Macedonia/

Having a small, open economy makes Macedonia vulnerable to economic developments in Europe 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 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 33%, but may be overstated based on the existence of an extensive gray market, estimated to be more than 20% 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, and a large trade deficit, but the financial system remained sound. Macroeconomic stability was maintained by a prudent monetary policy, which kept the domestic currency at the pegged level against the euro, at the expense of raising interest rates. As a result, GDP fell in 2009. but returned to positive in 2010.

$19.46 billion (2010 est.)

$19.18 billion (2009 est.)

$19.31 billion (2008 est.)

$9.58 billion (2010 est.)

1.5% (2010 est.)

-0.7% (2009 est.)

4.8% (2008 est.)

$9,400 (2010 est.)

$9,300 (2009 est.)

$9,400 (2008 est.)

942,000 (2010 est.)

33.1% (2010 est.)

32.2% (2009 est.)

28.7% (2008)

39 (2003)

22.3% of GDP (2010 est.)

25.7% of GDP (2010 est.)

32.4% of GDP (2009 est.)

1.5% (2010 est.)

-0.8% (2009 est.)

6.5% (31 December 2009)

6.5% (31 December 2008)

10.07% (31 December 2009 est.)

9.68% (31 December 2008 est.)

$1.146 billion (31 December 2010 est)

$1.184 billion (31 December 2009 est)

$4.134 billion (31 December 2010 est.)

$4.217 billion (31 December 2009 est.)

$4.001 billion (31 December 2010 est.)

$4.055 billion (31 December 2009 est.)

$2.859 billion (31 December 2009)

$823.5 million (31 December 2008)

$2.715 billion (31 December 2007)

grapes, tobacco, vegetables, fruits; milk, eggs

food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals

1.3% (2010 est.)

6.162 billion kWh (2009 est.)

7.797 billion kWh (2009 est.)

0 kWh (2009 est.)

1.635 billion kWh (2009 est.)

0 bbl/day (2009 est.)

20,000 bbl/day (2009 est.)

4,672 bbl/day (2009 est.)

20,000 bbl/day (2009 est.)

0 bbl (1 January 2010 est.)

0 cu m (2009 est.)

80 million cu m (2009 est.)

0 cu m (2009 est.)

82 million cu m (2009 est.)

0 cu m (1 January 2010 est.)

-$328 million (2010 est.)

-$645.6 million (2009 est.)

$3.171 billion (2010 est.)

$2.686 billion (2009 est.)

food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel

Germany 20.31%, Greece 13.09%, Italy 11.08%, Bulgaria 10.61%, Croatia 7.74% (2009)

$5.113 billion (2010 est.)

$4.842 billion (2009 est.)

machinery and equipment, automobiles, chemicals, fuels, food products

Germany 15.11%, Greece 14.88%, Bulgaria 9.08%, Italy 7.68%, Turkey 7.59%, Slovenia 6.26%, Hungary 4.31% (2009)

$2.127 billion (31 December 2010 est.)

$2.292 billion (31 December 2009 est.)

$5.52 billion (31 December 2010 est.)

$5.5 billion (31 December 2009 est.)

$3.528 billion (31 October 2009 est.)

$3.357 billion (2007 est.)

$NA

Macedonian denars (MKD) per US dollar - 47.601 (2010), 44.1 (2009), 41.414 (2008), 44.732 (2007), 48.978 (2006)