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EconomyEconomy - overview
Macedonia is vulnerable to economic developments in Europe - due to strong banking and trade ties - and dependent on regional integration and progress toward EU membership for continued economic growth. 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 the Socialist Federal Republic 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. Since then, Macedonia has maintained macroeconomic stability with low inflation, but it has so far lagged the region in attracting foreign investment and creating jobs, despite making extensive fiscal and business sector reforms. Official unemployment remains high at 29.1%, but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP, that is not captured by official statistics. In the wake of the global economic downturn, Macedonia has experienced decreased foreign direct investment, lowered credit availability, and a large trade deficit. However, as a result of conservative fiscal policies and a sound financial system, in 2010 the country credit rating improved slightly to BB+ and was kept at that level in 2011. Macroeconomic stability has been maintained by a prudent monetary policy, which keeps the domestic currency pegged against the euro. As a result, GDP growth was modest, but positive, in 2010 and 2011, and inflation was under control. Gdp (purchasing power parity) World Ranking: 125
$21.62 billion (2011 est.)
$20.98 billion (2010 est.) $20.61 billion (2009 est.) Note Data are in 2011 US dollars; Macedonia has a large informal sector that may not be reflected in these data Gdp (official exchange rate)
$10.33 billion (2011 est.)
Gdp - real growth rate World Ranking: 122
3% (2011 est.)
1.8% (2010 est.) -0.9% (2009 est.) Gdp - per capita (ppp) World Ranking: 107
$10,500 (2011 est.)
$10,200 (2010 est.) $10,000 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 9.5%
Industry 27.1% Services 63.4% (2011 est.) Labor force World Ranking: 144
942,400 (2011 est.)
Labor force - by occupation
Agriculture 19.9%
Industry 22.1% Services 58% (September 2010) Unemployment rate World Ranking: 180
31.4% (2011 est.)
32% (2010 est.) Population below poverty line
30.9% (2010)
Household income or consumption by percentage share
Lowest 10% 2%
Highest 10% 32.4% (2009 est.) Distribution of family income - gini index World Ranking: 48
44.2 (2008)
39 (2003) Investment (gross fixed) World Ranking: 19
30.3% of GDP (2011 est.)
Budget
Revenues $3.103 billion
Expenditures $3.361 billion (2011 est.) Taxes and other revenues World Ranking: 92
30% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 89
-2.5% of GDP (2011 est.)
Public debt World Ranking: 110
28.2% of GDP (2011 est.)
24.6% of GDP (2010 est.) Note Data cover Central Government debt Inflation rate (consumer prices) World Ranking: 94
3.9% (2011 est.)
1.6% (2010 est.) Central bank discount rate World Ranking: 50
4% (31 December 2011 est.)
6.5% (31 December 2009 est.) Note Series discontinued in January 2010; the discount rate has been replaced by a referent rate for calculating the penalty rate Commercial bank prime lending rate World Ranking: 119
8.87% (31 December 2011 est.)
7.9% (31 December 2010 est.) Stock of narrow money World Ranking: 130
$1.792 billion (31 December 2011 est.) $1.239 billion (31 December 2010 est.) Stock of broad money World Ranking: 125
$5.415 billion (31 December 2011 est.) $5.022 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 117
$4.418 billion (31 December 2011 est.) $4.448 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 92
$2.504 billion (31 December 2011) $2.647 billion (31 December 2010) $922.2 million (31 December 2009) Agriculture - products
Grapes, tobacco, vegetables, fruits; milk, eggs Industries
Food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals Industrial production growth rate World Ranking: 82
4% (2011 est.)
Electricity - production World Ranking: 108
6.39 billion kWh (2011 est.)
Electricity - consumption World Ranking: 92
9.024 billion kWh (2011 est.)
Electricity - exports
0 kWh (2011 est.)
Electricity - imports
2.634 billion kWh (2011 est.)
Oil - production World Ranking: 118
116.2 bbl/day (2010 est.)
Oil - consumption World Ranking: 129
19,000 bbl/day (2010 est.)
Oil - exports World Ranking: 96
8,594 bbl/day (2010)
Oil - imports World Ranking: 109
21,530 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 157
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 209
0 cu m (2011 est.)
Natural gas - consumption World Ranking: 102
136.8 million cu m (2011)
Natural gas - exports World Ranking: 137
0 cu m (2011 est.)
Natural gas - imports World Ranking: 72
136.8 million cu m (2011)
Natural gas - proved reserves World Ranking: 200
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 94
-$300 million (2011 est.)
-$262 million (2010 est.) Exports World Ranking: 120
$4.348 billion (2011 est.)
$3.296 billion (2010 est.) Exports - commodities
Food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel Exports - partners
Germany 28.5%, Italy 7.3%, Bulgaria 5.4%, Greece 5% (2011) Imports World Ranking: 112
$7.007 billion (2011 est.)
$5.241 billion (2010 est.) Imports - commodities
Machinery and equipment, automobiles, chemicals, fuels, food products Imports - partners
Germany 13.1%, Greece 13.1%, Bulgaria 11.1%, UK 7.9%, Turkey 5.4%, Italy 5.4% (2011) Reserves of foreign exchange and gold World Ranking: 111
$2.581 billion (31 December 2011 est.) $2.278 billion (31 December 2010 est.) Debt - external World Ranking: 106
$6.609 billion (31 December 2011 est.) $5.804 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 87
$4.036 billion (31 December 2011 est.) $3.739 billion (31 October 2010 est.) Stock of direct foreign investment - abroad
$NA (31 December 2011)
$564 million (31 December 2009 est.) Exchange rates
Macedonian denars (MKD) per US dollar - 44.231 (2011 est.)46.485 (2010 est.) 44.1 (2009) 41.414 (2008) 44.732 (2007) Fiscal year
Calendar year
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The Former Yugoslav Republic Of Macedonia (Skopje):
 
GPS points from The Former Yugoslav Republic Of Macedonia (Skopje)
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Macedonia gained its independence peacefully from Yugoslavia in 1991. Greece's objection to the new state's use of what it considered a Hellenic name and symbols delayed international recognition, which occurred under the provisional designation of "the Former Yugoslav Republic of Macedonia." In 1995, Greece lifted a 20-month trade embargo and the two countries agreed to normalize relations, but the issue of the name remained unresolved and negotiations for a solution are ongoing. Since 2004, the United States and 133 other nations have recognized Macedonia by its constitutional name, Republic of Macedonia. Some ethnic Albanians, angered by perceived political and economic inequities, launched an insurgency in 2001 that eventually won the support of the majority of Macedonia's ethnic Albanian population and led to the internationally-brokered Ohrid Framework Agreement, which ended the fighting and established guidelines for the creation of new laws that enhanced the rights of minorities. Fully implementing the Framework Agreement, maintaining momentum on democratic reforms, and stimulating economic growth and development continue to be challenges for Macedonia, although progress has been made over the past several years.