About Macedonia & Key Financial Statistics

About Macedonia and Key Financial Statistics

Overview of Economy:

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. Public debt at the end of 2014 was 45.8%, which although low by regional comparison, is significant for a small economy.

Gross Domestic Product (In USD):

$27.72 billion (2014 est.)

$26.72 billion (2013 est.)

$26.02 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 10.2

% Industry: 24.8

% Services: 65

Composition of Labor Force by Occupation:

% Agriculture: 18.3

% Industry: 29.1

% Services: 52.6

Per Capita Income:

$13,400 (2014 est.)

$12,900 (2013 est.)

$12,600 (2012 est.)


$4.934 billion (2014 est.)

$4.267 billion (2013 est.)

Key Export Commodities:

foodstuffs, beverages, tobacco; textiles, miscellaneous manufactures, iron, steel; automotive parts

Export Partners:

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


$6.15 billion (2014 est.)

$5.617 billion (2013 est.)

Key Import Commodities:

machinery and equipment, automobiles, chemicals, fuels, food products

Import 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)

Inflation Rate (Consumer Price Index):

-0.1% (2014 est.)

2.8% (2013 est.)

Exchange Rate to USD:

Macedonian denars (MKD) per US dollar -

46.437 (31 December 2014 est.)

46.437 (31 December 2013 est.)

47.89 (2012 est.)

44.231 (2011 est.)

46.485 (2010 est.)

Unemployment Rate:

28% (2014 est.)

29% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings