Short facts about the economy in Macedonia

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)

Population below poverty line:

25% (2000 est.)

Household income or consumption by percentage share:

lowest 10%:  NA% highest 10%:  NA%

Inflation rate (consumer prices):

11% (2000 est.)

Labor force:

1 million (1999 est.)

Labor force - by occupation:

agriculture NA%, industry NA%, services NA%

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)

Electricity - exports:

30 million kWh (1999)

Electricity - imports:

75 million 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)

Currency code:

MKD

Exchange rates:

Macedonian denars per US dollar - 64.757 (January 2001), 65.904 (2000), 56.902 (1999), 54.462 (1998), 50.004 (1997), 39.981 (1996)

Fiscal year:

calendar year

Source: World Factbook