Volume 1 Cedric - revised luca Final - RUIG-GIAN

2. Macedonia: Selected economic indicators 1998-2004 123 1998 1999 2000 2001 2002Jan-SepEst.Real economy (Per cent change)Real GDP 14 4.3 4.5 -4.1 -0.5 a 0.1 3.0 4.0Consumer prices2002YearEst.2003Proj.period average -0.1 -0.7 5.8 5.3 2.7 a, b 2.4 3.0 3.0End of period -3.1 2.6 6.1 3.7 1.2 a, b 1.0 3.6 3.0Real wages, period average 3.7 3.6 -0.3 -1.7 3.5 a 3.5 2.1 2.0Uneployment rate (average) 34.5 32.4 32.2 30.3 … 31.9 30.0Government finances (In percentage of annual nominal GDP)General government balance (includinggrants)-1.7 0.0 2.5 -6.2 -3.2 -4.6 -0.9 -1.3General government balance (excludinggrants)-1.7 0.0 2.5 -6.2 -4.3 -5.7 -2.0 -1.3Revenues 33.3 35.4 36.7 33.7 25.3 35.2 31.4 30.7Total expenditures 35.0 35.4 34.2 39.9 29.6 40.9 35.1 33.6Policy measures (to be identified) 1 … … -1.7 -1.7Central government balance -0.8 0.8 2.7 -5.7 -4.1 -5.4 -1.6 -0.8Government debt 22004Proj.Gross 52.0 57.4 53.2 52.1 46.7 42.6 39.0Net 52.0 53.8 46.0 42.4 40.8 38.0 37.3Money and credit (Per cent change, end of period)Broad money (M3) 3 14.9 29.7 25.6 56.7 -7.5 b, c -7.7 6.4 …Total credit to private sector 10.4 9.4 17.2 7.3 12.5 b, c 12.9 6.4 …Short -term lending rate (per cent) 20.5 20.0 19.0 19.2 18.2 b … …Balance of payments (In millions of US$)Exports 1,292 1,190 1,321 1,153 804 b 1,109 1,202 1,286Imports 1,807 1,686 2,011 1,677 1,813 1,889 1,9741319, bTrade balance -515 -496 -690 -523 -515 b -704 -687 -687Current account balanceexcluding grants -307 -105 -208 -284 -297 -402 -372 -368(in percentage of GDP) -8.6 -2.9 -5.8 -8.1 -7.8 -10.6 -8.8 -8.1Including grants -269 -32 -75 -235 ~217 -309 -266 -304(in percentage of GDP) -7.5 -0.9 -2.1 -6.7 -5.7 -8.1 -6.3 -6.7Overall balance 43 148 208 73 45 -15 20 7123 Macedonia: A Brief Economic Profile. Geneva Centre for the Democratic Control of Armed Forces (DCAF)Conference Paper, http://www.dcaf.ch/news/ISAB_Geveva%2002%2027%2003/Scott.pdf134