In the first few years after independence, the Macedonian economy suffered a plunge resulting in steep falls in GDP and the loss of a large and protected market. This led to a period of economic decline with high inflation, large fiscal deficits, and almost no foreign investment. At the end of 1994, the Government initiated and successfully implemented a stabilization program, with the assistance of international donors including the World Bank and the International Monetary Fund.
According to the data of the State statistical office, the number of active business entities in the Republic of Macedonia in 2009 was 70 710. The sectors with the highest share in the structure of business entities were: wholesale and retail sale; repair of vehicles motorcycles and personal and household goods with 29 270 entities or 41.4% and Manufacturing with 8 225 entities or 11.6%, whereas the least represented were the sectors Fishing with 57 entities or 0.1% and Mining and quarrying with144 entities or 0.2%.
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