Economy - overview The Former Yugoslav Republic of Macedonia, although the poorest republicin the former Yugoslav federation, can meet basic food and energy needs throughits own agricultural and coal resources. The economy slowly rebounded in 1996after years of recession. Continued recovery depends on Macedonia's abilityto redevelop trade ties with Greece and Serbia and Montenegro; as well ason Skopje's continued commitment to economic liberalization. The economy dependson outside sources for all of its oil and gas and most of its modern machineryand parts. An important supplement of GDP is the remittances from thousandsof Macedonians working in Germany and other West European nations.

GDP purchasing power parity - $2 billion (1996 est.)

GDP - real growth rate 1.1% (1996 est.)

GDP - per capita purchasing power parity - $960 (1996 est.)

GDP - composition by sector
agriculture: 24%
industry: 44%
services : 32%

Inflation rate - consumer price index 5% (1996 est.)

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

Unemployment rate 38% (1996 est.); note - many employed workers are, in fact, furloughees

Budget
revenues : $1.06 billion
expenditures: $1 billion, including capital expenditures of $NA (1996 est.)

Industries coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products,tobacco

Industrial production growth rate 3.4% (1996 est.)

Electricity - capacity 1.38 million kW (1994)

Electricity - production 5.22 billion kWh (1994)

Electricity - consumption per capita 2,408 kWh (1995 est.)

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

Exports
total value: $900 million (1996 est.)
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: $1.4 billion (1996 est.)
commodities: machinery and equipment 19%, chemicals 14%, fuels 12%
partners: other former Yugoslav republics, Germany, Bulgaria, Italy, Austria

Debt - external $1.2 billion (1996 est.)

Economic aid
recipient: ODA, $NA
note: US, $10 million (for humanitarian and technical assistance); in December1995, the EU agreed to provide a credit line of ECU 21.7 million for investmentprojects

Currency 1 Macedonian denar (MKD) = 100 deni

Exchange rates denar per US$1 - 40.5 (September 1996), 38.8 (December 1995), 39 (November1994), 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 1997 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 1997 information contained here. All suggestions for corrections of any errors about Macedonia, The Former Yugoslav Republic of Economy 1997 should be addressed to the CIA.