Macedonia:
Economy

Pages for other countries and territories

Other pages in this profile of Macedonia:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition At independence in September 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the central government and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the downsized Yugoslavia, and a Greek economic embargo over a dispute about the country's constitutional name and flag hindered economic growth until 1996. GDP subsequently rose each year through 2000. In 2001, during a civil conflict, the economy shrank 4.5% because of decreased trade, intermittent border closures, increased deficit spending on security needs, and investor uncertainty. Growth barely recovered in 2002 to 0.9%, then averaged 4% per year during 2003-07, expanding to 5.1% in 2007. Macedonia has maintained macroeconomic stability with low inflation, but it has so far lagged the region in attracting foreign investment and creating jobs, despite making extensive fiscal and business sector reforms. Official unemployment remains high at nearly 35%, but may be overstated based on the existence of an extensive gray market, estimated to be more than 20 percent of GDP, that is not captured by official statistics.
GDP (purchasing power parity)	Definition - World rank and map $17.35 billion note: Macedonia has a large informal sector (2007 est.)
GDP (official exchange rate)	Definition $7.497 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5% (2007 est.)
GDP - per capita	Definition - World rank and map $8,500 (2007 est.)
GDP - composition by sector	Definition agriculture: 11.9% industry: 28.2% services: 59.9% (2007 est.)
Labor force	Definition 890,000 (2007 est.)
Labor force - by occupation	Definition agriculture: 19.6% industry: 30.4% services: 50% (September 2007)
Unemployment rate	Definition - World rank and map 35% (2007 est.)
Population below poverty line	Definition 29.8% (2006)
Household income or consumption by percentage share	Definition lowest 10%: 2.4% highest 10%: 29.6% (2003)
Distribution of family income - Gini index	Definition - World rank and map 39 (2003)
Inflation rate (consumer prices)	Definition - World rank and map 2.3% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 17.7% of GDP (2007 est.)
Budget	Definition revenues: $2.508 billion expenditures: $2.487 billion (2007 est.)
Public debt	Definition - World rank and map 30.8% of GDP (2007 est.)
Agriculture - products	Definition grapes, wine, tobacco, vegetables, fruits; milk, eggs
Industries	Definition food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals
Industrial production growth rate	Definition - World rank and map 3.7% (2007 est.)
Electricity - production	Definition - World rank and map 6.051 billion kWh (2007)
Electricity - consumption	Definition - World rank and map 8.651 billion kWh (2007)
Electricity - consumption per capita	Definition - World rank and map 4,196.9 kWh (2007)
Electricity - exports	Definition 0 kWh (2007)
Electricity - imports	Definition 2.6 billion kWh (2007)
Oil - production	Definition - World rank and map 0 bbl/day (2007)
Oil - consumption	Definition - World rank and map 21,700 bbl/day (2007)
Oil - consumption per 1,000 people	Definition - World rank and map 10.5 bbl/day (2007)
Oil - exports	Definition - World rank and map 4,134 bbl/day (2004)
Oil - imports	Definition - World rank and map 23,150 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2008 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2007)
Natural gas - consumption	Definition - World rank and map 102.8 million cu m (2007)
Natural gas - consumption per capita	Definition - World rank and map 50 cu m (2007)
Natural gas - exports	Definition - World rank and map 0 cu m (2007)
Natural gas - imports	Definition - World rank and map 102.8 million cu m (2007)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2008 est.)
Current account balance	Definition - World rank and map -$202 million (November 200
Exports	Definition - World rank and map $3.35 billion f.o.b. (2007 est.)
Exports - commodities	Definition food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel
Exports - partners	Definition Serbia and Montenegro 19.4%, Germany 14.7%, Greece 10.5%, Italy 10.2%, Bulgaria 9.9%, Croatia 5.6%, Belgium 5.1%, Spain 5.1% (2006)
Imports	Definition - World rank and map $4.977 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and equipment, automobiles, chemicals, fuels, food products
Imports - partners	Definition Germany 11.5%, Greece 11.3%, Russia 11.1%, Bulgaria 8.4%, Serbia and Montenegro 6.7%, Turkey 5.7%, Italy 5.5%, Slovenia 4.4% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $2.219 billion (31 December 2007)
Debt - external	Definition - World rank and map $3.967 billion (31 December 2007)
Stock of direct foreign investment - at home	Definition $2.405 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $646 million (2005)
Economic aid - recipient	Definition $230.3 million (2005)
Currency (code)	Definition Macedonian denar (MKD)
Exchange rates	Definition Macedonian denars per US dollar - 44.732 (2007), 48.978 (2006), 48.92 (2005), 49.41 (2004), 54.322 (2003)
Fiscal year	Definition calendar year

Macedonia: Economy

Macedonia:
Economy