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Macedonians Keep Clear of Debts to Banks

April 3, 2012

New data show that each Macedonian owes on average only about €600 to the banks, while at the other end of the scale the average Slovenian owes about €4,000.

By Gordana Andric, Balkan Insight, 30.03.2012


This February the total amount in loans that Macedonians took from banks was worth about €1.2 million. This sum put them at the bottom of the list of Balkan countries when it comes to debts to banks.

In the country with population of about 2 million, this means that each Macedonian owes a bank or banks about €600 on average.

According to the data from the Association of Serbian Banks, UBS, with an average salary of €330, Macedonians need 1.8 monthy salaries to pay off their debts.

With €3.3 million worth of loans in February, Bosnians were bit more indebted, to the tune of about €730 per person. With average incomes of €423 they need 1.7 monthly salaries to cover their loans.

Serbians are third on the list. They took €5.9 million worth of loans or about €800 per person. As the average salary in Serbia was €370, Serbs would need to work bit more than two months to return their loans.

Romanians took most in loans at €24 million. But as the country has  a large population of 21.5 million, their indebtedness is not at the top of the list.

According to the statistics, each Romanian owes about €1,100 and would need 3.3 salaries to cover the loans. The average salary in Romania was €340.

Banks in Montenegro issued the lowest amount in loans. In total, Montenegrins took €842,000. As Montenegro’s population is about 620,000, the indebtedness per citizen is about €1,300. As their average income is €480, they would need 2.8 salaries to cover their loans.

Slovenia has the highest debt per person. Their banks issued loans worth €7.8 million, so their debt per person is about €3,900.

However, with the highest incomes in the region of €980, Slovenians are not in the worst situation when it comes to paying loans back. They need only about four monthly salaries to cover their debts.

Although Bulgarians and Croatians owe less than Slovenians, they are in a tougher situation comparing debts to incomes.

The total debt of Bulgarians is €9.5 million. Per person they owe about €1,300. As the average salary in Bulgaria is €250, they need 5.2 salaries to repay their loans.

Croatians are in a similar position. With €3,800 debt in loans per person and average salaries of €720, they need about 5.4 salaries to cover their loans. The total amount that Croatians took in loans was about €17 million.

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