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Macedonia, The Former Yugoslav Republic of: Economy

Economy Macedonia, The Former Yugoslav Republic of
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 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 0.3%, then rose to 2.8% in 2003. Unemployment at one-third of the workforce remains the most critical economic problem. But even this issue is overshadowed by the fragile political situation.
GDP:
purchasing power parity - $10.57 billion (2002 est.)
GDP - real growth rate:
0.7% (2002 est.)
GDP - per capita:
purchasing power parity - $5,100 (2002 est.)
GDP - composition by sector:
agriculture: 11%
industry: 31%
services: 58% (2001 est.)
Population below poverty line:
24% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1.1% (2002 est.)
Labor force:
1.1 million (2000 est.)
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
37% (2002 est.)
Budget:
revenues: $1.13 billion
expenditures: $1.02 billion, including capital expenditures of $NA (2001 est.)
Industries:
coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco, food processing, buses
Industrial production growth rate:
-5% (2002 est.)
Electricity - production:
6.465 billion kWh (2001)
Electricity - production by source:
fossil fuel: 83.7%
hydro: 16.3%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
6.112 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
100 million kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
20,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
rice, tobacco, wheat, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton
Exports:
$1.1 billion f.o.b. (2002 est.)
Exports - commodities:
food, beverages, tobacco; miscellaneous manufactures, iron and steel
Exports - partners:
Germany 19.2%, Italy 9.2%, US 6.7%, Croatia 5.5%, Greece 4.6% (2002)
Imports:
$1.9 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, chemicals, fuels; food products
Imports - partners:
Greece 19.4%, Germany 14.4%, Bulgaria 7.5%, Slovenia 6.9%, Italy 6.9%, Turkey 5.9%, Ukraine 5%, Austria 4.1% (2002)
Debt - external:
$1.3 billion (2001 est.)
Economic aid - recipient:
$150 million (2001 est.)
Currency:
Macedonian denar (MKD)
Currency code:
MKD
Exchange rates:
Macedonian denars per US dollar - 64.35 (2002), 68.04 (2001), 65.9 (2000), 56.9 (1999), 54.46 (1998)
Fiscal year:
calendar year

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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