Page 9 - TURKRptJun22

bne June 2022 Companies & Markets I 9
On the Labour Day holiday on May 1 several thousand people organised by the Federation of Trade Unions held a protest
in Skopje, seeking wage hikes after inflation had eaten away their pay checks.
“We are dissatisfied with the wages and we ask the institutions to honour our work more. At the moment we are receiving
a salary that does not meet the existential requirement for
a family,” they complained.
Inflation started to increase rapidly in April 2021, mainly as
a reflection of the growth of world prices of primary products such as food and energy, but also of import prices in general. This is especially evident in the economies that depend on imports, where a significant proportion of consumption items are imported, as is the case with North Macedonia’s economy.
In March average annual inflation speeded up by 1.2 percentage points from the previous month to 8.8%. Prices of food and non-alcoholic drinks increased even more, by an annual 11.4%. Within the food group, prices of edible oil and fats climbed the most, by 21.6%, followed by vegetables (17.7%) and bread and cereals (16.5%).
According to the International Trade Administration, North Macedonia’s agribusiness accounted for around 8% of GDP in 2019.
In 2020, exports of agricultural and food products constituted just over 10% of North Macedonia’s total exports. The top markets for agriculture and food products are the
EU (mostly Greece, Germany and Croatia) which accounted for about 50% of the total exports, while Central Europe Free Trade Agreement (CEFTA) countries accounted for around 36%.
The EU is also the top import market, with 46.8% of the total imports, and largest single trade partners are Germany, Poland and Bulgaria.
The main export products from North Macedonia are tobacco, wine, lamb, and processed and fresh vegetables and fruit. The main import products include meat, sunflower oil, citrus fruits, chocolates and confectionery, cheese, processed foods, and grains.
Construction of Alexandroupolis LNG terminal launched to help reduce Balkans’ dependence on Russian gas
Valentina Dimitrievska in Skopje
The construction of a liquefied natural gas (LNG) terminal in the Greek city of Alexandroupolis was launched on May 3, a major project that will help Bulgaria, North Macedonia and Serbia diversify from Russian gas.
This will be the second Greek LNG terminal, whose construction takes place at a time when investments aimed at achieving independence from Russian gas are accelerating throughout Europe. Greece is thus set to become a major gas supplier for the Balkans region.
The official launch of construction works in the eastern
Thrace region was marked by Greek Prime Minister Kyriakos Mitsotakis and his Bulgarian peer Kiril Petkov. The ceremony was attended by the President of the European Council Charles Michel, the President of Serbia Aleksandar Vucic as well as North Macedonia’s PM Dimitar Kovacevski.
The project worth €363.7mn in total will comprise the floating storage and regasification unit (FSRU) as well as a system of underwater and land pipelines for the gas to be transmitted to the national grid, Greece’s Kathimerini reported.
During the event Mitsotakis stressed the contribution of the new terminal to the region’s independence from Russian natural gas.
"The project in Alexandroupolis is a new energy gateway and with its completion we will soon be able to get rid of the gas
From left to right: European Council President Charles Michel, Greek Prime Minister Kyriakos Mitsotakis, Bulgarian Prime Minister Kiril Petkov and Serbian President Aleksandar Vucic, North Macedonia’s Prime Minister Dimitar Kovacevski. / European Union
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