General information

Economic overview

Macedonia is a small economy with a gross domestic product (GDP) of about $9.6 billion, representing about 0.01% of the total world output. It is an open economy, highly integrated into international trade, with a total trade-to-GDP ratio of 106.8% at the end of 2007. Agriculture and industry have been the two most important sectors of the economy in the past, but the services sector has gained prominence in recent years. Real GDP growth continued in 2008 at approximately the same tempo as in 2007. After growing by 4.1%, 4%, and 5% respectively in 2005, 2006, and 2007, it reached 5.2% in the first quarter of 2008. The growth was broad-based as value added increased in all sectors. Wholesale and retail trade sectors led the growth with a 10.2% annual increase, and construction followed with 9.7%. Agriculture turned from a 3% dip in 2007 to a 4.2% rise in the first quarter of 2008. Industrial output in the first five months of 2008 was 8.3% higher than in same period of 2007.

A significant 51.5% of Macedonia's total trade was with EU 27 countries. By separate countries, Macedonia's major trading partners are Serbia, Russia, Germany, and Greece

Macedonia has Free Trade Agreements with Ukraine, Turkey, and the European Free Trade Association countries. Bilateral agreements with Albania, Bosnia and Herzegovina, Croatia, Serbia, Montenegro, UN Mission in Kosovo (UNMIK), and Moldova were replaced with the membership in the Central European Free Trade Agreement (CEFTA), which the other countries joined in December 2006.

GDP (2008 est.): $9.624 billion.
Per capita GDP (2008 est.): $9,200.
Real GDP growth (2008 est.): 4.8%.
Annualized inflation rate (2008 est.): 8.4%.
Unemployment rate (2008 est.): 34.5%.
Trade: Significant exports--steel, textile products, chromium, lead, zinc, nickel, tobacco, lamb, and wine.
Official exchange rate (2008 avg,): 41.9 Macedonian denars = U.S. $1; (2007 avg.): 44.7 Macedonian denars = U.S.$1.

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Contact info

Текстилно Трговско Здружение - Текстилен кластер

Димитрие Чуповски 13, кат 2, канцеларија 17, 1000 Скопје
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Тел: + 389 23 244 093       



Трговско Текстилно Здружениe - Текстилен Кластер