Overview of the macedonian economy
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Overview of the Macedonian Economy. U.S. Embassy Skopje. Important events. September 8th, 1991, a referendum on sovereignty and independence November 17th, 1991, Constitution was adopted April 26th, 1992, monetary independence and introduction of new national currency - Denar

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Important events

  • September 8th, 1991, a referendum on sovereignty and independence

  • November 17th, 1991, Constitution was adopted

  • April 26th, 1992, monetary independence and introduction of new national currency - Denar

  • April 8th, 1993, Macedonia became the 181st member of the UN

  • April 1993, Macedonia became a member of the World Bank and the IMF

  • April 4th, 2003, Macedonia became a member of the WTO

  • November 2005, Macedonia became candidate country for membership in the EU


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Demography

  • Total area: 25,713 square km

  • Total population: 2.0 million

  • Growth rate: 0.4%

  • Rural: 40.2%

  • Urban: 59.8%

Source: State Statistical Office of the Republic of Macedonia


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Ethnic composition

Source: Census 2002, State Statistical Office of the Republic of Macedonia


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Gross Domestic Product (in %)

1999 4.3%

2000 4.5%

2001 -4.5%

2002 0.9%

2003 2.8%

2004 4.1%

2005 4.1%

2006 4.0%

  • 6.1%

    2008 5.0%

    2009 -0.5%

    Q1 ‘10 -0.9%

Kosovo crisis

World economic crisis

Ethnic conflict

2010 2% (projection)

Source: State Statistical Office of the Republic of Macedonia


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GDP per capita in US$

1997 1,732

1998 1,783

1999 1,821

2000 1,771

2001 1,689

2002 1,866

2003 2,285

2004 2,641

2005 2,855

2006 3,124

2007 3,876

2008 4,648

2009 4,261

Source: State Statistical Office of the Republic of Macedonia


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Main componentsof GDP in Q1 2010

20.2

Financial intermediation, real estate, renting and business activities

Public administration, defense, education, health and social work

Mining, quarrying, manufacturing and electricity, gas and water supply

Trade (wholesale and retail)

Agriculture, forestry and fishing

Transport and communication

Construction

18.9

17.0

11.3

8.0

7.7

3.2

Source: State Statistical Office of the Republic of Macedonia


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Industrial output(average rate = period / last year’s period)

---- projected

Source: State Statistical Office of the Republic of Macedonia


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Industrial output by branches(pct. change)

Source: State Statistical Office of the Republic of Macedonia


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Foreign trade(in million US$)

Projected

Source: National Bank of the Republic of Macedonia


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Foreign trade(in % change = period / last year’s period)

* projected

Source: National Bank of the Republic of Macedonia


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Trade balance

---- projected

Source: National Bank of the Republic of Macedonia


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Exports

1. Germany = 19.4%

2. Kosovo = 13.3%

3. Bulgaria = 9.7%

4. Greece = 8.8%

5. Serbia = 7.8%

6. Italy = 7.3%

7. Croatia = 5.0%

Imports

Germany = 11.2%

Russia = 10.5%

3. Serbia = 7.8%

4. Greece = 7.6%

5. Italy = 6.5%

6. China = 5.4%

7. Bulgaria = 5.1%

Top trading partners(at the end of June 2010, in percent of total)

Source: National Bank of the Republic of Macedonia


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Trade with the USA(on cumulative basis, in million US$)

Source: National Bank of the Republic of Macedonia


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Current account balance

projected

Source: National Bank of the Republic of Macedonia


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Foreign Direct Investment(in million US$)

2000 215.7

2001 446.3

2002 105.5

2003 117.5

2004 321.9

2005 94.2

2006 423.9

2007 699.0

2008 598.6

2009 247.9

May ‘10 134.5

Source: National Bank of the Republic of Macedonia


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Budget revenues and expenditures(in million Denar)

Source: Ministry of Finance of the Republic of Macedonia


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Budget balance(as % of GDP)

--- projected

Source: Ministry of Finance of the Republic of Macedonia


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Fiscal performance (June 2010, in million denars)

Source: Ministry of Finance of the Republic of Macedonia


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Nominal Weighted Interest Rates

Source: National Bank of the Republic of Macedonia


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Foreign exchange reserves(in million US$)

Dec.1998 333.5

Dec.1999 458.4

Dec.2000 713.6

Dec.2001 775.2

Dec.2002 734.5

Dec.2003 903.4

Dec.2004 985.7

Dec.2005 1,331.1

Dec.2006 1,871.0 

Dec.2007 2,219.2

Dec.2008 2,106.2

Dec.2009 2,289.8

Jul.2010 2,148.5

Source: National Bank of the Republic of Macedonia


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Inflation(average rate = period / last year’s period)

* projected

Source: National Bank of the Republic of Macedonia


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Wages and consumers’ basket(in US$)

4.4% of employees have not received wage in May 2010

Source: State Statistical Office of the Republic of Macedonia


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Unemployment (in percent)

Source: Labor Force Survey (State Statistical Office)

- 28.7% of the population lived below the poverty line in 2008

- “gray economy” is estimated between 15% and 40% of GDP


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External Debt

Source: National Bank of the Republic of Macedonia


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Challenges

  • Restore sustainable economic growth

  • Respect property rights and enforce the rule of law

  • Judiciary reform

  • Continue reforms in the Cadastre

  • Public administration reform

  • Improve the business climate

  • Attract more FDI

  • Continue battle against corruption, improve governance, reduce “gray economy”

  • EU and NATO accession


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