Economic 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. Its economic decline will continue unless 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 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. The end of sanctions on Serbia and the lifting of the Greek embargo on Macedonia have reopened its natural trade corridors, but the country has been slow to capitalize on these opportunities. Moreover, the Former Yugoslav Republic of Macedonia's geographical isolation, technological underdevelopment, and potential political instability place it far down the list of countries of interest to Western investors. An internal commitment to economic reform would encourage foreign investment over the long run.
GDP: purchasing power parity - $1.9 billion (1995 est.)
GDP real growth rate: 4%
GDP per capita: $880 (1995 est.)
GDP composition by sector: agriculture: 24% industry: 44% services: 32%
Inflation rate (consumer prices): 14.8% (1995 est.)
Labor force: 591,773 (June 1994) by occupation: manufacturing and mining 40% (1992)
Unemployment rate: 37% (1995 est.)
Budget: revenues: $NA expenditures: $NA, including capital expenditures of $NA
Industries: coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco