Economy of the Republic of Macedonia

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The breakup of Yugoslavia in 1991 deprived the Economy of the Republic of Macedonia, then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. An absence of infrastructure, United Nations sanctions on its largest market Federal Republic of Yugoslavia, and a Greek economic embargo hindered economic growth until 1996.

Worker remittances and foreign aid have softened the subsequent volatile recovery period. GDP has increased each year except in 2001, rising by 5% in 2000. However, growth in 1999 was held down by the severe regional economic dislocations caused by the Kosovo war.

Successful privatization in 2000 boosted the country's reserves to over $700 million. Also, the leadership demonstrated a continuing commitment to economic reform, free trade, and regional integration. The economy can meet its basic food needs but depends on outside sources for all of its oil and gas and most of its modern machinery and parts. Inflation jumped to 11% in 2000, largely due to higher oil prices.

GDP: purchasing power parity - $16.91 billion (2006 est.)

GDP - real growth rate: 3.2% (2006 est.)

GDP - per capita: purchasing power parity - $8,200 (2006 est.)

GDP - composition by sector:
agriculture: 9%
industry: 29%
services: 62% (2005 est.)

Population below poverty line: 30% (2005 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 3% (2006 est.)

Labor force: 899,000 (2006 est.)

Labor force - by occupation: agriculture 21.7%, industry 40%, services 38,3%

Unemployment rate: 36% (2006)

Budget:
revenues: $2.234 billion
expenditures: $2.284 billion, including capital expenditures of $24 million (2006 est.)

Industries: coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco

Industrial production growth rate: 3.4% (2006 est)

Electricity - production: 5.935 GWh (2006)

Electricity - production by source:
fossil fuel: 82.25%
hydro: 17.75%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 8.929 GWh (2005)

Electricity - exports: 0 kWh (2003)

Electricity - imports: 2.994 kWh (2005)

Agriculture - products: rice, tobacco, wheat, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton

Exports: $2.341 billion (f.o.b., 2006 est.)

Exports - commodities: food, beverages, tobacco; miscellaneous manufactures, iron and steel

Exports - partners: Serbia and Montenegro 22.5%, Germany 17.8%, Greece 15.3%, Italy 8.3%(2005)

Imports: $3.631 billion (f.o.b., 2006 est.)

Imports - commodities: machinery and equipment, chemicals, fuels; food products

Imports - partners: Russia 13.2%, Germany 10.4%, Greece 9.2%, Serbia and Montenegro 8.2%, Bulgaria 7.3%, Italy 6% (2005)

Debt - external: $2.138 billion (2006)

Economic aid - recipient: $250 million from the European Union (2003)

Currency: 1 Macedonian denar (MKD) = 100 deni

Exchange rates: denars per US$1 - Macedonian denars per US dollar - 48.92 (2005), 49.41 (2004), 54.322 (2003), 64.35 (2002), 68.037 (2001)

Fiscal year: calendar year

The CIA World Factbook

v • d • e Members of the Central European Free Trade Agreement (CEFTA)
Albania · Bosnia and Herzegovina · Croatia · Kosovo¹ · Republic of Macedonia · Moldova · Montenegro · Serbia ¹ Province of Serbia; currently administered by the UN.