| Economy - overview: At independence in November 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 center and eliminated advantages from
inclusion in a de facto free trade area. An absence of infrastructure, UN
sanctions on its largest market Yugoslavia, and a Greek economic embargo
hindered economic growth until 1996. GDP has subsequently increased each
year, rising by 5% in 2000. 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. Inflation jumped to 11% in 2000, largely due to higher oil
prices. GDP: purchasing power parity - $9 billion (2000 est.)
GDP - real growth rate: 5% (2000 est.)
GDP - per capita: purchasing power parity - $4,400 (2000 est.)
GDP - composition by sector:
agriculture: 12%
industry: 25%
services: 63% (2000)
Inflation rate (consumer prices): 11% (2000 est.)
Labor force: 1 million (1999 est.)
Unemployment rate: 32% (2000)
Budget:
revenues: $1.06 billion
expenditures: $1 billion, including capital expenditures of $107 million (1996
est.)
Industries: coal, metallic chromium, lead, zinc, ferronickel, textiles, wood
products, tobacco
Industrial production growth rate: 3% (2000)
Electricity - production: 6.395 billion kWh (1999)
Electricity - production by source:
fossil fuel: 82.25%
hydro: 17.75%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 5.992 billion kWh (1999)
Agriculture - products: rice, tobacco, wheat, corn, millet, cotton, sesame,
mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton
Exports: $1.4 billion (f.o.b., 2000 est.)
Exports - commodities: food, beverages, tobacco; miscellaneous manufactures,
iron and steel
Exports - partners: Germany
22%, Yugoslavia 22%, US 12%, Greece 7%, Italy 6% (2000)
Imports: $2 billion (f.o.b., 2000 est.)
Imports - commodities: machinery and equipment, chemicals, fuels; food products
Imports - partners: Germany 13%, Ukraine 13%, Russia 10%,
Yugoslavia 8%, Greece 8% (2000)
Debt - external: $1.4 billion (2000)
Economic aid - recipient: $100 million from the EU (2000)
Currency: Macedonian denar (MKD)
SOURCE: The World Factbook |