Since gaining independence, the economy of North Macedonia has been significantly affected by the former Yugoslav crisis. In recent years, with improvements in the domestic and international economic environments and the advancement of various reform measures, the economy of North Macedonia has shown signs of recovery and development.
The main economic data for North Macedonia in 2014 is as follows (Source: Ministry of Finance, State Statistical Office of North Macedonia, hereinafter the same):
Gross Domestic Product: $11.32 billion.
GDP Growth Rate: 3.8%.
GDP per Capita: $5,472.
Currency: Denar.
Exchange Rate: 1 USD ≈ 46.437 Denars.
Inflation Rate: -0.3%.
Unemployment Rate: 28%.
1. Resources
The country is rich in mineral resources, including coal, iron, lead, zinc, copper, and nickel, with coal reserves estimated at approximately 900 million tons. There are also non-metallic minerals such as carbon, bentonite, refractory clay, gypsum, quartz, opal, and feldspar. The forest coverage rate is approximately 35.5% to 38.8%.
2. Industry
In 2014, the industrial output value was approximately $2.807 billion, accounting for 24.8% of GDP, with a year-on-year growth of 5%. The main industrial sectors include mining, metallurgy, chemicals, electricity, wood processing, and food processing.
3. Agriculture
In 2014, the agricultural output value was approximately $1.15 billion, accounting for 10.2% of GDP, with a year-on-year growth of 2%. The agricultural land area is 1.263 million hectares, of which the cultivated area is 512,000 hectares, and the livestock area is 751,000 hectares.
4. Tourism
In 2013, tourism revenue was approximately €180 million, accounting for 1.2% of GDP. Major tourism facilities include hotels, spas, private guesthouses, and camping sites. Key tourist areas include Lake Ohrid, Struga, Lake Dojran, Lisen, Mavrovo Mountain, and Lake Prespa. In 2014, the number of people employed in tourism was 10,462, accounting for 2.08% of the total employed population. Recent visitor data is as follows (unit: number of visitors):
5. Transportation
Passenger transport is primarily by road, while freight transport is mainly by rail and road.
Railways: In 2014, the total length of railways was 699 kilometers, of which 223 kilometers were electrified. The railway passenger volume in 2014 was 803,000, and the freight volume was 2.376 million tons.
Roads: In 2014, the total length of roads was 14,199 kilometers. The passenger volume was 8.115 million, and the freight volume was 31.587 million tons.
Air transport: The main airports are Skopje Airport and Ohrid Airport. In 2014, the air passenger volume was 1.278 million, and the freight volume was 3,428 tons.
6. Foreign Trade
In 2014, the total import and export volume of North Macedonia was $12.21 billion, a year-on-year increase of 11.8%. Among them, the export volume was $4.934 billion, a year-on-year increase of 14.7%; the import volume was $7.277 billion, a year-on-year increase of 9%. Major trading partners include EU countries, former Yugoslav countries, Japan, the United States, Canada, and China. Major import products include electricity, crude oil, metals, motor vehicles, food, beverages, textiles, and chemical products. Major export products include steel, clothing, petroleum products, fruits, vegetables, metal ores, food, wine, tobacco and cigarettes, beverages, and chemical products. Recent import and export volumes are as follows (unit: billion USD):
7. Foreign Capital
In 2013, the total foreign direct investment was $4.695 billion.
8. People's Living Standards
In 2014, 63.5% of households owned cars, 97.7% owned televisions, and 68.4% owned computers with internet access. There were 18 telephones and 106 mobile phones per 100 people. The average monthly salary in 2014 was $461.