How will Macedonia endure Greek collapse: Business will suffer, banks will take a breath

According to Governor Dimitar Bogov, Greek crisis cannot influence the banking sector, but it will have an impact on trade with this country.

Companies exporting to that market can experience consequences. The need for placement of Macedonian products will be reduced due to reduction of the purchasing power of Greeks.

Foreign trade with Greece in the first quarter of 2013 amounted to 51.89 million dollars, in 2014 for the same period – 48.48 million dollars, while this year in the first quarter, it was 41.62 million dollars.

Following the years, external trade from 2008 to 2012 has seen a steady decline.

2008 = 536.37 million dollars

2009 = 291.65 million dollars

2010 = 246.20 million dollars

2011 = 218.01 million dollars

2012 = 188.49 million dollars.

Export from Macedonia to Greece is also decreasing since the global crisis in 2008.

2010

export = 245.093 million dollars

import = 448.650 million dollars

2011

export = 218.014 million dollars

import = 569.750 million dollars

2012

export = 187,981 dollars

import = 803,714 dollars

2013

export = 211.919 million dollars

import = 697.787 million dollars

2014

export = 226.688 million dollars

import = 667.292 million dollars

Governor Bogov informed that Greek investments to date amount to 433 million euros and most of them are mainly implemented by the start of the crisis in 2008. Since then, they are reduced to a minimum.

Last year the net inflow was 3.5 million euros, and from the beginning of the year, it is 300,000 euros.