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.