INVESTMENT EFFICIENCY OF ENTERPRISES IN TOURISM SECTOR IN THE REPUBLIC OF MACEDONIA.

This article is focused on issues related to the achieved level of investment activity in the Republic of Macedonia and investment efficiency in enterprises of tourism sector in the Republic of Macedonia. For that purpose investment in fixed assets in tourism enterprises during the period of 2010-2014 is analyzed. The investment activity is mostly observed by the scope of investment in tourism sector enterprises, their share in GDP versus share of depreciation, and in that manner rate of investment is estimated. The objective of further analyses is structure of gross fixed capital formation of tourism sector enterprises by purpose of investment and by type of ownership. Foreign direct investment in tourism sector is also elaborated. For the purpose of this research, investment efficiency in this sector is measured and it shows unfavorable level for above mentioned period. Analyzes are mostly based on statistical method, using official statistic data. The results of research in this paper show reduced investment activity in tourism sector enterprises due to different factors. Better investment activities and more favorable structure of investment in tourism sector enterprises, prerequisites concrete measures and activities toward improvement of investment clime and stimulation of domestic and foreign investors. [ABSTRACT FROM AUTHOR]