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Macedonia Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Macedonia Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 23,

Economy - overview:
Macedonia is vulnerable to economic developments in Europe - due to strong banking and trade tire - 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 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 more than 30%, but may be overstated based on the existence of an extensive gray market, estimated to be more than 20% 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. 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.

GDP (purchasing power parity):
$21.32 billion (2011 est.)
country comparison to the world: 124

$20.71 billion (2010 est.)
$20.3 billion (2009 est.)
note: data are in 2011 US dollars; Macedonia has a large informal sector
[see also: GDP country ranks ]

GDP (official exchange rate):
$10.3 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2011 est.)
country comparison to the world: 120

1.8% (2010 est.)
-0.9% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,400 (2011 est.)
country comparison to the world: 106

$10,100 (2010 est.)
$9,900 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 12%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 29.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 58.4% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
938,000 (2011 est.)
country comparison to the world: 144
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 19.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 58% (September 2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
29.1% (2011 est.)
country comparison to the world: 174

30.6% (2010 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.7% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 34.5% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
44.2 (2008)
country comparison to the world: 45

39 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
28.3% of GDP (2011 est.)
country comparison to the world: 40
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $6.867 billion
[see also: Budget revenues country ranks ]
expenditures: $3.684 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
30.9% of GDP (2011 est.)
country comparison to the world: 84
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2011 est.)
country comparison to the world: 99
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
26.1% of GDP (2011 est.)
country comparison to the world: 102

24.6% of GDP (2010 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
4.4% (2011 est.)
country comparison to the world: 104

58% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2010 est.)
country comparison to the world: 53

6.5% (31 December 2009 est.)
note: series discontinued in January 2010. Discount rate was replaced by a referent rate for calculating the penalty rate: 4.0% (31 December 2010)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.7% (31 December 2011 est.)
country comparison to the world: 107

9.5% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.41 billion (31 December 2011 est.)
country comparison to the world: 135

$1.249 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.879 billion (31 December 2011 est.)
country comparison to the world: 129

$5.076 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.988 billion (31 December 2011 est.)
country comparison to the world: 115

$4.322 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.647 billion (31 December 2010)
country comparison to the world: 104

$922.2 million (31 December 2009)
$823.5 million (31 December 2008)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
grapes, tobacco, vegetables, fruits; milk, eggs

Industries:
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals

Industrial production growth rate:
10% (2011 est.)
country comparison to the world: 9
[see also: Industrial production growth rate country ranks ]

Electricity - production:
6.819 billion kWh (2010 est.)
country comparison to the world: 102
[see also: Electricity - production country ranks ]

Electricity - consumption:
8.189 billion kWh (2010 est.)
country comparison to the world: 93
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2010 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
1.37 billion kWh (2010 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
116.2 bbl/day (2010 est.)
country comparison to the world: 119
[see also: Oil - production country ranks ]

Oil - consumption:
19,000 bbl/day (2010 est.)
country comparison to the world: 130
[see also: Oil - consumption country ranks ]

Oil - exports:
8,594 bbl/day (2010)
country comparison to the world: 97
[see also: Oil - exports country ranks ]

Oil - imports:
21,530 bbl/day (2009 est.)
country comparison to the world: 110
[see also: Oil - imports country ranks ]

Natural gas - production:
0 cu m (2010 est.)
country comparison to the world: 98
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
117.4 million cu m (2010)
country comparison to the world: 103
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2010 est.)
country comparison to the world: 143
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
117.4 million cu m (2010)
country comparison to the world: 71
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2011 est.)
country comparison to the world: 166
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$6 billion (2011 est.)
country comparison to the world: 175

-$300 million (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$3.8 billion (2011 est.)
country comparison to the world: 122

$3.3 billion (2010 est.)
[see also: Exports country ranks ]

Exports - commodities:
food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel

Exports - partners:
Germany 20.2%, Italy 7.1%, Bulgaria 7.1%, Greece 6.4% (2010)

Imports:
$5.9 billion (2011 est.)
country comparison to the world: 115

$5.241 billion (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, automobiles, chemicals, fuels, food products

Imports - partners:
Germany 11.5%, Russia 11.1%, Greece 8.3%, Bulgaria 8.2%, UK 7%, Turkey 5.1%, Italy 5.1% (2010)

Reserves of foreign exchange and gold:
$2.417 billion (31 December 2011 est.)
country comparison to the world: 113

$2.278 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.229 billion (31 December 2011 est.)
country comparison to the world: 106

$5.704 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$3.739 billion (31 October 2010 est.)
country comparison to the world: 86

$3.554 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA (31 December 2010)

$564 million (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Macedonian denars (MKD) per US dollar -

43.64 (2011 est.)
46.325 (2010 est.)
44.1 (2009)
41.414 (2008)
44.732 (2007)


NOTE: 1) The information regarding Macedonia on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Macedonia Economy 2012 information contained here. All suggestions for corrections of any errors about Macedonia Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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