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Macedonia sets ceiling for its debt, deficit

Xinhua, January 24, 2015 Adjust font size:

Macedonian parliament endorsed the proposed amendment of the constitution on Friday to set the cap for its national debt-GDP ratio and the annual deficit-GDP ratio, according to Macedonian information agency.

The national debt is limited to 60 percent of GDP and its restriction imposed on annual deficit stood at 3 percent of GDP, aimed to strengthen its fiscal discipline as well as transparency in consuming public funds.

According to Macedonian statistic office, its GDP in 2013 is 499,559 million denars (9,426 million U.S. dollar) and in comparison with 2012 it increased by 7.0 percent in nominal terms. The real GDP growth rate in comparison with 2012 is 2.7 percent. (1 U.S. dollar = 53 Denar) Endit