embassy: Bul. Ilinden bb, 91000 Skopje
mailing address: American Embassy Skopje, Department of State, Washington, DC 20521-7120 (pouch)
telephone: [389] (91) 116-180
FAX: [389] (91) 117-103
Flag description: a rising yellow sun with eight rays extending to the edges of the red field
Macedonia, The Former Yugoslav Republic of Economy
Economy - overview: At independence in November 1991, Macedonia was the least developed of the Yugoslav republics, producing a mere 5% of the total federal output of goods and services. The collapse of Yugoslavia ended transfer payments from the center and eliminated advantages from inclusion in a de facto free trade area. An absence of infrastructure, UN sanctions on its largest market Yugoslavia, and a Greek economic embargo hindered economic growth until 1996. GDP has subsequently increased each year, rising by 5% in 2000. Successful privatization in 2000 boosted the country's reserves to over $700 million. Also, the leadership demonstrated a continuing commitment to economic reform, free trade, and regional integration. Inflation jumped to 11% in 2000, largely due to higher oil prices.
GDP: purchasing power parity - $9 billion (2000 est.)
GDP - real growth rate: 5% (2000 est.)
GDP - per capita: purchasing power parity - $4,400 (2000 est.)