Economy of the Republic of Macedonia
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| Economy of Macedonia | |
|---|---|
| Currency | 1 Macedonian denar (MKD) = 100 deni |
| Trade organisations | WTO, OSCE |
| Statistics | |
| GDP | $18.77 billion (2009 est.) |
| GDP growth | -1.5% (2009 est.) |
| GDP per capita | $9,000 (2009 est.) |
| GDP by sector | agriculture: 11.9%; industry: 29.9%; services: 58.2% (2009 est.) |
| Inflation (CPI) | -0.8% (2009 est.) |
| Population below poverty line |
28.7% (2008) |
| Gini index | 39 (2003) |
| Labour force | 940,700 (2009 est.) |
| Labour force by occupation |
agriculture: 18.6%; industry: 29.5%; services: 51.9% (September 2009) |
| Unemployment | 31.7% (2009 est.) |
| Main industries | food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals |
| External | |
| Exports | $3.035 billion (2009 est.) |
| Export goods | food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel |
| Main export partners | Serbia and Montenegro 20.1%, Germany 15.1%, Greece 12.3%, Bulgaria 9.9%, Italy 8.7%, Croatia 6.4% (2008) |
| Imports | $4.942 billion (2009 est.) |
| Import goods | machinery and equipment, automobiles, chemicals, fuels, food products |
| Main import partners | Germany 13.2%, Greece 12.3%, Bulgaria 9.8%, Serbia and Montenegro 6.9%, Italy 6.2%, Turkey 5.6%, Slovenia 5.2%, Poland 4.3% (2008) |
| FDI stock | $3.528 billion (31 October 2009 est.) |
| Gross external debt | $5.458 billion (31 September 2009 est.) |
| Public finances | |
| Public debt | 32.4% of GDP (2009 est.) |
| Revenues | $3 billion (2009 est.) |
| Expenses | $3.236 billion (2009 est.) |
| Foreign reserves | $2.29 billion (31 December 2009 est.) |
| Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars |
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The breakup of Yugoslavia in 1991 deprived the Economy of the Republic of Macedonia, then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. An absence of infrastructure, United Nations sanctions on its largest market Federal Republic of Yugoslavia, and a Greek economic embargo hindered economic growth until 1996.
Worker remittances and foreign aid have softened the subsequent volatile recovery period. GDP has increased each year except in 2001, rising by 5% in 2000. However, growth in 1999 was held down by the severe regional economic dislocations caused by the Kosovo war.
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. The economy can meet its basic food needs but depends on outside sources for all of its oil and gas and most of its modern machinery and parts. Inflation jumped to 11% in 2000, largely due to higher oil prices.
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