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1994-05-02
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94 lines
<text>
<title>
Macedonia: Economy
</title>
<article><hdr>The World Factbook 1993: Macedonia
Economy</hdr><body>
<p>Overview: Macedonia, although the poorest among the six republics
of a dissolved Yugoslav federation, can meet basic food and energy
needs through its own agricultural and coal resources. It will,
however, move down toward a bare subsistence level of life unless
economic ties are reforged or enlarged with its neighbors Serbia and
Montenegro, Albania, Greece, and Bulgaria. The economy depends on
outside sources for all of its oil and gas and its modern machinery
and parts. Continued political turmoil, both internally and in the
region as a whole, prevents any swift readjustments of trade patterns
and economic programs. Inflation in early 1992 was out of control,
the result of fracturing trade links, the decline in economic
activity, and general uncertainties about the future status of the
country; prices rose 38% in March 1992 alone. In August 1992, Greece,
angry at the use of "Macedonia" as the republic's name, imposed a
partial blockade for several months. This blockade, combined with the
effects of the UN sanctions on Serbia and Montenegro, cost the
economy approximately $1 billion in 1992 according to official
figures. Macedonia's geographical isolation, technological
backwardness, and potential political instability place it far down
the list of countries of interest to Western investors. Resolution of
the dispute with Greece and an internal commitment to economic reform
would help to encourage foreign investment over the long run. In the
immediate future, the worst scenario for the economy would be the
spread of fighting across its borders.
</p>
<p>National product: GDP - purchasing power equivalent - $7.1 billion
(1991 est.)
</p>
<p>National product real growth rate: -18% (1991 est.)
</p>
<p>National product per capita: $3,110 (1991 est.)
</p>
<p>Inflation rate (consumer prices): 114.9% (1991 est.)
</p>
<p>Unemployment rate: 20% (1991 est.)
</p>
<p>Budget: revenues $NA; expenditures $NA, including capital
expenditures of $NA
</p>
<list>
<l>Exports: $578 million (1990)</l>
<l> commodities: manufactured goods 40%, machinery and transport
equipment 14%, miscellaneous manufactured articles 23%, raw materials
7.6%, food (rice) and live animals 5.7%, beverages and tobacco 4.5%,
chemicals 4.7%</l>
<l> partners: principally Serbia and Montenegro and the other former
Yugoslav republics, Germany, Greece, Albania</l>
<l>Imports: $1,112 million (1990)</l>
<l> commodities: fuels and lubricants 19%, manufactured goods 18%,
machinery and transport equipment 15%, food and live animals 14%,
chemicals 11.4%, raw materials 10%, miscellaneous manufactured
articles 8.0%, beverages and tobacco 3.5%</l>
<l> partners: other former Yugoslav republics, Greece, Albania,
Germany, Bulgaria</l>
</list>
<p>External debt: $845.8 million
</p>
<p>Industrial production: growth rate -18% (1991 est.)
</p>
<p>Electricity: 1,600,000 kw capacity; 6,300 million kWh produced,
2,900 kWh per capita (1992)
</p>
<p>Industries: low levels of technology predominate, such as, oil
refining by distillation only; produces basic liquid fuels, coal,
metallic chromium, lead, zinc, and ferronickel; light industry
produces basic textiles, wood products, and tobacco
</p>
<p>Agriculture: provides 12% of GDP and meets the basic need for food;
principal crops are rice, tobacco, wheat, corn, and millet; also
grown are cotton, sesame, mulberry leaves, citrus fruit, and
vegetables; Macedonia is one of the seven legal cultivators of the
opium poppy for the world pharmaceutical industry, including some
exports to the US; agricultural production is highly labor intensive
</p>
<p>Illicit drugs: NA
</p>
<p>Economic aid: $10 million from the US for humanitarian and
technical assistance; EC promised a 100 ECU million economic aid
package
</p>
<p>Currency: 1 denar (abbreviation NA)=100 NA
</p>
<p>Exchange rates: denar per US$1 - 240 (January 1991)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>