The Republic of Macedonia is a landlocked nation of just over two million people in the heart of south central Europe, north of Greece. Bulgaria is to the east, Serbia and Kosovo to the north, and Albania to the west.
The country is 80% mountainous with territory covered with deep basins and valleys, rising to its highest point at Mt. Korab (peak 2,764 meters). There are three large lakes, each divided by a frontier line:
- Lake Ohrid on the border with Albania;
- Lake Prespa on the border with Albania and Greece; and,
- Lake Dojran on the border with Greece.
- The country bisected by the Vardar River.
It is a major transportation corridor from western and central Europe to the Aegean Sea; and, between southern and western Europe
Its major environmental issues include air pollution from metallurgical plants.
Macedonia gained its independence peacefully from Yugoslavia in 1991.
Greece's objection to the new state's use of what it considered a Hellenic name and symbols delayed international recognition, which occurred under the provisional designation of "the Former Yugoslav Republic of Macedonia." In 1995, Greece lifted a 20-month trade embargo and the two countries agreed to normalize relations, but the issue of the name remained unresolved and negotiations for a solution are ongoing.
The United States recognized Macedonia by its constitutional name, Republic of Macedonia, in 2004 and 97 other nations have as well.
Some ethnic Albanians, angered by perceived political and economic inequities, launched an insurgency in 2001 that eventually won the support of the majority of Macedonia's ethnic Albanian population and led to the internationally-brokered Ohrid Framework Agreement, which ended the fighting and established guidelines for the creation of new laws that enhanced the rights of minorities. Fully implementing the Framework Agreement, maintaining momentum on democratic reforms, and stimulating economic growth and development continue to be challenges for Macedonia, although progress has been made over the past several years.
Location: Southeastern Europe, north of Greece
Geographic Coordinates: 41 50 N, 22 00 E
Area: 25,713 sq km(land: 25,433 sq km; water: 280 sq km)
Kosovo and Macedonia completed demarcation of their boundary in September 2008.
Natural Hazards: high seismic risks.
Terrain: mountainous territory covered with deep basins and valleys. There are three large lakes, each divided by a frontier line (Lake Ohrid/Albania; Lake Prespa/Albania and Greece; and, Lake Dojran/Greece). The country bisected by the Vardar River. The highest point is Golem Korab (Maja e Korabit) (2,764 m) (shown above) and the lowest point, the Vardar River (50 m).
Climate: warm, dry summers and autumns; relatively cold winters with heavy snowfall
Topology of Macedonia. Source: Department of Public Information of the United nations (UNPI). UNEP-GRID
Ecology and Biodiversity
Map source: World Wildlife Fund
People and Society
Population: 2,082,370 (July 2012 est.)
Since the end of the Second World War, Macedonia's population has grown steadily, with the greatest increases occurring in the ethnic Albanian community. From 1953 through the time of the latest official census in 2002, the percentage of ethnic Albanians living in Macedonia rose threefold. The western part of the country, where most ethnic Albanians live, is the most heavily populated, with approximately 40% of the total population. As in many countries, people have moved into the cities in search of employment. Macedonia has also experienced sustained high rates of permanent or seasonal emigration.
|Vardar river in the city of Veles, Republic of Macedonia. Source: Wikimedia Commons.|
|Galichitsa Mountain with Ohrid Lake in the foreground; Republic of Macedonia. Source: Wikimedia Commons.|
|Tetovo, Republic of Macedonia view from the mountains. Source: Wikimedia Commons.|
Ethnic Groups: Macedonian 64.2%, Albanian 25.2%, Turkish 3.9%, Roma (Gypsy) 2.7%, Serb 1.8%, other 2.2% (2002 census)
0-14 years: 18.5% (male 198,643/female 184,775)
15-64 years: 70% (male 733,601/female 720,103)
65 years and over: 11.6% (male 103,620/female 136,586) (2011 est.)
Population Growth Rate: 0.237% (2012 est.)
Birthrate: 11.8 births/1,000 population (2012 est.)
Death Rate: 8.95 deaths/1,000 population (July 2012 est.)
Net Migration Rate: -0.48 migrant(s)/1,000 population (2012 est.)
Life Expectancy at Birth: 75.36 years
male: 72.82 years
female: 78.1 years (2012 est.)
Total Fertility Rate: 1.59 children born/woman (2012 est.)
Languages: Macedonian (official) 66.5%, Albanian (official) 25.1%, Turkish 3.5%, Roma 1.9%, Serbian 1.2%, other 1.8% (2002 census)
Literacy (age 15 and over can read and write): 96.1% (2002 census)
Urbanization: 59% of total population (2010) growing at an annual rate of change of 0.3% (2010-15 est.)
Throughout its history, the present-day territory of Macedonia has been a crossroads for both traders and conquerors moving between the European continent and Asia Minor. Each of these transiting powers left its mark upon the region, giving rise to a rich and varied cultural and historical tradition.
After the fall of the Western Roman Empire, the territory of Macedonia fell under the control of the Byzantine Empire in the 6th and 7th centuries. It was during this period that large groups of Slavic people migrated to the Balkan region. The Ottoman Turks conquered the territory in the 15th century; it remained under Ottoman Turkish rule until 1912.
After more than 4 centuries of rule, Ottoman power in the region began to wane, and by the middle of the 19th century, Greece, Bulgaria, and Serbia were competing for influence in the territory. During this time, a nationalist movement emerged and grew in Macedonia. The latter half of the 19th century, continuing into the early part of the 20th century, was marked by sporadic nationalist uprisings, culminating in the Ilinden Uprising of August 2, 1903.
Macedonian revolutionaries liberated the town of Krushevo and established the short-lived Republic of Krushevo, which was put down by Ottoman forces after 10 days. Following Ottoman Turkey's defeat by the allied Balkan countries--Bulgaria, Serbia, Montenegro, and Greece--during the First Balkan War in autumn 1912, the same allies fought the Second Balkan War over the division of Macedonia. The August 1913 Treaty of Bucharest ended this conflict by dividing the territory between Bulgaria, Greece, and Serbia. The 1919 Treaty of Versailles sanctioned partitioning the geographic region of Macedonia among the Kingdom of Serbs, Croats, and Slovenes; Bulgaria; and Greece. In the wake of the First World War, Vardar Macedonia (the present-day area of the Republic of Macedonia) was incorporated into the newly formed Kingdom of Serbs, Croats, and Slovenes.
Throughout much of the Second World War, Bulgaria and Italy occupied Macedonia. Many citizens joined partisan movements during this time and succeeded in liberating the region in late 1944. Following the war, Macedonia became one of the constituent republics of the new Socialist Federal Republic of Yugoslavia under Marshall Tito. During this period, Macedonian culture and language flourished.
As communism fell throughout Eastern Europe in the late 20th century, Macedonia followed its other federation partners and declared its independence from Yugoslavia in late 1991. After independence, Prime Minister Nikola Kljusev remained Prime Minister, heading a government of experts, and Kiro Gligorov remained President. Macedonia was the only republic of the former Yugoslavia whose secession in 1991 was not clouded by ethnic or other armed conflict, although the ethnic Albanian population declined to participate in the referendum on independence. The new Macedonian constitution took effect November 20, 1991 and called for a system of government based on a parliamentary democracy. The first democratically elected coalition government was led by Prime Minister Branko Crvenkovski of the Social Democratic Union of Macedonia (SDSM).
In February 1994, Greece imposed a trade embargo on Macedonia due to disputes over the use of the name "Macedonia" and other issues. Greece and Macedonia signed an interim accord in October 1995 ending the embargo and opening the way to diplomatic recognition and increased trade. After signing the agreement with Greece, Macedonia joined the Council of Europe, the Organization for Security and Cooperation in Europe (OSCE), and NATO's Partnership for Peace (PfP). Athens and Skopje began talks on the name issue in New York under UN auspices in December 1995, opening liaison offices in respective capitals January 1996. These talks continue.
President Gligorov was the first president of a former Yugoslav republic to relinquish office. In accordance with the terms of the Macedonian constitution, his presidency ended in November 1999 after 8 years in office, which included surviving a car bombing assassination attempt on October 3 in 1995. He was succeeded by former Deputy Foreign Minister Boris Trajkovski (VMRO-DPMNE), who defeated Tito Petkovski (SDSM) in a second-round run-off election for the presidency on November 14, 1999. Trajkovski's election was confirmed by a December 5, 1999 partial re-vote in 230 polling stations, which the Macedonian Supreme Court mandated due to election irregularities.
In November 1998 parliamentary elections, SDSM lost its majority. A new coalition government emerged under the leadership of Prime Minister Ljubco Georgievski of the Internal Macedonian Revolutionary Organization-Democratic Party for Macedonian National Unity (VMRO-DPMNE). The initial coalition included the ethnic Albanian Democratic Party of Albanians (DPA).
The stability of the young state was gravely tested during the 1999 Kosovo crisis, when Macedonia temporarily hosted about 360,000 refugees from the violence and ethnic cleansing in Kosovo. The refugee influx put significant stress on Macedonia's weak social infrastructure. With the help of NATO and the international community, Macedonia ultimately was able to accommodate the influx. Following the resolution of the conflict, the overwhelming majority of refugees returned to Kosovo. A small number of Roma refugees from Kosovo remains in Macedonia, most of them housed in the predominantly Roma municipality of Suto Orizari in the Skopje suburbs, and supported by the UN High Commissioner for Refugees (UNHCR).
During the Yugoslav period, most of Macedonia's Slavic population identified themselves as Macedonians, while several minority groups, in particular ethnic Albanians, retained their own distinct political culture and language. Although interethnic tensions simmered under Yugoslav authority and during the first decade of its independence, the country avoided ethnically motivated conflict until several years after independence. Ethnic minority grievances, which had erupted on occasion (1995 and 1997), rapidly began to gain political currency in late 2000, leading many in the ethnic Albanian community in Macedonia to question their minority protection under, and participation in, the government. Tensions erupted into open hostilities in Macedonia in February 2001, when a group of ethnic Albanians near the Kosovo border carried out armed provocations that soon escalated into an insurgency. Purporting to fight for greater civil rights for ethnic Albanians in Macedonia, the group seized territory and launched attacks against government forces. Many observers ascribed other motives to the so-called National Liberation Army (NLA), including support for criminality and the assertion of political control over affected areas. The insurgency spread through northern and western Macedonia during the first half of 2001. Under international mediation, a cease-fire was brokered in July 2001, and the government coalition was expanded in July 2001 to form a grand coalition which included the major opposition parties.
The expanded coalition of ruling ethnic Macedonian and ethnic Albanian political leaders, with facilitation by U.S. and European Union (EU) diplomats, negotiated and then signed the Ohrid Framework Agreement on August 13, 2001, which brought an end to the fighting. The agreement called for implementation of constitutional and legislative changes, which laid the foundation for improved civil rights for minority groups. The Macedonian parliament adopted the constitutional changes outlined in the accord in November 2001. The grand coalition disbanded following the signing of the Ohrid Framework Agreement and the passage of new constitutional amendments. A coalition led by Prime Minister Georgievski, including DPA and several smaller parties, completed its parliamentary term.
In September 2002 elections, an SDSM-led pre-election coalition won half of the 120 seats in parliament. Branko Crvenkovski was elected Prime Minister in coalition with the ethnic Albanian Democratic Union for Integration (DUI) party, the Liberal-Democratic Party (LDP), and a number of smaller ethnic parties.
On February 26, 2004 President Trajkovski died in a plane crash in Bosnia and Herzegovina. Presidential elections were held April 14 and 28, 2004. Then-Prime Minister Branko Crvenkovski won the second round and was inaugurated President on May 12, 2004. The parliament confirmed Hari Kostov, former Interior Minister, as Prime Minister June 2, 2004, but Kostov resigned on November 15 of the same year. On December 17, 2004, former Defense Minister Vlado Buckovski was confirmed by parliament as Prime Minister, maintaining the coalition with the ethnic Albanian Democratic Union for Integration (DUI) and the Liberal-Democratic (LDP) parties.
With international assistance, the SDSM-DUI-LDP governing coalition completed the legislative implementation of the Ohrid Framework Agreement, which is a precondition for Macedonia's integration into Euro-Atlantic institutions. A November 7, 2004 referendum opposing the law on new municipal organization failed, freeing the way for the government to complete Framework Agreement implementation.
Local elections were held in March-April 2005 under a new territorial reorganization plan that consolidated the overall number of Macedonia's municipalities and created a number of ethnically-mixed municipalities in which ethnic Albanian populations were dominant. The process of decentralization began in the new municipalities in July 2005.
The July 2006 parliamentary elections resulted in a VMRO-DPMNE-led government under Prime Minister Nikola Gruevski, in coalition with DPA, NSDP, and several smaller parties. The new government, which was confirmed in office by a parliamentary vote on August 26, 2006, stated its commitment to completing Framework Agreement implementation and reaffirmed its commitment to pursuing NATO and EU membership.
At NATO's Bucharest Summit in April 2008, all 26 NATO Allies agreed Macedonia had met the criteria for membership. Consensus on extending a NATO membership invitation could not be reached, however, due to the unresolved dispute with Greece over Macedonia's name.
Following the Bucharest Summit, the opposition DUI party, in collaboration with the governing VMRO-DPMNE and DPA parties, called for the dissolution of parliament and for early parliamentary elections, which were held in June 2008. On July 26, Prime Minister Gruevski was reconfirmed in office with a new coalition along with the DUI party and one smaller party.
In 2009, Macedonia held presidential and local elections in March (first round) and April (second round). In the presidential race, VMRO-DPMNE candidate Gjorge Ivanov won with 64% of the vote. Early parliamentary elections were held in June 2011.
Government Type: parliamentary democracy
The unicameral assembly (Sobranie) consists of 123 seats. Members are elected by popular vote from party lists, based on the percentage parties gain of the overall vote in each of six election districts and three diaspora districts. Election districts have 20 seats each and the diaspora districts have one seat each. Members of parliament have a 4-year mandate.
The Prime Minister is the head of government and is selected by the party or coalition that gains a majority of seats in parliament. The Prime Minister and other ministers must not be members of parliament.
The President represents Macedonia at home and abroad. He is the commander in chief of the armed forces of Macedonia and heads its Security Council. He also appoints the Chief of the Defense Staff (CHOD), the head of the intelligence agency, and the Governor of the National Bank of the Republic of Macedonia (NBRM). The President is elected by general, direct ballot and has a term of 5 years, with the right to one re-election.
Capital: Skopje - 480,000 (2009)
Administrative divisions: 84 municipalities (opstini, singular - opstina).
Independence Date: 8 September 1991 (referendum by registered voters endorsed independence from Yugoslavia)
Legal System: Macedonia accepts compulsory International Court of Justice (ICJ) jurisdiction; and accepts International criminal court (ICCt) jurisdiction
The court system consists of a Supreme Court, Constitutional Court, local and appeals courts, and administrative and higher administrative courts. Judges appointed by the Judicial Council are appointed without a time limit. The Judicial Council also evaluates, promotes, disciplines, and removes judges. The Supreme Court is the highest court in the country and is responsible for the equal administration of laws by all courts. The Constitutional Court is responsible for the protection of constitutional and legal rights and for resolving conflicts of power among the three branches of government. Its nine judges are appointed by parliament with a mandate of 9 years, without the possibility of re-election. The Public Prosecutor is appointed by parliament with a 6-year mandate.
International Environmental Agreements
Macedonia is party to international agreements on: Air Pollution, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, and Wetlands.
Total Renewable Water Resources: 6.4 cu km (2001)
Freshwater Withdrawal: 2.27cu km/yr
Per Capita Freshwater Withdrawal: 1,118 cu m/yr (2000)
Agricultural products: grapes, tobacco, vegetables, fruits; milk, eggs
Irrigated Land: 1,280 sq km (2008)
Natural Resources: low-grade iron ore, copper, lead, zinc, chromite, manganese, nickel, tungsten, gold, silver, asbestos, gypsum, timber, arable land
Macedonia is a small economy with a gross domestic product (GDP) of about $9.8 billion (2011 est.), 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 95.9% at the end of 2010. The services sector is becoming increasingly important, accounting for more than 45% of GDP creation. The industrial sector, which was dominant in the early transition years, is now secondary, although it remains the leading exporting sector. Agriculture is gradually losing significance in terms of GDP creation. Although macroeconomic fundamentals are stable, economic problems and risks remain, mainly associated with the country's endeavors to complete structural reforms necessary to finish the transition to a market-oriented economy. Modernization of the largely obsolete infrastructure is happening slowly, and foreign investment has not kept pace with neighboring economies. Labor force education and skills are competitive in some technical areas and industries but significantly lacking in others. Without adequate job opportunities, many with the best skills seek employment abroad. A relatively low standard of living, a high unemployment rate, and modest economic growth rate are the central economic problems. Official unemployment remains high at 31.7%, but may be overstated based on the existence of an extensive gray market, estimated to be more than 20% of GDP, that is not captured by official statistics.
After the 2001 inter-ethnic conflict, growth started to pick up in 2003 (2.8%) and continued in 2004 (4.6%), 2005 (4.4%), 2006 (5.0%), 2007 (6.1%), and 2008 (5.0%). Macedonia felt the effects of the world economic crisis mostly in its real estate sector in 2009, with real GDP dropping by 0.9%, a modest recession compared to EU economies. At the same time, the financial sector remained sound largely due to conservative banking and financial regulation, limited exposure to global financial markets, and dependence on domestic deposits rather than foreign credit lines. The economy slowly started to recover in 2010 as real GDP grew by 1.8%, and recovery continued in 2011. Inflation, measured by the Consumer Price Index (CPI), is generally kept under control despite hikes in oil and food prices on world markets. Living standards still lag behind those enjoyed before independence. The United States supports Macedonia's transition to a democratic, secure, market-oriented society through targeted foreign assistance.
After the breakup of Yugoslavia in 1991, Macedonia, which was the poorest republic in Yugoslavia, faced formidable economic challenges posed by both the transition to a market economy and a difficult regional situation. The breakup deprived Macedonia of key protected markets and large transfer payments from the central Yugoslav government. The war in Bosnia, international sanctions on Serbia, and the 1999 crisis in neighboring Kosovo delivered successive shocks to Macedonia's trade-dependent economy. The government's painful but necessary structural reforms and macroeconomic stabilization program generated additional economic dislocation. Macedonia's economy was hurt especially by a trade embargo imposed by Greece in February 1994 in a dispute over the country's name, flag, and constitution, and by international trade sanctions against Serbia that were not suspended until a month after conclusion of the Dayton Accords. The impact of the 2001 ethnic Albanian insurgency in Macedonia, decreased international demand for Macedonian products, canceled contracts in the textile and iron and steel industry, and poor restructuring of the private sector affected Macedonia's growth and foreign trade prospects.
Macedonia's political and security situation is stable. This stability has allowed the government to refocus energies on domestic reforms, boosting economic growth, and attracting increased levels of foreign investment. In 2004, the government passed a progressive Trade Companies Law aimed at easing impediments to foreign investment, providing tax and investment incentives, and guaranteeing shareholder rights. In addition, in 2007 the government conducted a "regulatory guillotine" project that significantly trimmed regulation, making it easier to conduct business in the country. This was followed by a Regulatory Impact Assessment (RIA) exercise that allows business community input in formulating business legislation. The government's fiscal policy, aligned with International Monetary Fund (IMF) and World Bank policies, helped maintain a stable macroeconomic environment, which sent promising signals to investors. However, economic growth remains sub-par in the transition period so far, due in part to poor government results in combating corruption, a weak judiciary, poor contract enforcement and rule of law implementation, and high domestic finance costs.
The government that took office in August 2006 put the fight against corruption and attracting foreign investors at the very top of its priority list. In 2007, it launched an expensive marketing campaign promoting the country as a good investment destination and implemented a one-stop process for business registration that considerably shortened the time required to register a new business. It provided business incentives by cutting rates on profit tax and personal income tax, eliminating taxes on reinvested profits, and gradually reducing social contribution rates. In 2010, the government launched a rather expensive program called "Skopje 2014" to beautify the capital with new buildings, bridges, monuments, and other projects.
Real GDP in the first half of 2011 increased by 5.2%. This robust growth was mainly driven by 23.6% growth in the construction sector; 13.2% in mining, quarrying, and manufacturing; 12.4% in wholesale and retail trade; and 4.2% in transport and communication services. Industrial output in the first 8 months of 2011 was 7.5% higher than in the same period of 2010. Low public and external debt and a comfortable level of foreign exchange reserves allowed for further relaxation of monetary policy, with the reference interest rate of the Central Bank decreasing to 4%. Due to rising prices for energy, fuel, and food on international markets, inflation increased in the first half of 2011, but later decreased to an annualized rate of 3.4% at the end of September. The official unemployment rate dropped to 31.3% in the second quarter of 2011, but remained one of the highest in Europe. Many people work in the gray economy, and many experts estimate Macedonia’s actual unemployment as being somewhere between 20%-25%.
The government budget has generally kept within projections. The budget deficit at the end of August 2011 reached about 2% of GDP, and fiscal authorities seemed committed to keeping it under the projected target of 2.5% of GDP by the end of the year. In addition to 220 million euros (approx. $298 million) drawn from an IMF Precautionary Credit Line (PCL) in March, financing mostly came from domestic borrowing. However, by the end of the year a financing gap remained of about 50 million to 60 million euros (approx. $67 million to $81 million), which the government plans to cover by borrowing from international capital markets, supported by a policy-based guarantee by the World Bank. The central government's public debt remained low at 26% of GDP, but represents a gradual increase from previous years. Despite lowering the Central Bank bills rate, the Central Bank has not changed liquidity indicators for banks or the reserve requirement since 2009, curbing credit growth to 7.5% in the first three quarters of 2011.
Macedonia’s external trade struggled in 2010 due to the slow recovery from the economic crisis of its main trading partners, particularly EU members. Starting from a very low base, export growth in the first 8 months of 2011 reached 41.7%, topping import growth of 36.8%. The trade deficit has widened to 18.3% of GDP, approaching the end-year target of 21.9% of GDP. At the same time, the current account balance deficit significantly improved and the end-year projection was revised upward to 5.5% of GDP. This was due primarily to a 4.4% higher inflow of current transfers, mostly during the summer, and came despite a poor level of foreign direct investment (FDI) of only $237.2 million by end-July 2011. Foreign currency reserves remained at about $2.6 billion, a level that comfortably covers 4 months of imports and about 110% of the country's short-term debt.
In October 2010, the World Bank Board of Directors approved a new Country Partnership Strategy (CPS) with Macedonia for the period 2011-2014. This CPS will provide the country assistance of about $100 million in funding for the first 2 years to improve competitiveness, strengthen employability and social protection, and increase the use of sustainable energy. This assistance also includes a commitment of $30 million in direct budget support in the form of a policy-based guarantee by the World Bank to the government to facilitate its access to financing from international capital markets, a process that had been started as of November 2011.
Macedonia became the first country eligible for the IMF’s Precautionary Credit Line in January 2011. This program gives Macedonia a line of credit worth 475 million euros (about $675 million) over 2 years, intended to be accessed only in case of need brought about by external shocks. The credit line was approved after extensive consultations with the IMF in October and December 2010. The IMF expects that there will be no additional withdrawals from the PCL.
Macedonia remains committed to pursuing membership in the European Union and NATO. It became a full World Trade Organization (WTO) member in April 2003. Following a 1997 cooperation agreement with the European Union (EU), Macedonia signed a Stabilization and Association Agreement with the EU in April 2001, giving Macedonia duty-free access to European markets. In December 2005, it moved a step forward, obtaining candidate country status for EU accession. Macedonia has had a foreign trade deficit since 1994, which reached a record high of $2.873 billion in 2008, or 30.2% of GDP. Total trade in 2010 (imports plus exports of goods and services) was $8.752 billion, and the trade deficit amounted to $2.149 billion, or 23.4% of GDP. In the first 8 months of 2011, total trade was $7.470 billion and the trade deficit was $1.778 billion. A significant 56.5% of Macedonia's total trade was with EU countries. Macedonia's major trading partners are Germany, Greece, Serbia, Bulgaria, Russia, and Italy. In 2010, total trade between Macedonia and the United States was $116.6 million, and in the first 8 months of 2011 it was $65 million. U.S. meat, mainly poultry, and electrical machinery and equipment have been particularly attractive to Macedonian importers. Principal Macedonian exports to the United States are tobacco, apparel, iron, and steel.
Macedonia has bilateral free trade agreements with Ukraine, Turkey, and the European Free Trade Association (EFTA--Switzerland, Norway, Iceland, and Liechtenstein). Bilateral agreements with Albania, Bosnia and Herzegovina, Croatia, Serbia, Montenegro, UN Mission in Kosovo (UNMIK), and Moldova were replaced by membership in the Central European Free Trade Agreement (CEFTA). Macedonia also has concluded an “Agreement for Promotion and Protection of Foreign Direct Investments” with Albania, Austria, Bosnia and Herzegovina, Bulgaria, Belarus, Belgium, Luxembourg, Germany, Egypt, Iran, Italy, India, Spain, Serbia, Montenegro, People’s Republic of China, Republic of Korea, Malaysia, Poland, Romania, Russia, Slovenia, Turkey, Ukraine, Hungary, Finland, France, the Netherlands, Croatia, Czech Republic, Switzerland, and Sweden.
GDP: (Purchasing Power Parity): $21.39 billion (2011 est.)
GDP: (Official Exchange Rate): $9.8 billion (2011 est.)
GDP- per capita (PPP): $10,400 (2011 est.)
GDP- composition by sector:
services: 63.4% (2011 est.)
Industries: food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals
Currency: Macedonian denars (MKD)