The situation with the development of small and medium-sized enterprises in Macedonia in relation to the sources for their financing

  • Marija Gogova Samonikov
  • Elena Veselinova
  • Ilija Gruevski
  • Zorica Zdraveva


The impact of small and medium-sized enterprises (SMEs) in employment and value
added in the Republic of Macedonia registered a slight increase in the period from
2009 to 2013. Just like in other economies in the region, most SMEs work in the
wholesale and retail trade sector (44.0%), followed by the manufacturing sector
(13.0%) (OECD 2016). Based on the importance of SMEs in the Macedonian economy
in general, this paper aims to point out the gap that exists between the well-identified
weakness of the Macedonian economy towards stimulating the life expectancy of
SMEs on the one hand and their development on the other, emphasized in the forms of
the sources of funding available to them. For that purpose are used statistical
analyzes and comparisons, and are accepted conclusions about the current situation
with the SMEs environment and the forms of financing of SMEs in Macedonia.

Banking and Finance