unbekannter Gast

Macedonia: Economy#

Since its independence in 1991, Macedonia has made significant progress in liberalizing its economy and improving its business environment, but has lagged the Balkan region in attracting foreign investment. Unemployment has remained consistently high at more than 30% since 2008, 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. Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the euro zone. Macedonia maintained macroeconomic stability through the global financial crisis by conducting prudent monetary policy, which keeps the domestic currency pegged against the euro, and by limiting fiscal deficits. The government has been loosening fiscal policy, however, and the budget deficit expanded to 4.2% of GDP in 2013. Macedonia achieved modest GDP growth in 2013 after a small contraction in 2012; inflation is under control.

Economic Facts#

GDP (purchasing power parity)$22.57 billion (2013 est.)
$21.89 billion (2012 est.)
$21.98 billion (2011 est.)
note: data are in 2013 US dollars; Macedonia has a large informal sector that may not be reflected in these data
GDP - real growth rate3.1% (2013 est.)
-0.4% (2012 est.)
2.9% (2011 est.)
GDP - per capita (PPP)$10,800 (2013 est.)
$10,600 (2012 est.)
$10,700 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 10.2%
industry: 27.5%
services: 62.3% (2013 est.)
Population below poverty line30.4% (2011)
Household income or consumption by percentage sharelowest 10%: 2.2%
highest 10%: 34.5% (2009 est.)
Labor force - by occupationagriculture: 18.8%
industry: 27.5%
services: 53.7% (31 September 2013)
Exports - commoditiesfood, beverages, tobacco; textiles, miscellaneous manufactures, iron, steel; automotive parts
Exports - partnersGermany 36.9%, Bulgaria 7.6%, Italy 6.5%, Kosovo 6.5%, Serbia 6.3%, Greece 5% (2012 est.)
Agriculture - productsgrapes, tobacco, vegetables, fruits; milk, eggs
Budgetrevenues: $3.023 billion
expenditures: $3.438 billion (2013 est.)
Imports - commoditiesmachinery and equipment, automobiles, chemicals, fuels, food products
Imports - partnersGreat Britain 11%, Greece 10.6%, Germany 10.5%, Serbia 7.9%, Italy 6.5%, China 5.8%, Bulgaria 5.5%, Turkey 4.8% (2012 est.)
Exchange ratesMacedonian denars (MKD) per US dollar -
46.398 (2013 est.)
47.885 (2012 est.)
46.485 (2010 est.)
44.1 (2009)
41.414 (2008)
Exports$4.267 billion (2013 est.)
$4.002 billion (2012 est.)
Debt - external$7.451 billion (30 September 2013 est.)
$6.818 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$6.6 billion (2013 est.)
$6.511 billion (2012 est.)
Industrial production growth rate3.2% (2013 est.)
Industriesfood processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals
Inflation rate (consumer prices)2.8% (2013 est.)
3.3% (2012 est.)
Labor force960,700 (2013 est.)
Unemployment rate28.6% (2013 est.)
31% (2012 est.)
Distribution of family income - Gini index39.2 (2011)
43.2 (2009)
Public debt34.3% of GDP (2013 est.)
34.1% of GDP (2012 est.)
note: official data from Ministry of Finance; data cover central government debt; this data excludes debt instruments issued (or owned) by government entities other than the treasury; includes treasury debt held by foreign entitites; excludes debt issued by sub-national entities, as well as intra-governmental debt; there are no debt instruments sold for social funds
Current account balance-$194.1 million (2013 est.)
-$385.2 million (2012 est.)
Reserves of foreign exchange and gold$2.747 billion (31 December 2013 est.)
$2.891 billion (31 December 2012 est.)
GDP (official exchange rate)$10.65 billion (2013 est.)
Stock of direct foreign investment - at home$4.695 billion (31 December 2013 est.)
$4.361 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$NA
$564 million (31 December 2009 est.)
Market value of publicly traded shares$2.214 billion (31 December 2013)
$2.423 billion (31 December 2012)
$2.495 billion (31 December 2011)
Central bank discount rate3.25% (31 December 2013 est.)
3.75% (31 December 2012 est.)
note: series discontinued in January 2010; the discount rate has been replaced by a referent rate for calculating the penalty rate
Commercial bank prime lending rate6.4% (31 December 2013 est.)
6.8% (31 December 2012 est.)
Stock of domestic credit$5.211 billion (31 December 2013 est.)
$4.681 billion (31 December 2012 est.)
Stock of narrow money$1.57 billion (31 December 2013 est.)
$1.414 billion (31 December 2012 est.)
Stock of broad money$6.286 billion (31 December 2013 est.)
$5.708 billion (31 December 2012 est.)
Taxes and other revenues30.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-4.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 77.5%
government consumption: 15.3%
investment in fixed capital: 22.5%
investment in inventories: 3.1%
exports of goods and services: 47.7%
imports of goods and services: -66.1%
(2013 est.)
Gross national saving23.2% of GDP (2013 est.)
24.7% of GDP (2012 est.)
23.2% of GDP (2011 est.)