| Economy | Macedonia |
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Economy - overview:
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Macedonia is vulnerable to economic developments in Europe - due to strong banking and trade tire - 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. Since then, 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 more than 30%, 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 availability, and a large trade deficit. However, as a result of conservative fiscal policies and a sound financial system, in 2010 the country credit rating improved slightly. Macroeconomic stability has been maintained by a prudent monetary policy, which keeps the domestic currency pegged against the euro. As a result, GDP growth was modest, but positive, in 2010 and 2011. |
GDP (purchasing power parity):
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$21.32 billion (2011 est.)
$20.71 billion (2010 est.)
$20.3 billion (2009 est.)
note: data are in 2011 US dollars; Macedonia has a large informal sector |
GDP - per capita (PPP):
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$10,400 (2011 est.)
$10,100 (2010 est.)
$9,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$10.3 billion (2011 est.) |
GDP - real growth rate:
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3% (2011 est.)
1.8% (2010 est.)
-0.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 12%
industry: 29.7%
services: 58.4% (2011 est.) |
Investment (gross fixed):
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28.3% of GDP (2011 est.) |
Population below poverty line:
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28.7% (2008) |
Household income or consumption by percentage share:
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lowest 10%: 2.2%
highest 10%: 34.5% (2008) |
Distribution of family income - Gini index:
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44.2 (2008)
39 (2003) |
Inflation rate (consumer prices):
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4.4% (2011 est.)
58% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010 est.)
6.5% (31 December 2009 est.)
note: series discontinued in January 2010. Discount rate was replaced by a referent rate for calculating the penalty rate: 4.0% (31 December 2010) |
Commercial bank prime lending rate:
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8.7% (31 December 2011 est.)
9.5% (31 December 2010 est.) |
Stock of money:
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$1.224 billion (31 December 2009)
$1.307 billion (31 December 2008) |
Stock of money - per capita:
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590 USD per capita |
Stock of quasi money:
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$3.132 billion (31 December 2009)
$3.254 billion (31 December 2008) |
Stock of quasi money - per capita:
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1,508 USD per capita |
Stock of domestic credit:
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$4.988 billion (31 December 2011 est.)
$4.322 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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2,402 USD per capita |
Stock of narrow money:
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$1.41 billion (31 December 2011 est.)
$1.249 billion (31 December 2010 est.) |
Stock of broad money:
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$4.879 billion (31 December 2011 est.)
$5.076 billion (31 December 2010 est.) |
Labor force:
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938,000 (2011 est.) |
Labor force participation rate:
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45.15 % of population |
Labor force - by occupation:
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agriculture: 19.9%
industry: 22.1%
services: 58% (September 2010) |
Unemployment rate:
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29.1% (2011 est.)
30.6% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 54.9%
male: 52.8%
female: 58.5% (2009) |
Budget:
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revenues: $6.867 billion
expenditures: $3.684 billion (2011 est.) |
Budget revenues per capita:
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3,306 USD per capita |
Taxes and other revenues:
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30.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.7% of GDP (2011 est.) |
Public debt:
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26.1% of GDP (2011 est.)
24.6% of GDP (2010 est.) |
Industries:
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food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals |
Industrial production growth rate:
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10% (2011 est.) |
Electricity - production:
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6.819 billion kWh (2010 est.) |
Electricity - production per capita:
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3,283 kWh per capita |
Electricity - consumption:
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8.189 billion kWh (2010 est.) |
Electricity - consumption - per capita:
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3,943 kWh per capita |
Electricity - exports:
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0 kWh (2010 est.) |
Electricity - imports:
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1.37 billion kWh (2010 est.) |
Oil - production:
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116.2 bbl/day (2010 est.) |
Oil - production per capita:
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56 bbl/day per capita |
Oil - consumption:
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19,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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3.34 bbl/year per capita |
Oil - exports:
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8,594 bbl/day (2010) |
Oil - imports:
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21,530 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2010 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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117.4 million cu m (2010) |
Natural gas - consumption - per capita:
|
57 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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117.4 million cu m (2010) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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grapes, tobacco, vegetables, fruits; milk, eggs |
Current account balance:
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-$6 billion (2011 est.)
-$300 million (2010 est.) |
Current account balance - per capita:
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-2,888 USD per capita |
Exports:
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$3.8 billion (2011 est.)
$3.3 billion (2010 est.) |
Exports per capita:
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1,830 USD per capita |
Exports - commodities:
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food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel |
Exports - partners:
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Germany 20.2%, Italy 7.1%, Bulgaria 7.1%, Greece 6.4% (2010) |
Imports:
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$5.9 billion (2011 est.)
$5.241 billion (2010 est.) |
Imports per capita:
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2,841 USD per capita |
Imports - commodities:
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machinery and equipment, automobiles, chemicals, fuels, food products |
Imports - partners:
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Germany 11.5%, Russia 11.1%, Greece 8.3%, Bulgaria 8.2%, UK 7%, Turkey 5.1%, Italy 5.1% (2010) |
Reserves of foreign exchange and gold:
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$2.417 billion (31 December 2011 est.)
$2.278 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,164 USD per capita |
Debt - external:
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$6.229 billion (31 December 2011 est.)
$5.704 billion (31 December 2010 est.) |
Debt - external - per capita:
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2,999 USD per capita |
Stock of direct foreign investment - at home:
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$3.739 billion (31 October 2010 est.)
$3.554 billion (31 December 2009 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,800 USD per capita |
Stock of direct foreign investment - abroad:
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$NA (31 December 2010)
$564 million (31 December 2009 est.) |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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$2.647 billion (31 December 2010)
$922.2 million (31 December 2009)
$823.5 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
1,275 USD per capita |
Currency (code):
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Macedonian denar (MKD) |
Exchange rates:
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Macedonian denars (MKD) per US dollar -
43.64 (2011 est.)
46.325 (2010 est.)
44.1 (2009)
41.414 (2008)
44.732 (2007) |
Fiscal year:
|
calendar year |
|
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