Macedonian Economy, Macedonia Economy
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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 center and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on the down-sized Yugoslavia, one of its largest markets, 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 rose by a moderate 3.4% in 2003, and is estimated at 1.3% in 2004. Unemployment at one-third of the workforce remains a critical economic problem. Much of the extensive grey market activity falls outside official statistics.
GDP: 6% (FY01/02 est.)
GDP - real growth rate: 1.3% (2004 est.)
GDP - per capita: Purchasing power parity - $7,100 (2004 est.)
GDP - composition by sector: Agriculture: 11.2% industry: 26% services: 62.8% (2004 est.)
Population below poverty line: 30.2% (2003 est.)
Household income or consumption by percentage share: Lowest 10%: NA% highest 10%: NA%
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: 855,000 (2004 est.)
Labor force - by occupation: Agriculture NA%, industry NA%, services NA%
Unemployment rate: 37.7% (3rd quarter, 2004 est.)
Budget: Revenues: $1.198 billion expenditures: $1.245 billion, including capital expenditures of $114 million (2004 est.)
Industries: Coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco, food processing, buses, steel
Industrial production growth rate: 0% (2004 est.)
Electricity - production: 6.273 billion kWh (2003)
Electricity - production by source:
Electricity - consumption: 7.216 billion kWh (2003)
Electricity - exports: 0 kWh (2003)
Electricity - imports: 953 million kWh (2003)
Oil - production: 0 bbl/day (2003 est.)
Oil - consumption: 22,000 bbl/day (2003 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: Wheat, grapes, rice, tobacco, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton
Exports: $1.629 billion f.o.b. (2004 est.)
Exports - commodities: Food, beverages, tobacco; miscellaneous manufactures, iron and steel
Exports - partners: Serbia and Montenegro 31.4%, Germany 19.9%, Greece 8.9%, Croatia 6.9%, US 4.9% (2004)
Imports: $2.677 billion f.o.b. (2004 est.)
Imports - commodities: Machinery and equipment, chemicals, fuels; food products, automobiles
Imports - partners: Greece 15.4%, Germany 13.1%, Serbia and Montenegro 10.4%, Slovenia 8.6%, Bulgaria 8.1%, Turkey 6%, Romania 4.7% (2004)
Debt - external: $1.863 billion (2004 est.)
Economic aid - recipient: $250 million (2003 est.)
Currency:
Currency code:
Exchange rates: Macedonian denars per US dollar - 49.41 (2004), 54.32 (2003), 64.35 (2002), 68.04 (2001), 65.9 (2000)
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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