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Macedonia:
Economy

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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


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