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Macedonia Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Macedonia Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 14, 2013

Economy - overview:
Macedonia is vulnerable to economic developments in Europe - due to strong banking and trade ties - 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 the Socialist Federal Republic 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 31%, but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% 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 to BB+ and was kept at that level in 2011-12. 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, from 2010 to 2012, and inflation was under control.

GDP (purchasing power parity):
$22.15 billion (2012 est.)
country comparison to the world: 126

$21.94 billion (2011 est.)
$21.28 billion (2010 est.)
note: data are in 2012 US dollars; Macedonia has a large informal sector that may not be reflected in these data
[see also: GDP country ranks ]

GDP (official exchange rate):
$10.2 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2012 est.)
country comparison to the world: 162

3.1% (2011)
2.9% (2010)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,700 (2012 est.)
country comparison to the world: 108

$10,600 (2011 est.)
$10,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 11.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 27.3%
services: 61.6% (2012 est.)

Labor force:
936,000 (2012 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%
services: 58% (September 2010)

Unemployment rate:
31.3% (2012 est.)
country comparison to the world: 181

31.4% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
30.9% (2010)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.4% (2009 est.)

Distribution of family income - Gini index:
44.2 (2008)
country comparison to the world: 47

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

Investment (gross fixed):
29.2% of GDP (2012 est.)
country comparison to the world: 21
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $2.922 billion
[see also: Budget revenues country ranks ]
expenditures: $3.186 billion (2012 est.)

Taxes and other revenues:
28.7% of GDP (2012 est.)
country comparison to the world: 108
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.6% of GDP (2012 est.)
country comparison to the world: 90
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
27.3% of GDP (2012 est.)
country comparison to the world: 118

28.7% of GDP (2011 est.)
note: data cover Central Government debt
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
3.3% (2012 est.)
country comparison to the world: 90

3.9% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4% (31 December 2011 est.)
country comparison to the world: 54

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

Commercial bank prime lending rate:
8.8% (31 December 2012 est.)
country comparison to the world: 107

8.87% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.335 billion (31 December 2012 est.)
country comparison to the world: 139

$1.29 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.415 billion (31 December 2011 est.)
country comparison to the world: 127

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

Stock of domestic credit:
$4.487 billion (31 December 2012 est.)
country comparison to the world: 117

$4.418 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.504 billion (31 December 2011)
country comparison to the world: 92

$2.647 billion (31 December 2010)
$922.2 million (31 December 2009)
[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:
4% (2011 est.)
country comparison to the world: 82
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$242 million (2012 est.)
country comparison to the world: 83

-$273.5 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$4.338 billion (2012 est.)
country comparison to the world: 121

$4.429 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Germany 28.1%, Italy 7.2%, Bulgaria 5.4%, Greece 4.9% (2011)

Imports:
$6.188 billion (2012 est.)
country comparison to the world: 117

$6.759 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Greece 14.2%, Germany 13.2%, Bulgaria 11.1%, UK 8%, Turkey 5.4%, Italy 5.4% (2011)

Reserves of foreign exchange and gold:
$2.698 billion (31 December 2012 est.)
country comparison to the world: 111

$2.677 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.74 billion (31 December 2012 est.)
country comparison to the world: 104

$6.727 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$4.036 billion (31 December 2011 est.)
country comparison to the world: 88

$3.739 billion (31 October 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA (31 December 2011)

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

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

48.1 (2012 est.)
44.231 (2011 est.)
46.485 (2010 est.)
44.1 (2009)
41.414 (2008)

Fiscal year:
calendar year


NOTE: 1) The information regarding Macedonia on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Macedonia Economy 2013 information contained here. All suggestions for corrections of any errors about Macedonia Economy 2013 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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