 The Republic of Macedonia is a country in the central Balkan peninsula in Southeastern Europe. It is one of the successor states of the former Yugoslavia, from which it declared independence in 1991.
A landlocked country, the Republic of Macedonia is bordered by Kosovo to the northwest, Serbia to the northeast, Bulgaria to the east, Greece to the south and Albania to the west. Recently ranked as the fourth ‘best reformatory state’ out of 178 countries ranked by the World Bank, Macedonia has undergone considerable economic reform since independence. The country has developed an open economy with trade accounting for more than 90% of GDP in recent years. Since 1996, Macedonia has witnessed steady, though slow, economic growth with GDP growing by 3.1% in 2005. Despite reforms, as of 2005 Macedonia’s unemployment rate was 37.2% and as of 2006 its poverty rate was 22%. Corruption and a relatively ineffective legal system also act as significant restraints on successful economic development. Macedonia still has one of the lowest per capita GDPs in Europe. Furthermore, the country’s grey market is estimated at close to 20% of GDP. In terms of structure, as of 2005 the service sector constituted by far the largest part of GDP at 57.1%, up from 54.2% in 2000. The industrial sector represents 29.3% of GDP while agriculture represents only 12.9% Other important exports include iron, steel, wine and vegetables. Population: 2,114,550 (2008) Please upgrade your Flash Player
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