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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 MACEDONIAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Politic and Economic Environment: The Republic of Macedonia is a small, mountainous Balkan country with a population of just over two million. In 1991, it declared its sovereignty from Yugoslavia, and has since experienced mixed success in liberalizing its economy. The industrial sector comprises about 18% of GDP and employs about one-third of those holding jobs in the formal economy. The largest components of industrial production are metals, chemicals and food and beverage processing. The privatization process is almost finished and the country has adopted a market economic system. The primary goals of the country are accession to the EU and NATO and on this issue is boosted by a wide consensus of all Macedonian political factors. The President of the Republic of Macedonia is Mr. Branko Crvenkovski. Prime minister of the Government is Mr. Vlado Buckovski. Key Information Contacts Central Securities Depository www.cdhv.org.mk Securities & Exchange Commission www.sec.gov.mk National Bank of the Republic of Macedonia www.nbrm.gov.mk Ministry of Finance www.fin.gov.mk ECONOMIC RATIOS Domestic savings PAGE 102 Macedonia Lower-middle-income group Trade Indebtedness Investment Economic Performance: In March 2004, the Republic of Macedonia submitted a formal application for candidacy of accession into the European Union (EU), fiscal, monetary, and structural actions will be tailored toward this goal. The EU questionnaire has been answered and the government awaits the decision of the European Commission for the candidatestate status by October 2005. The current account deficit is driven by a large deficit on merchandise trade, and by service transactions with the rest of the world that result in net payments to foreigners. GROWTH OF INVESTMENT AND GDP (%) 15 10 5 0 -5 -10 -15 97 GDI GDP 2002 2003 2004 Real GDP growth 0.9% 3.2% 2.9% (estimated) Industrial production growth -5.3% 4.7% -12.7% Inflation rate 1.8% 1.2% -0.4% External debt US$ 1,548 million US$ 1,770 million US$ 1,957 million Domestic debt US$ 647 million US$ 729 million US$ 788 million Foreign currency reserves US$ 734 million US$ 903 million US$ 985 million Foreign direct investments US$ 78 million 95 million US$ 140 million (as of XII 2004) Export US$ 1,113 million US$ 1,359 million 1,673 million Import US$ 1,878 million US$ 2,211 million US$ 2,903 million Macedonia's current account deficit, unlike many poorer transitioning countries, is not financed primarily by loans from multilateral agencies like the World Bank, European Development Bank and IMF. Rather, portfolio investment, associated with privatization activities, has financed the largest portion of the current account gap. From the beginning 2004 the Government has started issuing treasury bills, also planning to issue government bonds in the future. In August 2005 Macedonia has been given its new credit rating marks from the Standard&Poor’s, which are BB- for the domestic debt and BBB+ for the external debt. 98 99 00 01 02 03 * World Bank reports
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 MACEDONIAN STOCK EXCHANGE MACEDONIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN Sector % GDP % Employment Agriculture 12.0 11.5 Industry 25.0 21.1 Services 63.0 67.3 MACEDONIA MONEY SUPPLY, INTEREST RATES AND FOREIGN EXCHANGE RESERVES GROWTH OF EXPORTS AND IMPORTS (%) 30 20 10 0 -10 -20 EXPORT AND IMPORT LEVELS (US$ Millions) 2,500 2,000 1,500 1,000 500 0 97 98 99 00 01 02 03 INFLATION (%) Exports Imports GDP deflator CPI Exports 97 Imports 98 99 00 01 02 03 1998 1999 2000 2001 2002 Money Supply M1 (denars-billions) 15 20 22 11 28 Money Supply M2 (denars-billions) 29 38 46 60 69 Growth Rate M1 9.1% 32.4% 13.1% -50.1% 148.2% Growth Rate M2 13.0% 32.0% 21.4% 32.1% 14.6% Interest Rates deposit rate 8.9% 8.9% 7.9% 10.7% 10.7% lending rate 21.0% 20.5% 18.9% 19.4% 18.4% Foreign Exchange Reserves (US$ millions) 306 430 429 745 722 Exchange Rate Period Average (denars/US$) 54.462 56.902 65.904 68.037 64.350 Annual % Growth 8.92 4.48 15.82 3.24 -5.42 7 6 5 4 3 2 1 0 -1 CURRENT ACCOUNT BALANCE TO GDP (%) 0 -2 -4 -6 -8 97 97 98 99 00 01 02 03 98 99 00 01 02 03 * Economic Overview, Country Watch Incorporated, 2005 * World Bank reports PAGE 103
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