facility and working space with an area of about 900 m2 and soon plans to expand. The company, which has its headquarters in the city of Bruges, in the province of West Flanders, deals with laser cutting and metal processing, and is also one of the biggest customers of investor already present in one of the Technological Industrial Development Zones. At today’s meeting between the co-owner and CEO of the company Luc Slabbinck and Deputy Director of the Agency for Foreign Investments Klement Shekerovski was formalized the new investment.
-The pleasure is mine for having the opportunity, along with Mr. Slabink, to inform the public about the entry of another reputable company that becomes integral part of the domestic economy. With the entry of Belgian Slabinck NV, which for us as Government team means valorization of all outgoing engagement and efforts to convince them to come to the Republic of Macedonia, will be created new employment opportunities for our citizens, but also it will mean opportunity for business cooperation with many local clients. It is important for us is that in the initial stage the equipment and machinery will purchased from domestic companies, and in the following period will follow and extend the spaces and equipped with modern machining technology. As announced by the investor, it is expected value of the total investment to reach about 3 million euro. Today’s event is just confirmation of the successful policy of the Government to attract foreign companies to choose Macedonia as their business destination, said Shekerovski. Director of the company Slabbinck expressed gratitude to Shekerovski and his team for providing support. - In the second half of 2014, I had meeting with Mr. Shekerovski and his team from the Agency for Foreign Investments in Skopje which with their professionalism and continuous support in all past periods have facilitated along with my own family, to make decision to start new investment project for us at then relatively unknown country. I would like to express my gratitude to Mr. Shekerovski and his team for providing support and I am sure this will be good reference for my business partners from Belgium and abroad to invest in Macedonia, where we found great acceptance,” said Slabbinck.
