| People | Macedonia |
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Economy - overview:
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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 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. GDP subsequently rose each year through 2000. In 2001, during a civil conflict, 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 averaged 4% per year during 2003-07, expanding to 5.1% in 2007. 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 nearly 35%, but may be overstated based on the existence of an extensive gray market, estimated to be more than 20 percent of GDP, that is not captured by official statistics. |
GDP (purchasing power parity):
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$17.35 billion
note: Macedonia has a large informal sector (2007 est.) |
GDP (official exchange rate):
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$7.497 billion (2007 est.) |
GDP - real growth rate:
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5.1% (2007 est.) |
GDP - per capita (PPP):
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$8,400 (2007 est.) |
GDP - composition by sector:
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agriculture: 11.9%
industry: 28.2%
services: 59.9% (2007 est.) |
Investment (gross fixed):
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17.7% of GDP (2007 est.) |
Population below poverty line:
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29.8% (2006) |
Household income or consumption by percentage share:
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lowest 10%: 2.4%
highest 10%: 29.6% (2003) |
Distribution of family income - Gini index:
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39 (2003) |
Inflation rate (consumer prices):
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2.3% (2007 est.) |
Labor force:
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890,000 (2007 est.) |
Labor force participation rate:
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43.18 % of population |
Labor force - by occupation:
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agriculture: 19.6%
industry: 30.4%
services: 50% (September 2007) |
Unemployment rate:
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34.9% (2007 est.) |
Budget:
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revenues: $2.508 billion
expenditures: $2.487 billion (2007 est.) |
Budget revenues per capita:
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1,217 USD per capita |
Public debt:
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30.8% of GDP (2007 est.) |
Industries:
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food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals |
Industrial production growth rate:
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1.7% (2007 est.) |
Electricity - production:
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6.051 billion kWh (2007) |
Electricity - production per capita:
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2,936 kWh per capita |
Electricity - consumption:
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8.651 billion kWh (2007) |
Electricity - consumption - per capita:
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4,197 kWh per capita |
Electricity - exports:
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0 kWh (2007) |
Electricity - imports:
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2.6 billion kWh (2007) |
Oil - production:
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0 bbl/day (2007) |
Oil - production per capita:
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void |
Oil - consumption:
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21,700 bbl/day (2007) |
Oil - consumption - per capita:
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3.84 bbl/year per capita |
Oil - exports:
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4,134 bbl/day (2004) |
Oil - imports:
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23,150 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2008 est.) |
Natural gas - production:
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0 cu m (2007) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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102.8 million cu m (2007) |
Natural gas - consumption - per capita:
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50 cu m per capita |
Natural gas - exports:
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0 cu m (2007) |
Natural gas - imports:
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102.8 million cu m (2007) |
Natural gas - proved reserves:
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0 cu m (1 January 2008 est.) |
Agriculture - products:
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grapes, wine, tobacco, vegetables, fruits; milk, eggs |
Current account balance:
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-$249 million (2007 est.) |
Current account balance - per capita:
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-120 USD per capita |
Exports:
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$3.35 billion f.o.b. (2007 est.) |
Exports per capita:
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1,626 USD per capita |
Exports - commodities:
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food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel |
Exports - partners:
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Serbia and Montenegro 19.4%, Germany 14.7%, Greece 10.5%, Italy 10.2%, Bulgaria 9.9%, Croatia 5.6%, Belgium 5.1%, Spain 5.1% (2007) |
Imports:
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$4.977 billion f.o.b. (2007 est.) |
Imports per capita:
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2,415 USD per capita |
Imports - commodities:
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machinery and equipment, automobiles, chemicals, fuels, food products |
Imports - partners:
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Germany 11.5%, Greece 11.3%, Russia 11.1%, Bulgaria 8.4%, Serbia and Montenegro 6.7%, Turkey 5.7%, Italy 5.5%, Slovenia 4.3% (2007) |
Reserves of foreign exchange and gold:
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$2.265 billion (31 December 2007) |
Reserves of foreign exchange and gold - per capita:
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1,099 USD per capita |
Debt - external:
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$3.967 billion (31 December 2007) |
Debt - external - per capita:
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1,925 USD per capita |
Stock of direct foreign investment - at home:
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$2.405 billion (2007 est.) |
Stock of direct foreign investment - abroad:
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$NA |
Market value of publicly traded shares:
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$646 million (2005) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$230.3 million (2005) |
Economic aid - recipient per capita:
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112 USD per capita |
Currency (code):
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Macedonian denar (MKD) |
Exchange rates:
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Macedonian denars per US dollar - 44.732 (2007), 48.978 (2006), 48.92 (2005), 49.41 (2004), 54.322 (2003) |
Fiscal year:
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calendar year |
|
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