Economy - overview The Former Yugoslav Republic of Macedonia, although the poorest republic in the former Yugoslav federation, can meet basic food and energy needs through its own agricultural and coal resources. The economy slowly rebounded in 1996-97 after years of recession. 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 depends on outside sources for all of its oil and gas and most of its modern machinery and parts. An important supplement of GDP is the remittances from thousands of Macedonians working in Germany and other West European nations.

GDP purchasing power parity - $2 billion (1997 est.)

GDP - real growth rate 1.5% (1997 est.)

GDP - per capita purchasing power parity - $960 (1997 est.)

GDP - composition by sector
agriculture: 20.4%
industry: 38.6%
services: 41% (1995 est.)

Inflation rate - consumer price index 3.5% (1997 est.)

Labor force
total: 591,773 (June 1994)
by occupation: manufacturing and mining 40% (1992)

Unemployment rate 30% (1997 est.); note - many employed workers are, in fact, furloughees

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 3.4% (1997 est.)

Electricity - capacity 1.366 million kW (1995)

Electricity - production 5.4 billion kWh (1995)

Electricity - consumption per capita 2,584 kWh (1995)

Agriculture - products rice, tobacco, wheat, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton

Exports
total value: $1.2 billion (f.o.b., 1996)
commodities: food, beverage, tobacco 17.0%, machinery and transport equipment 13.3%, other manufactured goods 58%
partners: Bulgaria, other former Yugoslav republics, Germany, Italy

Imports
total value: $1.6 billion (c.i.f., 1996)
commodities: machinery and equipment 19%, chemicals 14%, fuels 12%
partners: other former Yugoslav republics, Germany, Bulgaria, Italy, Austria

Debt - external $1.06 billion (June 1997)

Economic aid
recipient: ODA, $NA
note: US, $10 million (for humanitarian and technical assistance); in December 1995, the EU agreed to provide a credit line of ECU 21.7 million for investment projects

Currency 1 Macedonian denar (MKD) = 100 deni

Exchange rates denar per US$1 - 31 (July 1997), 40.5 (September 1996), 38.8 (December 1995), 39 (November 1994), 865 (October 1992)

Fiscal year calendar year

NOTE: The information regarding Macedonia, The Former Yugoslav Republic of on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Macedonia, The Former Yugoslav Republic of Economy 1998 information contained here. All suggestions for corrections of any errors about Macedonia, The Former Yugoslav Republic of Economy 1998 should be addressed to the CIA.