Economy of Macedonia
| Economy - overview: | 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. However, the leadership's commitment to economic reform, free trade, and regional integration was undermined by the ethnic Albanian insurgency of 2001. The economy shrank 4.5% because of decreased trade, intermittent border closures, increased deficit spending on security needs, and investor uncertainty. Growth barely recovered in 2002 to 0.9%, then averaged 4% per year during 2003-06. Macedonia has maintained macroeconomic stability with low inflation, but it has lagged the region in attracting foreign investment, and job growth has been anemic. Macedonia has an extensive gray market, estimated to be more than 20 percent of GDP, that falls outside official statistics. |
| GDP (purchasing power parity): | $16.94 billion note: Macedonia has a large informal sector (2006 est.) |
| GDP (official exchange rate): | $6.225 billion (2006 est.) |
| GDP - real growth rate: | 3.1% (2006 est.) |
| GDP - per capita (PPP): | $8,300 (2006 est.) |
| GDP - composition by sector: | agriculture: 9% industry: 29% services: 62% (2006 est.) |
| Labor force: | 899,000 (2006 est.) |
| Labor force - by occupation: | agriculture: 21.7% industry: 32.6% services: 45.7% (September 2006) |
| Unemployment rate: | 36% (September 2006 est.) |
| Population below poverty line: | 30% (2005) |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Distribution of family income - Gini index: | 28.2 (1998) |
| Inflation rate (consumer prices): | 3% (2006 est.) |
| Investment (gross fixed): | 9.2% of GDP (2006 est.) |
| Budget: | revenues: $2.234 billion expenditures: $2.284 billion; including capital expenditures of $24 million (2006 est.) |
| Public debt: | 41.5% of GDP (2006 est.) |
| Agriculture - products: | grapes, wine, tobacco, vegetables; milk, eggs |
| Industries: | food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals |
| Industrial production growth rate: | 3.4% (2006 est.) |
| Electricity - production: | 5.935 billion kWh (2006) |
| Electricity - production by source: | fossil fuel: 83.7% hydro: 16.3% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 8.929 billion kWh (2006) |
| Electricity - exports: | 0 kWh (2006) |
| Electricity - imports: | 2.994 billion kWh (2006) |
| Oil - production: | 0 bbl/day (2005) |
| Oil - consumption: | 23,000 bbl/day (2005 est.) |
| Oil - exports: | NA bbl/day |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 0 bbl |
| Natural gas - production: | 0 cu m (2004 est.) |
| Natural gas - consumption: | 100 million cu m (2004 est.) |
| Natural gas - exports: | 0 cu m (2004 est.) |
| Natural gas - imports: | 100 million cu m (2004 est.) |
| Current account balance: | -$167 million (2006 est.) |
| Exports: | $2.341 billion f.o.b. (2006 est.) |
| Exports - commodities: | food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel |
| Exports - partners: | Serbia and Montenegro 23.2%, Germany 15.6%, Greece 15.1%, Italy 9.9%, Bulgaria 5.4%, Croatia 5.2% (2006) |
| Imports: | $3.631 billion f.o.b. (2006 est.) |
| Imports - commodities: | machinery and equipment, automobiles, chemicals, fuels, food products |
| Imports - partners: | Russia 15.1%, Germany 9.8%, Greece 8.5%, Serbia and Montenegro 7.5%, Bulgaria 6.7%, Italy 6% (2006) |
| Reserves of foreign exchange and gold: | $1.867 billion (November 2006) |
| Debt - external: | $2.285 billion (November 2006) |
| Economic aid - recipient: | $NA |
| Currency (code): | Macedonian denar (MKD) |
| Currency code: | MKD |
| Exchange rates: | Macedonian denars per US dollar - 48.978 (2006), 48.92 (2005), 49.41 (2004), 54.322 (2003), 64.35 (2002) |
| Fiscal year: | calendar year |