Economy - overview:
Having a small, open economy makes Macedonia vulnerable to economic developments in Europe and dependent on regional integration and progress toward EU membership for continued economic growth. 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 averaged 4% per year during 2003-06 and more than 5% per year during 2007-08. 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 35%, but may be overstated based on the existence of an extensive gray market, estimated to be more than 20% of GDP, that is not captured by official statistics. In the wake of the global economic downturn, Macedonia has experienced decreased foreign direct investment, lowered credit, and a slowdown of export growth. GDP fell in 2009 as a result.
GDP (purchasing power parity):
$18.59 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$8.825 billion (2009 est.)
GDP - real growth rate:
-2.4% (2009 est.)
GDP - per capita (PPP):
$9,000 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 11.9%
industry:
29.9%
services:
58.2% (2009 est.)
Labor force:
915,000 (2009 est.)
Labor force - by occupation:
agriculture: 19.6%
industry:
30.4%
services:
50% (September 2007)
Unemployment rate:
35% (2009 est.)
Population below poverty line:
29.8% (2006)
Household income or consumption by percentage share:
lowest 10%: 2.4%
highest 10%:
29.6% (2003)
Distribution of family income - Gini index:
39 (2003)
Investment (gross fixed):
22.7% of GDP (2009 est.)
Budget:
revenues: $3 billion
expenditures:
$3.236 billion (2009 est.)
Public debt:
24.5% of GDP (2009 est.)
Inflation rate (consumer prices):
0.3% (2009 est.)
Central bank discount rate:
6.5% (31 December 2008)
Commercial bank prime lending rate:
9.68% (31 December 2008)
Stock of money:
$1.307 billion (31 December 2008)
Stock of quasi money:
$3.254 billion (31 December 2008)
Stock of domestic credit:
$3.906 billion (31 December 2008)
Market value of publicly traded shares:
$NA (31 December 2008)
Agriculture - products:
grapes, wine, tobacco, vegetables, fruits; milk, eggs
Industries:
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals
Industrial production growth rate:
-0.8% (2009 est.)
Electricity - production:
6.376 billion kWh (2007 est.)
Electricity - consumption:
7.358 billion kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
2.491 billion kWh (2007 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
21,000 bbl/day (2008 est.)
Oil - exports:
7,410 bbl/day (2007 est.)
Oil - imports:
26,730 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
70 million cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
70 million cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Current account balance:
$-798 million (2009 est.)
Exports:
$3.035 billion (2009 est.)
Exports - commodities:
food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel
Exports - partners:
Serbia and Montenegro 20.4%, Germany 15.4%, Greece 12.4%, Bulgaria 10.1%, Italy 8.8%, Croatia 6.5% (2008)
Imports:
$4.942 billion (2009 est.)
Imports - commodities:
machinery and equipment, automobiles, chemicals, fuels, food products
Imports - partners:
Germany 13.3%, Greece 12.4%, Bulgaria 9.9%, Serbia and Montenegro 6.9%, Italy 6.3%, Turkey 5.6%, Slovenia 5.3%, Poland 4.4% (2008)
Reserves of foreign exchange and gold:
$1.621 billion (31 December 2009 est.)
Debt - external:
$4.656 billion (31 December 2009 est.)
Stock of direct foreign investment - at home:
$NA (31 December 2009 est.)
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
Macedonian denars (MKD) per US dollar - 45.129 (2009), 41.414 (2008), 44.732 (2007), 48.978 (2006), 48.92 (2005)
NOTE: The information regarding Macedonia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Macedonia Economy 2010 information contained here. All suggestions for corrections of any errors about Macedonia Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10