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Macedonia, The Former Yugoslav Republic of Economy 1999

    Economy—overview: The breakup of Yugoslavia in 1991 deprived Macedonia, its poorest republic, of key protected markets and large transfer payments from the center. Worker remittances and foreign aid have softened the subsequent volatile recovery period. Continued recovery depends on Macedonia's ability to attract investment, to redevelop trade ties with Greece and Serbia and Montenegro, and to maintain its commitment to economic liberalization. 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.

    GDP: purchasing power parity—$2.1 billion (1998 est.)

    GDP—real growth rate: 4.5% (1998 est.)

    GDP—per capita: purchasing power parity—$1,050 (1998 est.)

    GDP—composition by sector:
    agriculture: 20.4%
    industry: 38.6%
    services: 41% (1995 est.)

    Population below poverty line: NA%

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

    Inflation rate (consumer prices): 3% (1998 est.)

    Labor force: 591,773 (June 1994)

    Labor force—by occupation: manufacturing and mining 40% (1992)

    Unemployment rate: 30% (1998 est.); note—many employed workers are, in fact, furloughees

    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: 3.4% (1997 est.)

    Electricity—production: 6.06 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 80.2%
    hydro: 19.8%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 6.06 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $1.2 billion (f.o.b., 1997)

    Exports—commodities: food, beverages, tobacco 17.0%, machinery and transport equipment 13.3%, other manufactured goods 58%

    Exports—partners: Bulgaria, other former Yugoslav republics, Germany, Italy

    Imports: $1.6 billion (c.i.f., 1997)

    Imports—commodities: machinery and equipment 19%, chemicals 14%, fuels 12%

    Imports—partners: other former Yugoslav republics, Germany, Bulgaria, Italy, Austria

    Debt—external: $1.06 billion (June 1997)

    Economic aid—recipient: ODA, $100 million (1996 est.)

    Currency: 1 Macedonian denar (MKD) = 100 deni

    Exchange rates: denars per US$1—52.156 (January 1999), 54.462 (1998), 50.004 (1997), 39.981 (1996), 37.882 (1995), 43.263 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)