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Macedonia, Economy 2000 Economy - overview: The breakup of Yugoslavia in 1991 deprived Macedonia, then 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. Growth in 1999 was held down by the severe regional economic dislocations caused by the Kosovo conflict. GDP: purchasing power parity - $7.6 billion (1999 est.) GDP - real growth rate: 2.5% (1999 est.) GDP - per capita: purchasing power parity - $3,800 (1999 est.) GDP - composition by sector:
Population below poverty line: NA% Household income or consumption by percentage share:
Inflation rate (consumer prices): 1% (1999 est.) Labor force: 673,000 (1995 est.) Labor force - by occupation: agriculture NA%, industry NA%, services NA% Unemployment rate: 35% (1999 est.) Budget:
Industries: coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco Industrial production growth rate: -2% (1999 est.) Electricity - production: 6.664 billion kWh (1998) Electricity - production by source:
Electricity - consumption: 6.198 billion kWh (1998) Electricity - exports: 0 kWh (1998) Electricity - imports: 0 kWh (1998) Agriculture - products: rice, tobacco, wheat, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton Exports: $1.2 billion (f.o.b., 1999 est.) Exports - commodities: food, beverages, tobacco; miscellaneous manufactures, iron and steel Exports - partners: Germany 21%, Serbia and Montenegro 18%, US 13%, Greece 7%, Italy 6% (1998) Imports: $1.56 billion (f.o.b., 1999 est.) Imports - commodities: machinery and equipment, chemicals, fuels; food products Imports - partners: Germany 13%, Serbia and Montenegro 13%, Slovenia 8%, Ukraine 6%, Italy 6% (1998) Debt - external: $1.7 billion (1998 est.) Economic aid - recipient: Taiwan $10.5 million; EU $100 million to be split with Albania (1999) Currency: 1 Macedonian denar (MKD) = 100 deni Exchange rates: denars per US$1 - 59.773 (January 2000), 56.902 (1999), 54.462 (1998), 50.004 (1997), 39.981 (1996), 37.882 (1995) Fiscal year: calendar year |