Economy of North Macedonia
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Economy - overview:
The breakup of Yugoslavia in 1991 deprived 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, UN 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, 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.
GDP: purchasing power parity - $15.55 billion (2005 est.)
GDP - real growth rate: 4% (in 2005)
GDP - per capita: purchasing power parity - $7,400 (2005 est.)
GDP - composition by sector:
agriculture:
11.7%
industry:
32.1%
services:
56.2% (2005 est.)
Population below poverty line: 30.2% (2003 est.)
Household income or consumption by percentage share:
lowest 10%:
NA%
highest 10%:
NA%
Inflation rate (consumer prices): 1% (2005 est.)
Labor force: 855000 (2004 est.)
Labor force - by occupation: agriculture NA%, industry NA%, services NA%
Unemployment rate: 38% (2005)
Budget:
revenues:
$2.169 billion
expenditures:
$2.253 billion, including capital expenditures of $114 million (2005 est.)
Industries: coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco
Industrial production growth rate: 5.5% (2005 est)
Electricity - production: 5.566 GWh (2003)
Electricity - production by source:
fossil fuel:
82.25%
hydro:
17.75%
nuclear:
0%
other:
0% (1999)
Electricity - consumption: 5.289 GWh (2005)
Electricity - exports: 0 kWh (2003)
Electricity - imports: 112 kWh (2003)
Agriculture - products: rice, tobacco, wheat, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton
Exports: $2.047 billion (f.o.b., 2005 est.)
Exports - commodities: food, beverages, tobacco; miscellaneous manufactures, iron and steel
Exports - partners: Serbia and Montenegro 31.4%, Germany 19.9%, Greece 9%, Croatia 6.9%, US 4.9% (2004 est)
Imports: $3.196 billion (f.o.b., 2005 est.)
Imports - commodities: machinery and equipment, chemicals, fuels; food products
Imports - partners: Greece 15.5%, Germany 13.1%, Serbia and Montenegro 10.4%, Slovenia 8.6%, Bulgaria 8.1%, Turkey 6%, Romania 4.7% (2004 est)
Debt - external: $2.207 billion (2005)
Economic aid - recipient: $250 million from the EU (2003)
Currency: 1 Macedonian denar (MKD) = 100 deni
Exchange rates: denars per US$1 - Macedonian denars per US dollar - 48.92 (2005), 49.41 (2004), 54.322 (2003), 64.35 (2002), 68.037 (2001)
Fiscal year: calendar year
