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About Macedonia

Key facts

Official Name:  Republic of Macedonia
Capital: Skopje (600.000)
Other Major Cities (more than 100,000): Kumanovo, Bitola, Tetovo, Veles, Prilep, Shtip
Population: 2.05 million
Area: 25,713 sq.km
Geography: Macedonia is located in the heart of south central Europe. It shares a border with Greece to the south, Bulgaria to the east, Serbia and Kosovo to the north, and Albania to the west. The country is 80% mountainous, rising to its highest point at Mt. Korab (peak 2,764 meters).
Time Zone: GMT + 1
Political System: Parliamentary democracy
Labour Force: 944216
Currency: Macedonian Denar - MKD (€1 = MKD 61.3)
Country Phone Code:  + 389
Internet country-code domain: .mk

Macroeconomic stability

Macedonia’s high-potential economic and financial stability is expressed through positive key economic indicators. Macedonia has steady GDP growth #2 in Europe in 2009, low inflation rate, decade-long stable currency and excellent fiscal discipline confirmed by the international financial institutions.

Basic Economic Data

GDP (REAL GROWTH RATES)
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
4.6 4.4 5.0 6.1 5.0 -0.9 1.8* 5.1* 5.3* / /
 
INFLATION (END OF PERIOD, ON ANNUAL BASE, IN %)
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
-1.9 1.2 2.9 6.1 4.1 -1.6 3.0 5.2 4.1 3.4 /
 
INFLATION (AVERAGE, ON CUMULATIVE BASIS,IN %)
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
-0.4 0.5 3.2 2.3 8.3 -0.8 1.6 4.1 4.4 4.1 /
 
UNEMPLOYMENT RATE (IN %)
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
37.2 37.3 36.0 34.9 33.8 32.2 32.1 31.2 31.3 / /
 
AVERAGE EXCHANGE RATE MKD/EUR
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
61.34 61.30 61.19 61.18 61.27 61.27 61.51 61.51 61.55 61.54 /
 
EXPORTS F.O.B (IN MILLION OF USD)
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
1,674.9 2,040.6 2,410.7 3,391.5 3,983.3 2,702.3 3,295.6 958.1 1,165.5 / /
 
IMPORTS F.O.B. (IN MILLION OF USD)
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
2,813.8 3,103.6 3,671.2 5,030.0 6,573.2 4,871.0 5,241.2 1,599.5 1,712.5 / /
 
TRADE BALANCE F.O.B. (IN MILLION OF USD)
2004 2005 2006 2007 2008 2009 2010 2011/Q1 2011/Q2 2011/Q3 2011/Q4
-1,139.0 -1,063.0 -1,260.5 -1,638.5 -2,589.9 -2,168.8 -1,945.6 -641.3 -555.9 / /

EU and NATO candidate country

Membership of the European Union is the highest strategic interest and priority for the Government, an objective shared by an overwhelming majority of Macedonia’s citizens and all political parties.
Macedonia was the first country in South East Europe to sign a Stabilisation and Association Agreement with the European Union in 2001 in Luxemburg.
Recognising the progress that Macedonia has made in meeting the Copenhagen criteria, the European Commission recommended granting Macedonia candidate country status for membership in the EU.
On 17 December 2005, the European Council decided to grant the Republic of Macedonia official candidate status for EU membership.The Republic of Macedonia is an aspiring member country of the North Atlantic Treaty Organization (NATO).
In the closing declaration from the NATO summit in Riga in 2006, Macedonia was included in the NATO Membership Action Plan (MAP).
The organization has recognized the increasing contribution of Macedonia to international peacekeeping and security operations as well as its effort to improve regional cooperation.