AP News

Macedonia slips into recession

SKOPJE, Macedonia (AP) — Macedonia's State Statistics office has confirmed that the Balkan country is in recession, after reporting a second consecutive quarter of negative growth.

The agency on Friday reported 0.9 percent negative growth in the second quarter of 2012, following a 1.4 percent contraction over the previous three months.

Macedonia's economy has been hurt by the major financial crisis in neighboring Greece, and the statistics agency reported a downturn in mining activity and industrial output.

Unemployment in Macedonia is currently at around 31 percent — one of the highest rates in Europe.

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