Economy of Kosovo

Economy Of Kosovo

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Economy of Kosovo

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The economy of Kosovo is a transition economy, with an estimated per-capita GDP PPP of $6,631 in 2010. Despite substantial development subsidies, Kosovo was the poorest province of the former Yugoslavia. After the declaration of independence of 2008 the situation deteriorated further; the uncertain international status of Kosovo, its widespread official corruption and the pervasive influence of organised crime made it difficult to attract investment and loans. Both unemployment and poverty rates are estimated at close to half the population.

Development from 1999 to 2007

After increases in 2000 and 2001, growth in GDP was negative in 2002 and 2003 and expected to be around 3 percent in 2004–2005, with domestic sources of growth unable to compensate for declining foreign aid. Inflation was low, while the budget posted a deficit for the first time in 2004. Kosovo has a negative balance of trade; in 2004, the deficit of the balance of goods and services was close to 70 percent of GDP. Payments from persons living abroad accounted for an estimated 13 percent (and...
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