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Economy of the Republic of Macedonia: Wikis


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Economy of Macedonia
Currency 1 Macedonian denar (MKD) = 100 deni
Trade organisations WTO, OSCE
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.)
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
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

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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