Economy of Macedonia

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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

Mother Earth Travel > Country Index > Macedonia > Map Economy