1945

Economic instruments and expenditures for environmental protection

The economy of the former Yugoslav Republic of Macedonia grew steadily after 2002. Strong annual average gross domestic product (GDP) growth of 4.5 per cent continued until 2008. During the same period, per capita GDP increased by 74 per cent. The openness and small size of the economy makes it dependent on world economic development and vulnerable to external economic shocks. The international banking crisis in 2008 caused the country’s GDP to shrink in 2009, and it is not yet known if the country returned to a growth path in 2010.

Related Subject(s): Environment and Climate Change
Countries: North Macedonia
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