Diplomatic representation in US:
none; US does not recognize Macedonia
US diplomatic representation:
none; US does not recognize Macedonia
Flag:
16-point gold sun (Vergino, Sun) centered on a red field

*Macedonia, Economy

Overview:
Macedonia, although the poorest among the six republics of a dissolved
Yugoslav federation, can meet basic food and energy needs through its own
agricultural and coal resources. It will, however, move down toward a bare
subsistence level of life unless economic ties are reforged or enlarged with
its neighbors Serbia and Montenegro, Albania, Greece, and Bulgaria. The
economy depends on outside sources for all of its oil and gas and its modern
machinery and parts. Continued political turmoil, both internally and in the
region as a whole, prevents any swift readjustments of trade patterns and
economic programs. Inflation in early 1992 was out of control, the result of
fracturing trade links, the decline in economic activity, and general
uncertainties about the future status of the country; prices rose 38% in
March 1992 alone. In August 1992, Greece, angry at the use of "Macedonia" as
the republic's name, imposed a partial blockade for several months. This
blockade, combined with the effects of the UN sanctions on Serbia and
Montenegro, cost the economy approximately $1 billion in 1992 according to
official figures. Macedonia's geographical isolation, technological
backwardness, and potential political instability place it far down the list
of countries of interest to Western investors. Resolution of the dispute
with Greece and an internal commitment to economic reform would help to
encourage foreign investment over the long run. In the immediate future, the
worst scenario for the economy would be the spread of fighting across its
borders.
National product:
GDP - purchasing power equivalent - $7.1 billion (1991 est.)
National product real growth rate:
-18% (1991 est.)
National product per capita:
$3,110 (1991 est.)
Inflation rate (consumer prices):
114.9% (1991 est.)
Unemployment rate:
20% (1991 est.)
Budget: revenues $NA; expenditures $NA, including capital expenditures of $NA
Exports:
$578 million (1990)
commodities:
manufactured goods 40%, machinery and transport equipment 14%, miscellaneous
manufactured articles 23%, raw materials 7.6%, food (rice) and live animals
5.7%, beverages and tobacco 4.5%, chemicals 4