| Economy | Macedonia |
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Economy - overview:
|
Macedonia's small, open economy make it 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 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 nearly 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. The Government of Macedonia now predicts growth in 2009 to be no more than 3%. |
GDP (purchasing power parity):
|
$18.52 billion (2008 est.)
$17.71 billion (2007)
$16.85 billion (2006)
note: Macedonia has a large informal sector |
GDP - per capita (PPP):
|
$9,000 (2008 est.)
$8,600 (2007 est.)
$8,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$9.624 billion (2008 est.) |
GDP - real growth rate:
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4.6% (2008 est.)
5.1% (2007 est.)
3.7% (2006 est.) |
GDP - composition by sector:
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agriculture: 11.4%
industry: 27.2%
services: 61.4% (2008 est.) |
Investment (gross fixed):
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18% of GDP (2008 est.) |
Population below poverty line:
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29.8% (2006) |
Household income or consumption by percentage share:
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lowest 10%: 2.4%
highest 10%: 29.6% (2003) |
Distribution of family income - Gini index:
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39 (2003) |
Inflation rate (consumer prices):
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8.4% (2008 est.) |
Central bank discount rate:
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6.5% (31 December 2007) |
Commercial bank prime lending rate:
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10.23% (31 December 2007) |
Stock of money:
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$1.173 billion (31 December 2007) |
Stock of money - per capita:
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568 USD per capita |
Stock of quasi money:
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$3.127 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,514 USD per capita |
Stock of domestic credit:
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$2.924 billion (31 December 2007) |
Stock of domestic credit - per capita:
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1,415 USD per capita |
Labor force:
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900,000 (2008 est.) |
Labor force participation rate:
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43.55 % of population |
Labor force - by occupation:
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agriculture: 19.6%
industry: 30.4%
services: 50% (September 2007) |
Unemployment rate:
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34.5% (2008 est.) |
Budget:
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revenues: $2.889 billion
expenditures: $2.985 billion (2008 est.) |
Budget revenues per capita:
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1,398 USD per capita |
Public debt:
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35.9% of GDP (2008 est.) |
Industries:
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food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals |
Industrial production growth rate:
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1.8% (2008 est.) |
Electricity - production:
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6.051 billion kWh (2007) |
Electricity - production per capita:
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2,928 kWh per capita |
Electricity - consumption:
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8.651 billion kWh (2007) |
Electricity - consumption - per capita:
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4,186 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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2.6 billion kWh (2007) |
Oil - production:
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0 bbl/day (2007) |
Oil - production per capita:
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void |
Oil - consumption:
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19,590 bbl/day (2006 est.) |
Oil - consumption - per capita:
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3.46 bbl/year per capita |
Oil - exports:
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6,768 bbl/day (2005) |
Oil - imports:
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26,470 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2008 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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100 million cu m (2006 est.) |
Natural gas - consumption - per capita:
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49 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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102.8 million cu m (2007) |
Natural gas - proved reserves:
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0 cu m (1 January 2008 est.) |
Agriculture - products:
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grapes, wine, tobacco, vegetables, fruits; milk, eggs |
Current account balance:
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-$740 million (2008 est.) |
Current account balance - per capita:
|
-358 USD per capita |
Exports:
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$4.397 billion f.o.b. (2008 est.) |
Exports per capita:
|
2,128 USD per capita |
Exports - commodities:
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food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel |
Exports - partners:
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Serbia and Montenegro 19.2%, Germany 14.5%, Greece 10.4%, Italy 10.1%, Bulgaria 9.8%, Croatia 5.6%, Belgium 5%, Spain 5% (2007) |
Imports:
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$6.663 billion f.o.b. (2008 est.) |
Imports per capita:
|
3,224 USD per capita |
Imports - commodities:
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machinery and equipment, automobiles, chemicals, fuels, food products |
Imports - partners:
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Germany 13.2%, Greece 12.9%, Bulgaria 9.6%, Serbia and Montenegro 7.7%, Turkey 6.6%, Italy 6.3%, Slovenia 5% (2007) |
Reserves of foreign exchange and gold:
|
$2.43 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,176 USD per capita |
Debt - external:
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$4.624 billion (31 December 2008 est.) |
Debt - external - per capita:
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2,238 USD per capita |
Stock of direct foreign investment - at home:
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$2.405 billion (2007 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,164 USD per capita |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$2.715 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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1,314 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$230.3 million (2005) |
Economic aid - recipient per capita:
|
112 USD per capita |
Currency (code):
|
Macedonian denar (MKD) |
Exchange rates:
|
Macedonian denars (MKD) per US dollar - 41.414 (2008 est.), 44.732 (2007), 48.978 (2006), 48.92 (2005), 49.41 (2004) |
Fiscal year:
|
calendar year |
|
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