Page 29 - Turkinsurance Digital Magazine

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Macedonia

Having gained its independence in 1991,
Macedonia is one of the potential bearing countries
in Eastern Europe. 54.2% of its GDP comes from

the service sector, while industry accounts for 23%
and agriculture 10%. Total premium volume of
insurance market stands at 25 million USD and
largest insurance lines are listed as life insurance,

with a share of 43% in overall premium volume,
MTPL, with a share of 22%, and property, with a
share of 16%.

Republic of North Macedonia is a country in the Balkans with a population
over 2 million. Skopje is the largest city and home to nearly 500,000 people.
In 2018, Macedonia and Greece resolved the dispute on country’s name with
an agreement that the country should rename itself "Republic of North Mac-
edonia".

Macedonia is a member of United Nations, European Council, La Francopho-
nie, World Trade Organization, NATO, Organization for Security and Co-op-
eration in Europe; and has also been a candidate for joining European Union
since 2005.

Since its independence in 1991, Macedonia has made progress in liberalizing
its economy and improving its business environment. Today, economy of the
Republic of North Macedonia is a free market economy. Macedonian economy
started growing in the 2000s as a result of economic reforms, privatizations,
free trade and regional integration; and is now among the fastest growing
economies in Europe.

Economic Incidators of Macenonia
Population 2,076,255
Population growth rate 0.39%
Migration rate -1.45/1,000
GDP 12.69 (billions of USD)
GDP Per Capita (USD) 5,634
GDP Annual Growth rate -3.3%
Unemployment rate %17.1
Active business entities 75,914
Currency Macedonian Denar
Currency rate USD/MKD=50.76, TRY/
MKD=7.29
Inflation rate %1.9
Interest rate %1.5

Source: Republic of North Macedonia State Statistical Office