Flag description:
a yellow sun with eight broadening rays extending to the edges of
the red field
Economy Macedonia
Economy - overview:
At independence in September 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 Yugoslavia, one of its largest
markets, and a Greek economic embargo over a dispute about the
country's constitutional name and flag hindered economic growth
until 1996. GDP subsequently rose each year through 2000. However,
the leadership's commitment to economic reform, free trade, and
regional integration was undermined by the ethnic Albanian
insurgency of 2001. The economy shrank 4.5% because of decreased
trade, intermittent border closures, increased deficit spending on
security needs, and investor uncertainty. Growth barely recovered in
2002 to 0.9%, then rose to 2.8% in 2003. Unemployment at one-third
of the workforce remains the most critical economic problem. The
gray economy is estimated at around 40% of GDP. Politically, the
country is more stable than in 2002.
GDP:
purchasing power parity - $13.81 billion (2003 est.)
GDP - real growth rate:
2.8% (2003 est.)
GDP - per capita:
purchasing power parity - $6,700 (2003 est.)
GDP - composition by sector: agriculture: 11.3% industry: 32.1% services: 56.6% (2003 est.)
Investment (gross fixed):
16.3% of GDP (2003)
Population below poverty line:
30.2% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA