Economy - overview:
Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment, but has lagged the Balkan region in attracting foreign investment. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law. Unemployment has remained consistently high at more than 30% since 2008, but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP, which is not captured by official statistics. Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the euro zone. Macedonia maintained macroeconomic stability through the global financial crisis by conducting prudent monetary policy, which keeps the domestic currency pegged against the euro, and by limiting fiscal deficits. The government has been loosening fiscal policy, however, and the budget deficit was 4.2% of GDP in both 2013 and 2014, gradually falling to 3.7% in 2015. Public debt at the end of 2015 was 40.3%, which although low by regional comparison, is significant for a small economy.

GDP (purchasing power parity):
$28.89 billion (2015 est.) $27.99 billion (2014 est.) $26.98 billion (2013 est.)
note: data are in 2015 US dollars; Macedonia has a large informal sector that may not be reflected in these data
country comparison to the world: 131
[see also: GDP country ranks ]

GDP (official exchange rate):
$10.09 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.2% (2015 est.) 3.8% (2014 est.) 2.7% (2013 est.)
country comparison to the world: 91
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$14,000 (2015 est.) $13,500 (2014 est.) $13,000 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 114
[see also: GDP - per capita country ranks ]

Gross national saving:
30.2% of GDP (2015 est.) 29.2% of GDP (2014 est.) 26.7% of GDP (2013 est.)
country comparison to the world: 20
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 69.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 6.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 52%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -68.5% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 64.9% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grapes, tobacco, vegetables, fruits; milk, eggs

Industries:
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts

Industrial production growth rate:
3% (2015 est.)
country comparison to the world: 88
[see also: Industrial production growth rate country ranks ]

Labor force:
961,900 (2015 est.)
country comparison to the world: 147
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 18.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 29.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 52.6% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
26.9% (2015 est.) 28% (2014 est.)
country comparison to the world: 181
[see also: Unemployment rate country ranks ]

Population below poverty line:
30.4% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 34.5% (2009 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
43.6 (2013) 39.2 (2011)
country comparison to the world: 48
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.709 billion
[see also: Budget revenues country ranks ]
expenditures: $3.084 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
26.8% of GDP (2015 est.)
country comparison to the world: 108
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.7% of GDP (2015 est.)
country comparison to the world: 138
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
40.3% of GDP (2015 est.) 31.4% of GDP (2014 est.)
note: official data from Ministry of Finance; data cover central government debt; this data excludes debt instruments issued (or owned) by government entities other than the treasury; includes treasury debt held by foreign entitites; excludes debt issued by sub-national entities, as well as intra-governmental debt; there are no debt instruments sold for social funds
country comparison to the world: 110
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.1% (2015 est.) -0.1% (2014 est.)
country comparison to the world: 33
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.25% (31 December 2014) 3.25% (31 December 2013)
note: series discontinued in January 2010; the discount rate has been replaced by a referent rate for calculating the penalty rate
country comparison to the world: 102
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.5% (31 December 2015 est.) 8.16% (31 December 2014 est.)
country comparison to the world: 104
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.424 billion (31 December 2015 est.) $1.686 billion (31 December 2014 est.)
country comparison to the world: 141
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.129 billion (31 December 2014 est.) $6.282 billion (31 December 2013 est.)
country comparison to the world: 124
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.436 billion (31 December 2015 est.) $5.093 billion (31 December 2014 est.)
country comparison to the world: 125
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.084 billion (31 December 2014) $2.302 billion (31 December 2013) $2.423 billion (31 December 2012)
country comparison to the world: 99
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$327 million (2015 est.) -$151 million (2014 est.)
country comparison to the world: 86
[see also: Current account balance country ranks ]

Exports:
$3.945 billion (2015 est.) $3.681 billion (2014 est.)
country comparison to the world: 117
[see also: Exports country ranks ]

Exports - commodities:
foodstuffs, beverages, tobacco; textiles, miscellaneous manufactures, iron, steel; automotive parts

Exports - partners:
Germany 41.4%, Bulgaria 6.6%, Italy 6.1%, Serbia 5.2%, Kosovo 4.7%, Greece 4.6% (2014 est.)

Imports:
$6.212 billion (2015 est.) $6.15 billion (2014 est.)
country comparison to the world: 116
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, automobiles, chemicals, fuels, food products

Imports - partners:
UK 12.3%, Germany 11.1%, Greece 9.2%, Serbia 8.2%, Italy 6.2%, China 5.9%, Bulgaria 5.3%, Turkey 5.1% (2014)

Reserves of foreign exchange and gold:
$2.615 billion (31 December 2015 est.) $2.963 billion (31 December 2014 est.)
country comparison to the world: 112
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.241 billion (31 December 2014 est.) $7.194 billion (31 December 2013 est.)
country comparison to the world: 115
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$6.277 billion (31 December 2015 est.) $6.007 billion (31 December 2014 est.)
country comparison to the world: 95
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$543.5 million (31 December 2015 est.) $500.5 million (31 December 2014 est.)
country comparison to the world: 87
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Macedonian denars (MKD) per US dollar - 57.38 (2015 est.) 46.44 (2014 est.) 46.44 (31 December 2013 est.) 47.89 (2012 est.) 44.23 (2011 est.)