Macedonia/Economy

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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:
agriculture: 13%
industry: 32%
services: 55% (1998 est.)

Population below poverty line: NA%

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

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:
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: -2% (1999 est.)

Electricity - production: 6.664 billion kWh (1998)

Electricity - production by source:
fossil fuel: 85.37%
hydro: 14.63%
nuclear: 0%
other: 0% (1998)

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