Economy - overview: At independence in November 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 center and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on its largest market Yugoslavia, and a Greek economic embargo hindered economic growth until 1996. GDP has subsequently increased each year, rising by 5% in 2000. 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. Inflation jumped to 11% in 2000, largely due to higher oil prices.

GDP: purchasing power parity - $9 billion (2000 est.)

GDP - real growth rate: 5% (2000 est.)

GDP - per capita: purchasing power parity - $4,400 (2000 est.)

GDP - composition by sector:
agriculture: 12%
industry: 25%
services: 63% (2000)

Population below poverty line: 25% (2000 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 11% (2000 est.)

Labor force: 1 million (1999 est.)

Labor force - by occupation: agriculture NA%, industry NA%, services NA%

Unemployment rate: 32% (2000)

Budget:
revenues: $1.06 billion
expenditures: $1 billion, including capital expenditures of $107 million (1996 est.)

Industries: coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco

Industrial production growth rate: 3% (2000)

Electricity - production: 6.395 billion kWh (1999)

Electricity - production by source:
fossil fuel: 82.25%
hydro: 17.75%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 5.992 billion kWh (1999)

Electricity - exports: 30 million kWh (1999)

Electricity - imports: 75 million kWh (1999)

Agriculture - products: rice, tobacco, wheat, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton

Exports: $1.4 billion (f.o.b., 2000 est.)

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

Exports - partners: Germany 22%, Yugoslavia 22%, US 12%, Greece 7%, Italy 6% (2000)

Imports: $2 billion (f.o.b., 2000 est.)

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

Imports - partners: Germany 13%, Ukraine 13%, Russia 10%, Yugoslavia 8%, Greece 8% (2000)

Debt - external: $1.4 billion (2000)

Economic aid - recipient: $100 million from the EU (2000)

Currency: Macedonian denar (MKD)

Currency code: MKD

Exchange rates: Macedonian denars per US dollar - 64.757 (January 2001), 65.904 (2000), 56.902 (1999), 54.462 (1998), 50.004 (1997), 39.981 (1996)

Fiscal year: calendar year

NOTE: The information regarding Macedonia, The Former Yugoslav Republic of on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Macedonia, The Former Yugoslav Republic of Economy 2001 information contained here. All suggestions for corrections of any errors about Macedonia, The Former Yugoslav Republic of Economy 2001 should be addressed to the CIA.