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Economic information
FYROM is a small open economy, highly integrated into international trade. Agriculture and industry have been the two most important sectors of the economy in the past, but the services sector has gained the lead in the last few years. The major industries of the country are food processing, chemicals, iron, beverages, textiles, steel, cement, energy and pharmaceuticals. In the past few years, there were activities to promote small and medium business developing in parallel to activities to increase the existing industrial structure. FYROM has maintained macroeconomic stability with low inflation. The government's fiscal policy, aligned with International Monetary Fund (IMF) and World Bank policies, helped maintain a stable macroeconomic environment which sent promising signals to investors.
It was admitted as a full member of the World Trade Organization in September 2002, and on 2001 it signed a Stabilization and Association Agreement with the EU, giving it duty-free access to European markets.
Economic problems persist, even as Macedonia undertakes structural reforms to finish the transition to a market-oriented economy. A relatively low standard of living, high unemployment rate, and modest economic growth rate are the central economic problems.
In the wake of the global economic downturn, FYROM 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. One of the country’s most important goals is to become a member of the EU. |
Labor force:
940,700 (2009 est.)
country comparison to the world: 143
Labor force - by occupation:
agriculture: 18.6%
industry: 29.5%
services: 51.9% (September 2009)
Unemployment rate:
31.7% (2009 est.)
country comparison to the world: 181
33.8% (2008 est.)
Population below poverty line:
28.7% (2008)
Household income or consumption by percentage share:
lowest 10%: 2.4%
highest 10%: 29.6% (2003)
Distribution of family income - Gini index:
39 (2003)
country comparison to the world: 71
Investment (gross fixed):
19.5% of GDP (2009 est.)
country comparison to the world: 102
Budget:
revenues: $3 billion
expenditures: $3.236 billion (2009 est.)
Public debt:
32.4% of GDP (2009 est.)
country comparison to the world: 81
28.7% of GDP (2008)
Inflation rate (consumer prices):
-0.8% (2009 est.)
country comparison to the world: 12
8.3% (2008 est.)
Central bank discount rate:
6.5% (31 December 2009)
country comparison to the world: 65
6.5% (31 December 2008)
Commercial bank prime lending rate:
9.33% (31 December 2009)
country comparison to the world: 97
9.68% (31 December 2008)
Stock of money:
$1.224 billion (31 December 2009)
country comparison to the world: 91
$1.307 billion (31 December 2008)
Stock of quasi money:
$3.132 billion (31 December 2009)
country comparison to the world: 89
$3.254 billion (31 December 2008)
Stock of domestic credit:
$4.143 billion (31 December 2009)
country comparison to the world: 90
$3.906 billion (31 December 2008)
Market value of publicly traded shares:
$2.859 billion (31 December 2009)
country comparison to the world: 94
$2.438 billion (31 December 2008)
$2.715 billion (31 December 2007)
Agriculture - products:
grapes, tobacco, vegetables, fruits; milk, eggs
Industries:
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals
Industrial production growth rate:
-7.7% (2009 est.)
country comparison to the world: 128
Electricity - production:
6.162 billion kWh (2009 est.)
country comparison to the world: 105
Electricity - consumption:
7.797 billion kWh (2009 est.)
country comparison to the world: 95
Electricity - exports:
0 kWh (2009 est.)
Electricity - imports:
1.635 billion kWh (2009 est.) |
GDP (purchasing power parity):
$18.77 billion (2009 est.)
country comparison to the world: 126
$19.05 billion (2008 est.)
$18.09 billion (2007 est.)
note: data are in 2009 US dollars
Macedonia has a large informal sector
GDP (official exchange rate):
$8.929 billion (2009 est.)
GDP - real growth rate:
-1.5% (2009 est.)
country comparison to the world: 133
5% (2008 est.)
5.9% (2007 est.)
GDP - per capita (PPP):
$9,000 (2009 est.)
country comparison to the world: 112
$9,200 (2008 est.)
$8,800 (2007 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 11.9%
industry: 29.9%
services: 58.2% (2009 est.)
Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 165
Oil - consumption:
14,200 bbl/day (2009 est.)
country comparison to the world: 138
Oil - exports:
4,672 bbl/day (2009 est.)
country comparison to the world: 108
Oil - imports:
20,000 bbl/day (2009 est.)
country comparison to the world: 113
Oil - proved reserves:
0 bbl (1 January 2009 est.)
country comparison to the world: 109
Natural gas - production:
0 cu m (2009 est.)
country comparison to the world: 159
Natural gas - consumption:
80 million cu m (2009 est.)
country comparison to the world: 105
Natural gas - exports:
0 cu m (2009 est.)
country comparison to the world: 154
Natural gas - imports:
82 million cu m (2009 est.)
country comparison to the world: 67
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
country comparison to the world: 110
Current account balance:
-$798 million (2009 est.)
country comparison to the world: 122
-$1.21 billion (2008 est.)
Exports:
$3.035 billion (2009 est.)
country comparison to the world: 122
$3.971 billion (2008 est.)
Exports - commodities:
food, beverages, tobacco; textiles, miscellaneous manufactures, iron and steel
Exports - partners:
Serbia and Montenegro 20.1%, Germany 15.1%, Greece 12.3%, Bulgaria 9.9%, Italy 8.7%, Croatia 6.4% (2008)
Imports:
$4.942 billion (2009 est.)
country comparison to the world: 110
$6.523 billion (2008 est.)
Imports - commodities:
machinery and equipment, automobiles, chemicals, fuels, food products
Imports - partners:
Germany 13.2%, Greece 12.3%, Bulgaria 9.8%, Serbia and Montenegro 6.9%, Italy 6.2%, Turkey 5.6%, Slovenia 5.2%, Poland 4.3% (2008)
Reserves of foreign exchange and gold:
$2.29 billion (31 December 2009 est.)
country comparison to the world: 91
$2.106 billion (31 December 2008 est.)
Debt - external:
$5.458 billion (31 September 2009 est.)
country comparison to the world: 98
$4.658 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
$3.528 billion (31 October 2009 est.)
country comparison to the world: 83
$3.357 billion (2007 est.)
Exchange rates:
Macedonian denars (MKD) per US dollar - 45.129 (2009), 41.414 (2008), 44.732 (2007), 48.978 (2006), 48.92 (2005)
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| Business Visa |
Visa requirements:
Citizens of the EU member states and citizens of the signatories to the Schengen Agreement may enter the territory of the Republic of Macedonia with valid ID card issued by the competent authorities of the concerning countries. U.S. citizens need a passport to enter Macedonia; a visa is not required for tourist/business purposes for stays up to 90 days. Visa also is not required for citizens of the following countries:
Albania
Andorra
Argentina
Australia
Barbados
Bosnia and Herzegovina
Botswana
Brazil
Brunei
Canada
Chile
Costa Rica |
Croatia
Cuba
El Salvador
Honduras
Holy See
Hong Kong 7*-special administrative regions
Israel
Japan
Korea/South
Malaysia |
Montenegro
New Zealand
Nicaragua
Panama
Paraguay
Peru
Serbia
Turkey
Uruguay
Venezuela |
Citizens of all other countries are required to have a visa.
Visa requirements:
- valid and recognized travel document with a validity period of at least 3 months longer than the intended stay of the foreigner in the Republic of Macedonia;
- color photograph on white background which genuinely presents the applicant’s appearance;
- proof of paid visa application processing fee;
- documents for (individual or group) travel insurance (policy issued by an insurance company in the country of residence);
- documents providing for the goal and circumstances of the intended stay in the Republic of Macedonia (the letter of guarantee from a natural person, i.e. the invitation from a legal entity must be verified by a notary public);
- documents proving that the applicant possesses sufficient means of subsistence for the period of stay in the Republic of Macedonia and for return to the country of arrival or for travel to a third country, or documents proving that the applicant is able to obtain such means in a legal manner (possesses ready financial resources in a domestic or foreign convertible currency, possesses valid means of non-cash payment (credit cards, traveler’s checks, etc), possesses real property and other means).
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