2005 SEE Southeast Europe Enterprise Development ! 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" , ..........................................................................................47 2 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · ) % % ) ) ) ! " - ( # (- " ) % ) # " ) ) ( # ( " ), " ( " - & * , #& % % ) * " . 2 " ' ' ) % % , , " " % ) , " " % # * ) . " ' , 3 " % " " )& * ) % " - " % # ' - , # ' , # . ) " % % - . " & # " % " " " & " & ' , "# " , ' , & - % , - . 3 " ) " , % # ( " - ( # + ) , ) #& , " " . ' , " ' & ' - " - ' " % % # " ' & ' - , , ' - " ' - & ' " - ) % & % , " " # " - - 3 . ) & ' - , " ( " " & " # ) . ( " , - , - " " " " % - " % % % #) . , & - " " % - , , % " " # " , " % #) . " 3 60 % #) , ( & # ) " 3 700 # ) # " . ) " # - " " , #& , " ' " # - ) " . % #) # " # & " % - " % , . # . # % & # % , % ) - ' , % #) , , " & " % %# " % ' " % - ( ' , - " " ' . " ) " : % ( % - ( ). % ( " " ( " # % ( ), - . , % ( ) " - # ( & # # ) # ) ' , * ) . & %& ' #" - # , "# " , & " , " " " )" ' , . & " - " ( ) % ' , % ( 3 " . % % % ( ) " & " # ( " ' " % , - , " 3 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " * ) . ( % - & ( " ' , % ' ) % ' , * ) . $ % " # - % ) " % #) , & % % #) " % " % ). " " " &) , " & * , , # % #" " % " % ' & # " . - , " &) " " - " # % . ) & "4 - & - " " , " ' . # - & %& ' , " ' % " # " &) . 4 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · ' % " " * ) ! " ) 1990- #" # %# " , & " % - ) , " % #) & ( , " - ( ' ( , , % #) 2001 ). , # - " & " # % " & , " % % ). ) # , , % " & " # " - # " % " % , . % * ) , " ( # # . % & * - ) %# , & " " , , - , . " ' % , & ( " % " 3 & " & # - , % " # # , . " , % " " &) * ) ( * ). * ) " & % , . # ) # # , % - " 2003 . - " ) " " & , # - ' % " % ) . & " % - " % # # ' , . % ) , & & * ) . * # & " & " . * ) , & ' % # , " " - , & % # , ( & - " , % " " % ). , " ) ' # " % " - " % * - " # # ) & " & %& ' % % # . - % - ' % " 4 " &) " # " , " " " " . # (- " ( ' % %# ' , " " # . " # ' % & - - . - " % , & ( & " " ' " # " . # # - % % ) " % # % % ' " , , " & " " . " " % , " # # , " " ' " " % " " % , . " ' - # ( # ( # + & % ". ' & - % % ( , " - ) % " ' . ' , ( ( ' , " ( " " . - " " , # " " , " % ( - ) " ' . ) " - ), % # & - % 5 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · 3 % #) " - * ) # + 1% 4% & - % . % " & - % * - ) 10 # ) # " , % - ( & , & % " 150 200 # # " . & " % #) " - * ) " , . " - , ( . , , " % 3 # . * + , # ) # " # - , - " " . #) $ ) # ( " ( & , % # " , % #) ( # 0 ) " ) , ) 15 2.300 ) ) 4 170 # ) 6 225 . 3 2.035 - 6 380 0 ) 17 1.100 % : Factors Chain International. " % , % 2003 . . # % - % % , ) # - " . # - & % " # ( # # # # " , - . . , , % , " ' , # - " , " " " % " ' " % # " ' & ' - , " ' & ' - ( # . . # " % # " , " " % & ' - . " # & , & )3 , " ' % " - 3 ' "# ( " # , . ) # % % " * ) " # ) ) . % #) # & " " # % , " # # & . " " ' " " , " " % #) " % % " . " - ) , # " - " , % % ) ) # 3 " - * - ) # # # , " . # % " ) % % % , * ) , # % - & & # ( , . # ( , , " )3 ) , " " " " &- " " -, ( " # " 5 & % " " , 3 & # " & " # ) # - " " & - . " % - , # % - ) * ) . - & , " " " " , - - & - " ) , . & - ' " , " " " - & % ( % # , - . 6 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · ' , - " " % #) & # - " " " - " % . & " # . $ & # " # " , 3 ' & ' - & %& ' % % # . # , , " " & . " , " ) & , " % " # % " . * ) # & & " # . * " * # & & " , , & & " , " " " ( 3 # & " # " " &) . # ( % " % ' ) , ' , * ) # # " ) - " % " 4. # & % , - 3 - & ) # ( 3 " % # " , ) & , % # )3 ) * " & % ( % ) . " ) % , " " ( " % - ' % % ) , * ) . $ 3 % ( % " , # " , . & ) - ,,, `` " & " ( . - , , - # 3 & - " . # % , & - " ( - " " ) # ( # + & ' - " - " " . " ) # , # , , - )- 3 ) - , , " , % " " ( % " " , . ) & ) # 4 # ( % ) % . " ( " % - ' " %) " " & )3 " % " , . - , & % , " " " 3 & " - " . , 3 & " . $ & , 4 , " , " , # " % ( " - , , " & % & . * ) & ) , ( ) UNIDROIT % , - . * % , % * ) % , . * ) # & % % # " , . - - " # & " & # , " & # - , %) " ' . % " & #, " ) 3 " , # " - " % , . & & * ) # % % - 7 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " & - " # % & ) , ( " - % % ) " , " % , . ! " % * ) 3 , , 3 " " % "- % , " - ) : % # " (% ( ) & " &) % " " % # " (% ( ) % - " ) " ' " , ' , & / ) , ) ( ' UNIDROIT # 3 , % - " , - ) , - - # " # ( , 3 & % ( , # ' % % % - ' ) 3 # ) % " " )% ' , " " " . %& , 3 & # - ) & , " " " ) " . & # # " & - " % " # , " . 8 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · # $# * ) # % " ' " ) % " " 1991 . %& ' " " # " & , - % - ' ) ) % - #" % ) % #) . - #& 1996 , " - - ( " ) % ( " & - & 2001 . " & ( (-4,5%) % " - " " , # ) 4 ( % & %& - " . $ - % 2002 & ( - " % # , " % - ' 2,8% 2003 . - )3 - # - # , )" % & # ( 37% & " " - & (1). $ 2004 " 11 # ) # " , 4 - per capita 5.400 # " . " " 58% $ , " " % " 31%, % #) " 11%. " " % " & ( 5% 2002 . , ) " - " 1,1% 2002 (1). ) & , # % , " & # )3 ) " * ) " # - ( ' . * ) " & %& " . " , CIA World Fact Yearbook 2003 . " " % * ) " & #& % ) , " &) " " - " - & # % # % ). " " # " , % # & # " % " - # . , " * " . - # , % " " " " % #) , ( , 3 " & " " " # ( % , . 0" (- ' % % % % - ' - , " " " , ( , . * " % " &) - , # + " & , " & 4 . " # , # , " # # . . # " & # 50.000 " "# % # # . * " " & 2.000.000 , " " & 10.000.000 # # " " ( & 3 10.000.000 . . # " ) " , & " % 3 - ' . " , " " # , # ' . # , # # ) " , , , " # ( . % % " " " " % # ) , - , " # " . ( " " " # , " ( & - , " " - % #) 2 . 9 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " ) - , # % " " & " " &) . 2 " , )( ) , # , # " ' , , " " % ( ( # - " 0 % ) 4 . # - % ( % - , , # # - - % " . " , ) # + ) % % " ' % " " & " ) " 2 - " " % , # % " " ' " # " % . $ " , # , # & " " - % ( , , # , % , & & * ) . , & " % " " " # % # % # ( # ) # # ) " # ( & . " # " # & ) % " - # % #, # " ) ( & % # . * " & % ( % ) (*$ ) % % " ' , ' - # # & ) % #) " . , # ( # " & ) *$ ' - " ' " *$ " & - . # - # " & " - "- , , " - . # , " " " # & " 3 ' . , % " # ' # , ) "# " # ) . . # & " % 3 ' & ) " " # " . & - ) # " % - ) 3 ' . * ) " & - - # . * " " % # ' & " , - " % " # % . * ) # # % # ) - . . # " & " " " " " # % " & ' . * ) # % , " " " . - % , " " , ( % " & " " " #. ) , # * " " % , " & & * ) " , & # - . & - % , & ( " ' " * # # * ) . # , " , # # ( # " ( " " ) # % %. 0" - % & 3 # " "# 15 30 . & , " %& , " % " " 3 ' . é # & ) # " - " & " " ) % . ( " " & " # & %& ' % ( & . " ) ( 0) ( ) " " & " # - " % % % , " " ' . 3 # - " #& ) " % 3 ' , " 3 ' " ' "# 30 . " # 10 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + ·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outheast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · - % , , & - - . ) " % " . & ' " % " , % , . , # ) ( " % # " , " , % % ) % , ( # " % # " ' , ), # " "# " ( " 18% . * + , , - " " ( " " - , " " , # ) " . " % , 3 & " , " " " " " & . , , - " " " , - " " ( " & . " 3 , - % " % %& " " - ' # " , . / 23, - 5( ) % & ' " & - ' . $ & " %) " & , % " % " # . * & ( : 3 % % 2 % # $# # # " , ) % " , % & * ) , " # , . . # ) ( " % # " , # & " " " " " % - " ( # " & & ' " % ) # . # ) 3 & & # " " ) & " "# " - ' . ) & " ( "# - " - # % , * ) . % " ( , ) " " 8 # ) 2004 (,, & " *``, & . 28/2004), ( "# " & ' &- * ) . % " & % - ) # "# " " " 4 % % " (- (" " 1996 " %# ) , ( "- " 2003 ). " % & 2001 - % "# " ( "# " ( ' . # " * ) " % " , , ) % . . # # & " " , ) " ' " " " " . ( ) - - & * . " , " " % ( ( " ( " % " " " ) & " " " )& , & " " 4, ( % ( ) % " # ) - & ". % ( - & ( ( # # # - & %& & ' # ) . # " , " 3 - & " " . % " ( " ) * + "# " " - (* ) " . # " - " # " , ) - % - ' % ' # # * . " " " " % " ( , * " % % : 12 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · 1. $ , " " " ( ( " % & ) 2. " ( ( ( % " ' ) 3. # ( * " & % 4. # # 5. # ( " # " ) # . # ( " " # # & " , " " %- ( " " " " * . # % ) " "# " ( " , % " " , % " , " " ' 4 - "4 , "# " "# " . # + # - " "# " (# " ( , "# " ) * . , " ) % " " ' * % "# " # ( "# " % 4 " , # ( % ), ( ' " " . ( % % " ( 3 # * % 3 # % #) , - # # ) & 3 # - : 1) " , " " % ( - & ( ( # # # - & %& & ' # ) , " & % & - " " . 2) % ' "# * " ( " " # (- , ( " & % & % " & ) "# ( 3 # , " " % ( " - " " " * . % ( "# " # ( & " # , , & )3 " " " " - * ) . # " " # ( & # " # - ) ( & - " # " ' & ' . , " # % # + " ' & ' ( " ) ) , & )3 % " ) ( " ' & ' ) " ( " " - " # " & ' ( ( " " ). , "# " " # , " " * # * ) . * ( " " "# " # , * 39, : , & )3 ) * , " " " # , & ' - " , - , " " " # , " , " " " " (* 39.8). 13 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " " " " * 39, "# " # , " " " " % " & . " " " " * 39.10 " ) - - , " " " " . " # ' " ( - 68 120 " " " &) " " # % " # ' . " & % )- ( " % "# " # " ) , - " " " " ( - )3 & ' ): # + ) , # $" - ' & % & # " - - % & /' +*- 1. # & ' ( - (* 39.66) , $0(* % (* 39.73) 39.10) 2. ' ( " - (* 39.66) , $0(* " ' (* 39.73) 39.10) 3. " " " " " - (* 39.66) (* $0 $ % & 39.69) (* 39.103&) 4. " " " " ( " (* 39.66) (* $0(* - % ' 39.69) 39.103 ) ­ ( ) ­ ( ) ­ ­ ­ - (" &) # # " & ' ), & ' ( " % " % , & " " , ) , " ' ( " - " " ' . " " " " 4 & , - # ' & ' & & " & " ( " ( & - ' - &) " ( & " " " - ( ). " - % ' , , " " " " - " # " # % & " , # " # ' % ( ' % " ( # " . (" &) # # " & ' ) & ) " ) # - & ' " ' . & ' , ( & " " , - ) , " ( " # ' 3 & & " &) " . # )3 3 & ' * ) " - # % ) & # " %# &) " & - ' , )- " " - ) * ) " "# " % & - ' " - ) ( " . 14 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · - # " " % & ' . # ) (" ) # & ' % " 1.000.000 ( # ) $ - , ( ) " 10 % " & % ". # " ' " " : ) " ' & ' ) " (" &) ) " & ' ): $ " - * - (% 3 ' , ) 900.000 & " ' & ' (% 10% # " ) 100.000 & ' - (% % " " & ' " , - " ) 1.000.000 &) " ' & ' ) (" &) # # - " & ' , " , ): $ " - * - & ' (% " & ' " " ) 900.000 - (% " " - ) 900.000 ) & ' ) (" &) # # " & ' , " , ): $ " - * - (% 1.000.000 ) - & ' (% ) 900.000 4 ( , % # - + ( % ") 100.000 , " 4 ( " "# " # % , , ( & " & " % % # " & ' . # + # , , " " & ' ( ( " " ) % " & # " & - ' ), ( ) & # % " & ' % ) % " ( # # " ( # ' " & - ' ) % % & % ) % ". 15 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + ·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www.nbrm.gov.mk. - " # 2002 , 85,9% & " % , " 90,3% " " - *$ ) " " " . - " 44,4% & " , ( " " " " 0,2 100%. " & # " # - , ( 88,8% - & " ) ) , * ) . - # 4 & " ) . , & " ( # , ) " % . ) 2002 & * - ) (& % ( " $ . . ) ) # 34 , ) , 250 " % 13 - . " - " " % ) & , ) 2002 , - " # + " " , & " " & , % " ( 20,7%. - " " #, " " & % " 1.515.000.000 . ) 3 ( " ) % ) , ) " " " , ( " " : - # & % ) " , ; - - ' & " " " & & * ) ; 16 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · - . & ' . * " & " # + " (p/o; L/C; L/G), # ( ' - - % # - " &) # 3 " . 4 % # " # % 4 % & . - " 31 # 2002 , " - " " " - % # " & , "# % " - % - " " , % " ( 28,1%, ( " % - " " # & " " " )& & " " . % # , % " 12,5%. %- " & & ' , " - )3 " & " " " )& " - , % - 2, (% % ) ), " ( 27,4% % " . & " " 4 # " & 2002 ( - % & . & % & " ) & " " 4. " " (ROA) % " % " ( 0,4%, (ROE) % " ( 2,06%. * " & " " - " #, " ( " , " " - " - % " % # , " % )3 # , " . % " & ) & % % ) " % ' % ) , , - )3 ) *$ . # %# & # & # - " ' " & ' - , ( " - " " & " " ' & %& ' % % # . & - " % 2 4% ROA " 20% ROE " # # ( " % # " , . $ )3 & %& ' % % # " # - , # " ( # 6 # " ), # # - % # . ) # & # % , %# # , ) & # " # " # ( & " " % ' " - , # . * ) " # # & - - . , " &) # - - # 3 " , " " " . . , # 3 " % )# " " , % - & %& ' & - # . & " " " ( " ) " - ( " " " #, ) " ( " , ) " " # " " " ( # ' , # " "# % # . " # ' " - . % % # ( # ' . # - , " &) ) " - " & " # " ) & ) % . " , & - 17 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · # " & " " % - % % . " - ) % #) " , , " " " , " ". $ " " % % + . ) " - ) % % " ) ) %& & " ) ( # ) & " & . ( & # " & & " % %- & )3 " % ) % % %# & % % " ( " ( " & . # # & " - " & . . % , & - & ) & " " # " # % - & # " . " , + " % " % ) & " , ) # & %& " . * " - " - " . ' " - " " " # & & - " ) & % " ' % ' . - & %& ' , - " , " " , " " " " . * & ( : 3 % # " & 3. ) " % ( ) % # " % " & # ( # ) % % ) , . % " - % ( " % " % " , # , # % ( ), " # " " , 1 " ' . % & , % " - ' ' - % % & ' . # " % % & - " " % # % , , ( " - ) " % , " ' , 4 % . " " & % % , , " , % - # #- % , . " ( " , " " % , . " % , % & " " # & ( " " - , . , , - " & " # " % , " # " " " # " , . ' - " # & " " - 2 - 21, # ' . " " - 45 46, & , # " 9 # # " ( , " " " , . " , ( " & - 47 # % % # , - . & % & # % & ( - " & & ' , " # % "# " . - , % # %# & " , " " " - ( , . 18 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · ' ' - # & % % & ' , - 2, - 22, , ( " " % " # + # % " , ( " * - ) . " , # ) " "# " , ( 3 ' . . # ) " - ( - ' & ' - ( " , - , , , " - " . & & * ) " ( " " + ( # # % " " - % ( 3 ' % " " . " " , - ' & ' - # + + - % - % ( # , " , ). " " " " % % & ' , , " "# # - ) % " # + ) " % " " ) ) # & % " & ' - . - & & * ) & " ' % ( ) % " . # & ) % " # )" ) % " - ' ' - % ) " ' . " " " " - 2, # - )" % ' " - ' ' " % # " , % - ) " ( " % " ' , ' , %# , ", " " , ) " - ' % " % % " ' " # , # " - ' " " ' " # , ( # " " % ' . - 3 " , " & # ( " " ) % . " " " ) , ( % ( 3 " " ( " " " & ' % - , & ' , % - & , % ' - , #" , " " " , % , , " ' . ' # + $ *.# , - # . " # ( , ) " ( , ( " - " " ( . )- " # " " - " . ) % " - "# " " , " ( "# . " % " ' ) / % . ' + ' " +/+ ! ) % % / ) , " # % " ' , " ' , % ) " ' % 19 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · % / % , 4 " , & & ' % % , % # (4 ). , " " " " - 2 ) % , & %& , " " & ' - ) ( " # " " " % " & ". # & " " . " % 4 " # " " " " - ' % % " ' " " 4 " " " ' % % " . " % - 4 " " " " " - ' % % " 4 " " % . - " " & ( ' % % " /) . % " % % " % ( ' % . " , ) - # " "- , " % " " & %& " % %# , - , " 3 ' & ' / & ' & %& " % . - # %# % (% - ) % " ) " % % # ( # . ) - , % - - # % 4 3 " . .# % # ' -" + ! $ # $ * ) , % " % & " % ( " - " . 0" * ) 1991 ) # " " % ( " #" " . % ( - & ( ) % " , # " " " " 0" % - & ( & " . 11 " ( " % & , ( & - . % & " " - " ( % # ) " % " . * + , % %# % # ' # " 3 ' " % ( # . " & " - # ) % . , " % " & ) , - ( " ' . * $ $ $# % " " & * ) " % " . " ' % % % " " " - , " 4 " . # " ) % " * - ) , ( - " " " " . " & " % % ( " # " " " " #. , ' , " " " " " - ) % " " . /* ' 0 # + # # + % ( # % - ' % , - . - ) % # + , , ) " 1988 " # UNIDROIT, - # . ) % " & ' - 20 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · - & . # " ) % # + ) & - $ ( " & % " ) % )), # 2001 , 1 ) . * ) ) # , ( UNIDROIT- - ) ) , # + , " & , , % - & 4 # % ) . - # & & - , ) . * & ( : 3 % % " " % , # 1. "*, * ) # & , " " % & % " - ' )% " . " ' " &) (& ) 50 # " " &) ) ) % - , % ' % " " & , - & & * ) , *$ * " " % , " . $ - # " % # " , , 3 # % ( - " , . " ) "# " ( ' & " ( % , . - ' * - ) , " " - # ' " " # " , # ) " , , ( " , , - " " " ". % " # * ) , 3 , , " , . % & - , , ) % & - % & " , " " " & & , , " " " ( & ) . % " - ' ' % % & ' , " , - , . % % #) " # , , " " % " " - % ( , # ' # % # ) , " - " " " % " ( # " & & ' " - # . - , ' . ) (UNIDROIT). * ) " & # % % ' ) % " , . ) % % , & " " 150 # # " " # ( " " # . " *$ & ( # % % " - & , , " ( % % . 21 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · # #* (1) CIA ­ The World Factbook, Macedonia, 2003. (2) Factors Chain International, " % , 2003 (3) & & * ) - % ( ) % & ' & 2002 (4) , # % & & * ) www.nbrm.gov.mk (" + $# ) - % % , & % # , , " ' , " " ( # " "- ' # " * & " % & . ( ) & " % ' " " , * ) " " % # " ' % " - . " ' & ( , "é, ) " %& " &) , & , " " , " % ) . " , " ' 50 " &) . " ! ) # # % & , & " & ' , - ' "# " # # . # " ' % ( ) & % & ,. - ! & 3- " " " , ,. - 6 " # " % ( ) % % . . . " , " % # + , " " % % ' % , & ( % ' ' . # # ) ( % . # " % & " & & * ) , * " " % , " , *$ % & % " , # , ( # . 22 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · 1 - I. . # ) " , , " % " % % , . % , " , # + " ( & -) " (, " ) ) " ): · & - # 3 " , " ) & ' % % " & % " # + & - - ( ), " " & % - , " # ) # ( & ; · " ) & % % & - % ( )# , : 1. " " " " % & - " ; 2. ' ) ( ) % & ' ; 3. & ' ; 4. ( ' ; · & & % " % " & ' . & * ) " " # % & , ' % % & ' . % , " & " % & " & * ) , " " & % ( " - ) " % % , " ' , 4 , % " - . II. /* ' * + % % ' , " : · . ) % # + 1988 UNIDROIT; · # + " ) ) % , ; · " 5 % # + , ; · # % . ) % " ' & " % . # " ) % # ) " & % " ) % ) - # 2001 1 ) . & * ) ) # , ( . ) % # + , . 23 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " % # + " # " " , , , ) , " & % - " % " &) " - " ) . III. % . ' " ' & ' " " % # & % ) , " " " " #" % . % % " % " &) - , - , " & # " % " (% ). & * ) # " & % % , , % - # # ) , . " " " # % & ,, & " *" & . 63/2000 103/2000; 41/2001 70/2001;37/2002; 41/2002; ' " & " *" & .70/2001; 39/2002; % % & ' ,, & " *" & . 34/2001; 49/2001;103/2001; 32/2003. ) % , & % ' , " , " )" ) /, , , # " % ( " : % & " ,, & " *" & . 18/ 2001; 78/2001; 4/2002; 59/2002; % " ( ; % " " " " ; % & & * ) ; % % # ' " ( ; % " - ). " # , % - ) % " ( , ' , , " " &) & " & " , " : % % ( " ; % % (5/2003). # " , " " & ' - & " " " : % " ( ; % & % " . 1. ' - % & , )( " ' , & ' , " % ) " & , , " " # - 2 - 21. # , % , " " " ) %& & , % ( 3 " " : & ' , # - & , % ' - / / & - ; #" , " " " , , " " % , , , & " " 4 " % " ) "# % "# # , - ' ' " 4 " # & # , & " ' ( ' " & % ", . 24 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " , - 46, & ) " " 9.000.000 3 , ) , " " " - 45 46 # ( , " " " , % "# # . " - 47 ) , ( " & , " , # % ( , " " " , % "# # . & % " " % & , & , - ( " & , # " & " , , " # % "# " # . " # , % %# , " " " " & ( " , . ) , ) " , , " , , " " "# % , . 2. ' ' - # & % % & ' , - 2 " 22, # ) %& " " % " # + # % " , ( - " % . . # ) " " , ( " 3 ' " 3 ' , " ' " & . # ) " + & & ' ( " , , , , " - , - " ) , % ) & ' " # " # ) . ) % " ", # + % % # + % (- 3 4). . & # + % % " - 20 22. " - 20, " & # " - & " % " # % " ) "# " # % + "# . % " " & # " - & " % " # % " ) "# . $ * ( - ) " " " " . " & # % # & % . $ * " - % # " - & % ( 3 ' % " " - 21 ) % . / 42 ) % % " ' % " . & % " ' & " ) % , ) " , " "# : · " - ) # ' & , " ( ' " , 3 ' % " , " " , % " & " % ( " ' " " " ; · " - ) # ' & " , " " , 3 ' % " " " 25 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · & " % ( " ' " " " ; · ' # ' 4 , # % ; · . ' & ' " # + % - % ; · " # + % % ' & ' " # + % , - % . & % " ' , $ * # & # + % % , " #" # # " ) " % #, " . & ) % , % , # ) % " # + # " " , " & & ' . , " % " ' $ & * ) % " # + % % . 3. ' $ ,* & & ) % # )" ) % " - ' ' , % ' % # . - 2, # )" ) % ' " - ' ' % # , % - ) " % " ' , ' , % # , ", " " , ) " - ' & " " " # , # " ' " # # " " % ' . - 3 , % % " & ) % , ( , " " " ) %& % ( 3 " " " " & ' % , & ' , % & , % ' - - , #" , " " " , , " " % , , , & " " " ' , & " 4 " % " ) "# % "# # , - ' ' " 4 " # & # , " " " " % . & ) % , " " " ) " %& # + % ( " , . # ' ) % # " - " & # " & 3 , . , " % & - " , " # % , ' , " " " ) " ) % % & . * + , & ) 26 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · % , , " " " # ) ( , " " " . ) % # )" % " - ' ' % ) # . " " " " - 2, # )" % ' % " - ' ' % # , % - " ( " % - " ' , ' , % # , ", - " , " - ' & % " ' # , # " - ' " " ' " # , & # " " " % - ' . - 3 % , " & % % ( " & % - , ( , " " " ) " "# ( % ( 3 " " ( " " " & ' % - , & ' , % - & , % ' - , #" , " " " , % , , , " ' . 4. ' # + $ *.# % " ( % " " ( : · ! " ( ; · . # ( ; · ( " - " ; · " ( . " )- " " " , " )- " " " ( " - " . " ( " " ( " - ) & " ( # & " ) " " " # % # ' . . # ( ) " ( # " " ) " " " " . ' "# " , " ( "# " " % " ( ( - 536- - 565- ). " & ) % ( # ( " : ), "# " , " " " "# " " % " " " " , ( , "# " , "# " , "# " " , " " - " ) " " )& " " , , & " % & ' . ) " " " # ) " . , & & " % # " & , " " )& , " " , & " , 4 "4 . " " # " ) % , " " , , " % % . & & " . ( ' " , # % ) , % ) , # " 27 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · "4 , " % , ( "# , & " " " )& " 4 , &) ' " - . " - 546- , # % " , ( ' "# " # ( " , % - . , , " ) 3 # ) , " , % . 5. ' + ' " +/+ ! ) % % " - , " " % % " ' , " ' , % ) " ' % % " , 4 " , & ' - ( - % ) % " (4 ). % , " " - 2 ) % , " & %& - & ' - ) " % % , ( # " " ) & ". - % # & " " , 4 " . # - % # & " , 4 ) " , # & ' , # 4 " # " , " " % - " " . " - 9, # % " 4 " , & & ' , " ) % " % , " " # & % . . # % # " ( , " , ( " % . . # % " ( , " , " " - 12, % , 3 " " , " # ) . " - 13 % , % # & " , % - # - - ) " % % " % & ", # , " " % + " % " ' % % " # . # & " , % - # - & ' & ' - ) " % % " " ) , ) " " % " ) # ( % " ' % % # " " # , " " % # " % " % . " % % 4 ) " " " " " - ' % % , " " " % 4 ) " " % % " . " % % 4 ) " " " " " - ' % % " " 4 ) " % . 28 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " - 16, " % % & ' " " " " - ' % % " " " % & ' " % " . " % % & ' " " " " - ' % % " " ' , " " ' & ' . % % " " - "# , # , " % " % , ) # & " - ) & , # . % % ( " - "# , # % )" . " - 24, # ' " # % , " " # % . . % " % # # 3 % % , " # ' % " # " % " % % . # " " & ' & % % ( " % . & ' % " % " ' % % # % , " " # " % ( " . " " & ( ' % " " ) . " " ' % . ' % "# %) % ) % & ( ' % % " , " ) . - " " " " , " " ' " ' " . % " & ' & %& " % " 3 & # 3 " " " " & ' ( # , ( " - ) 3 & %& ( % " " ) . " % " , # " ) " & . " " - % ' & ' % # % - " ) % . % ) % ) % (- 59-82). % % " %& # ) - & % , %& " " &) ( 3 % ( % ) % , % " - ) # " # %& " " &) ) 3 ) % ( % ) % . . " &) # " ) , " , ) % & # " , & % " &) " % . " ( " , % ) % )- " ) ( " # " & % . ) ( % ) % " & % % % % ( " . % " - 77 % , # % " 4 " , % - " " ' , % # - # & & 4 " & % , " % % 29 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + ·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­ - , - % ( . 30 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · 2 , # " " ( ' & " " % ' ( # & . & " " " " - - # . " " " " " " " ) " , . . & " ­ , " ( " " - ' ( " & " ) - # + " .. " % " ' & " " ' " ­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outheast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · & % ' , "é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lex specialis & % " # % & " & , " " " " & " # . % , ( " " # " , " & " . 32 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · % & " & %& # % " & ' " ,, " & ' " - " ) - 424-433``. # & ' # " " " : · # " " - " " % " & ' , " - " ' % & " % % % - " " " ) # " " " " ' % . · % " ' # )" " # ) ) 3 # " & ' % 3 # " & % " " " . " " # : · & ' % # - # " , ( " " , 4 , % , " , # , % " - . · " - # # % # # - " # % " " " " , ) " ) " - - % "# # - . · " " , " # " " " & ' . # % " ' & ' & " " " , " - % " % % ( " ' . " ' % ( " - % " ' % " ' " & & " , " # % % " ' , & " " ) # ) " # - . 3 " ' . # " " & ' % , & ' # + # - % " - % " " ) # " ) . - " " # - . # - # " # " ( " - # " # " ' . # # " # - ) ( # " # ( # # " " - # # % % " ' . . " " - # - : " - # - # & % " % , # , % % " & ' % " . " - % # - " # & ' , ) # % " & % ) " " ) " 33 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " ' " & ' . ) , & ' , # % % % " ' . " " % " ' & ' , # " ' % ( " " # " , " - % " ' & ' # # % ( " ' . " " % " , " - % " " & ' & , " # " - ( # # - , % " # , ( " ' ( " . # " " " " - # " . " " & " - % " ' & ' " ' # " " ' % " ' " ' % & %& ' . . # " " ' " ) & " 3 # " " & ' , , " " - ' % " ' & " " " % " " & ' . . 3 # " " ) " & ' " # % ' , & " " " , " " # , ( 3 " & ' . " - ) # - # " - " ( % " " & ' " # " - . " - ) " ' % ' , " & ' # ) " " ) & " " # " - , % " % " ' . . " ' % ( % & %& ' # - & ' " # " - , # - " " # & " " , " & # 3 , % ' " & ' , % ( , 3 % ( & % # ' " " & ' " # " - , ) # ( . " % # ' % # ' " ' , " , # & & % ' , (- 434 -441). % # ' " ( " # + % # - , " ) " " " . " - " ) # % " " ) # # ) " ( " ) " " " % % # ' . " ) " ) " " " & % ' # " ' % # - , ( ) " # . - , " ) " & , # " %) " " " " " % # ' , " %) " , " "# ) " ) " " " . % % # ' # )" % % # ' " ' % # 3 " ) " " " % % 34 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · % # ' , ) & " " " . . + ' ) " % ) " 4 # + & - + - & - 3 % # " # 4 , " "# 4 " " " % % % # ' "# + - & # " # . "# # # & " # " , 3 " "# . % # ' , % # - " # " ( , ) " " & & " . # " " " " % % # ' % # - & % , % , # % , ( " " & & " , % % # ' # )" % " ' . # + % # - " " & " ) ( " # + ( . " " , # " ( ( " & ' " # , , % % , ( " % " " " % . ( , % # - % # ( " % # ' . " , - 438 % # - # # " " ( % " # + ( % # , ( % # - # " # . % # - # # " ( " " ( , ) " & " % % # ' . % # ' " ' - 441. % # ' " ' " ( " # + ) " ) ) " & % " # ) " & " " # . ) # # ) " & " " # , ) 3 & " ' . ) % # , " , # " # . . " " " " " & ) (- 288-293). " - ) " ' + & " , " ) " -# " , " ' " ' , " & ' # % " " " # " " . # # % " - % " # + " - , " - " ' . " - " & ) " - " # # " ' . 35 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · . & " 3 ) " # ) " , % # " " # % # # " ' & ' " " " . " - ) # " ' & ' , % " - # " " & %& " ' & ' " # " & % " ' " & ' . " - # 3 " " %# " " & ' , # " - 3 # " . # " - " " " " " & %& & ' . " - , # # " - # ( # % ) , " # % " " " " , ) " ) , - % "# " - . " - % # & ' # & 3 ( # " . # " - ' " % " ' " & ' , ( # " ' % " ' " & ' # " ' . " " - # % " ' & % " . " " # " # " " " ' " - , : & " % ' " " " ; % #; ' " ) ; % % % " % 4 " . 7. * $ ' .# # " $# $* # ' .# # - * & # # " # " " & * ) " % " (,, & " *`` & .36/95 45/95). " - 24 ) , " " " " " #, " " " ) ( : " , 4 " & * ) . " " " " % -) " - 28 ) . " " " % -) 3 " " + ) , $ . 4 " * ) ) ( " " " ) & * ) . " " " - " # " " " , " # " % " " " " . " " , " " - 30 " 2 % , " " ( % " & , % ( ' & %& ' & , " % " " . " - 33, 36 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " " ( & " " . & * ) " # " ) ' " ) " ) % " , ( & ( # . - ( " & )3 " " ) % ) ) " . " - ) % ( ' & " " , - % - ' " ' , " " " # & ' " " " " % - " % % ( " . % , " " ) . % - % & %& , " " 4 " % ( %# % , " % ( , % " " ' % ( 3 " % - ' " ' - " " ' . ( " # ) " - , " # & " " ) ) % % ( ' " . " " % # " - " " " ) ) " , " % ( " , # " % ( . " ) % ) " ( ) - " & ) % " " ) " " % % " ( , " % " # , " " " ( . . " 3 " " , & % ( ( " & , ), " " % % ( ' , % " % % ( " . % % ( " (,, & " *``, & .53/97, 59/2000) " " " % " % ( ' " " ) " " ' & " , % & %& ' & ' . & ) % " " % " % ( ' " " ) " " ' - & " . % % ( ' " # % " % ( " ) " , " " % % ( " ( # ( " ,, ``) . " - 17 " 5, % ( ' 3 " % % " " " ) " " " " ) " - , " % ( & % % ( ' . " - 15 , % ( " " %& % ( " " " " # ' , % ( # ' " , " " ' - & " , % ( " " " ) % ( " % . " ) " , % " - 21 , " %& , , # - , " " " "# & % % " ' & ' , ) " , % % , " % 37 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · % " " " " & " # % - ' ) " . . , " "# "# # . " ) " & % % ( ' " % - , # , , & # # " ' & " . & % % ( ' " " % " " " ( # " . # " & , % " " " & % % ( ' % " " ) % % ( " . , " & , # & & % & % % , ( " )- " " - ) (" " # ) : ,, # ( " " "). & ' , " ( % % ( ' # % # 3 " # ( ' + " " " " , ( ' & " " " " ) " %# & & " % ( . - % % ( " 4 " % " , " % , " ' . . ,, # ". 4 " %# ( 3 " % " # " - " ,, " " # ", # " # " # ( "# % % 3 ' ). %& , & &% # " % ( 3 ' , " % ( " " " ), % ( ' 3 & " , # " " - % ( ' . " , ) " " " ) " " ( # ) & " , ' " - ) % ( " # + " " " " . . " & " " " & ) " & ' , ) " " & " ,, " # " " # " ' # % ( " & " # % % ( ' . % ( ' - % ' , " # " " : & # , & , " " " "# "# , ' & " % " " , & . " - # " % # % & %& ' 3 ' , # " & , " " " ( 3 " " % 4 3 " % " " " . " " "# " ( " # ( & " + "# . ) & % ( % ( ( " " # ' " # % ( " "# , ' "# . 38 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · IV. "*, ! % " & * ) ) " " , , # # % - # : · " % & , & , - ( " & , # " & " , , " # % "# " # , # 9.000.000 " - . · % & %# , " " " " & ( " , . * + , % " & * ) " , ( , " " " ) " & " % " " . & %& ' " % ( ' ) " , , "# # & " % - " % " ' , " " " ) ) 3 # " & " , " % " ' & (9.000.0000,00 " - ). " , & & & # " %# " & " , " # % " # ; · ) , ) " , , " " "# % , , % % & ' , # ) % " # + # " " , " & & ' . " , # & & " %# " " , ) " , " - % " ) " " & % , ( % & % % & ' ). " & " " , ' , # ( # ; · % - , % , , # + " - % " - ' . # # ( " # " 3 & # , " & % , ( " - ) " % , " ". ) " "# % & & & " " " ) ; · 4 " - # & ' , " " % " " , ) , % - " % ; · ) ( ) , UNIDROIT . ) % # + , . 39 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + ·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outheast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · " , "# # # , # " - , & )3 # " - % . % " ! # - ' 0 # + # ( , " 4 ( % , " " - " % & , " "4 ( % , % " % "4 - & ". - , (" &) # # " & ' ), - 4 , " , " , % ) , # - " , " # , & . % # + - ( & ' % " " % 4 - # " & ' . ) 4 " & - - ' . 3 # % " & % -- " ( ( ) " & ' ). 3 & # % " % " & ' ( # " . % ( " % % & . % & ) % & ' " & ' . ) " # % & ( % & 4 " , # " . , " " ( ' 3 " % & " - . " ) : 1) " ( ' & ' , ( # & % "4 - & " (- 20- ); 2) " # , ( 3 & % "4 - & " (- 17); 3) " % & , ( ) ) 3 # " - # % & & 4 " , # " , " % "4 - & " (- 25). "*, )- , % " ! " &) " - # % , , 3 % # " - - 3 % # - " . 1. . # ) (" ) # & ' 1 # ( & # ) $ - , ( ) " " 10%. . # ) ( % % & 100.000 , ( & - "4 ) " % " " % & . # # ' , # - # % # ) $. . 3 & ' , ( % 4 % " 100.000 - (% % ) ) 4 " - " & . ) " - ) # # % . 41 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + ·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outheast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · # - "# " " - % " " " ' , * ) . " " "# " # , " - " " " * ( ' "# " # ( * 39). $ )3 % ' "# * + "# " " " ( " " # ( , & % & % " - & ) "# ( 3 & " " & , " " % - ( " " " " * , ( " ( " % - ' . - - 23 - 5( ) % , " ) - & ' " - - & " , " %& ( % - & )3 ) " ) " " " " # ( 3 " # " & ' # . " , ) - " ( % , - " # " " # & " . " , " %) " # 3 # " ' - " & ' . 3 " "# % " , # , # " , ( ' & /% & ? # 3 " , , 3 " - ( - ( ' . & " % & - ) % & , ( % & & & ' & ) " # % & & 4 " . # # ' % , # " " % , " & " ( 3 " "# " - - ( ' ( " " , , - " , ( & ( % # % . ) " - ), 3 & ) " " " - # , % # ( ' " , , - , - , - . 43 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · 3 ( $ - # " % - - " - 1 # $ - . ., ) *#* $ - . ., ) # - $ ) 2 % ! )" - . ., - 3 $ - . ., 4 - . ., ) ) 3 # $ - . ., $ ( . ., ) 4 "0 - . ., ) -- . ., ) 5 $ - . ., ) - . ., ) 6 $# - . ., ) # $ - . ., 7 ( . ., . # 8 * $# - . ., ) 9 .# $ - . ., ) 10 # $- # - . ., ) 11 " $- . ., ) 12 # - . ., ) 13 # . # - . ., ) ) # & , . # ) $ " $ . . ) , " - ) 3 # . # & % " " " ) - # " ) . 3 54% " " " & . 2 $ " , ) ) , ) 2 $ " . $ . . ) # & , ) " 2003 - " " & % . ( " $ . . ) & " " " , ) & " " & - % & . * " ( , ) " ( # - ) " " " , ) # . 44 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · * " & % ( % ) & " " " "- " " & % . & ( # & - " . " , " , # % % " - ' %# " % , % % . 45 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · 4 ? . # ) " , # # " 3 ( " % #) , " 3 750 # ) # " # ( # + " " . * ) # , " " " " , ( " 8 * ", 7 - )- - ) % & " & ' 5 $ " " " 3 1.500 , # . * # # % , # % #) ( " , , ) , " 0 ) . . ( # #" # " % - ' % ' , " ) & % " ( , , " "é 3 % #) . )( "# " , , " " % , " ' - & ' - # ( " " # ,, & - ' ``). " " % " , ) " #& , " " , " # " ' , . 0 & 0 # + # , " ' & ' - % " % ' " " " ' . & - , ) , 3 " # ( %- % & ' - # ) , " # , . 0" - " , & ' # - " ' ' % ( % " , . # - , % " ' , & ' - , % & ' ( # " . # % ) , , # : , " ", , & % ", " , ' , " " - , , " ' . . - # # , " , , - " , " & # " " " & 3 " % #) & # # ) ) ) . " # " & " # % % ' & % . " # , " : · " ' ( 80% " ) , ); · ; · . " ; · & ' % # ' & ' . " " "# % , # & - " . " " % ), & ' % # ' & ' # - " "- , # . 46 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · . 3 2 " , & ' " - )3 % ( , " " 3 "# , , % , 2 3 ' # " " ' 1 3 ' . ) , 4 / " ' . 1 .0 0 / % + , $# 0 # + # # # " , . , " " % ), ( & ) , "# " " % " , " ' & ' - ) . & ' - ( " - " " . ) % & % " " & - " % " " " % ' & ( . . & ' - , ( , " " " " )& - " - # " " & % " " ' & ' " , , " # ( - , " ' ( . , ( % # , 3 % # , " & " " , " ' , - # , " ' % " ) " , # - " ' . % ) % " # " % , - " ' . - " " " " ' # # , - 3 # & " , . & %# # ) " " " " & - , # # 3 " % " - " " % 3 & . " " . . " % & ' " , " " , ) " & # ) " " # " ' . , " , # ) % ( , ) - . . - , " ) % - " ) & " " )& , # ( 3 # , . & ' , & ' , , # " " , " " , " % # # . . " , " : " ' · " & " · " 47 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · · # " ' " , " " " " · " , " ' ( 80%) ' " ·. " · · # " % " ' · & % & & ' - · ' % % # ' & ' ( " - ) # - " " % # # . - "- # " % ' & # " % . ) 3 # # # # " # & " " " % & ' % ). 48 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · - " 1 . " - " 0 # + ' %) ( % " ) %) 1998 1999 2000 2001 2002 2003 % % 1998-2003 $# ) 1.832 2.007 2.275 2.181 2.275 2.932 60.0 ( "+ ) 4.366 7.630 8.000 9.000 9.391 11.500 163.4 959 1.120 1.410 1.554 1.997 2.035 112.2 1 . *-" 468 780 1.005 1.230 1.681 1.880 301.7 $ 2.894 3.360 4.050 5.488 5.200 5.570 92.5 $# ), # ), # ) 213 470 615 1.400 2.143 2.262 962.0 $ 5.230 5.630 7.130 7.445 9.067 8.810 68.5 ! ) 44.255 53.100 52.540 67.660 67.398 73.200 65.4 % ) 20.323 19.984 23.483 29.373 30.156 35.082 72.6 ! ) 596 850 1.500 2.050 2.694 3.680 517.4 + ) 115 144 344 546 580 1.142 893.0 $" 21 100 125 26 16 25 19.0 $ 3.957 6.160 6.500 7.813 8.620 8.850 123.7 # " ) 75.319 88.000 110.000 124.823 134.804 132.510 75.9 * $ %-* + 0 0 0 0 197 257 - 4 " ) 17.702 20.500 15.900 17.800 20.120 17.500 -1.1 . 3.787 4.260 4.960 5.700 7.030 7.625 101.3 "$ 609 605 2.085 3.330 2.500 2.580 323.6 #*+" ) 5.545 7.450 8.995 10.189 11.343 12.181 119.7 % ) 20 37 60 98 141 225 1025.0 *$ ) 0 0 0 0 168 485 - " , 179 160 160 240 240 384 114.5 " ) 14 35 65 71 75 170 1114.3 ) 9.936 12.530 19.500 23.600 31.567 37.486 277.3 $ 7.677 7.550 12.310 5.250 10.229 10.950 42.6 )! ) 1.464 1.300 1.300 1.430 2.250 1.514 3.4 * ! ) 4.043 5.250 6.390 3.917 4.263 5.330 31.8 ( # ) 84.255 103.200 123.770 136.080 156.706 160.770 90.8 295.779 352.212 414.382 468.324 522.851 546.935 84.9 + # 1.026 1.481 1.715 1.017 71 70 -93.2 ( ' " 13.620 17.010 12.012 11.020 11.030 12.040 -11.6 1.863 1.952 2.256 2.699 3.100 3.161 69.7 1 " 1.991 2.600 2.650 3.123 3.130 3.500 75.8 $# 162 226 258 208 210 185 14.2 *- 0 185 108 113 120 93 - " " 0 0 0 123 157 102 - $ 2.519 3.550 5.030 6.890 3.640 4.535 80.0 % 0 11 220 220 0 160 - 70.059 88.069 102.268 101.744 91.143 80.696 15.2 91.240 115.084 126.517 127.157 115.301 104.542 14.6 ' " 108 219 460 429 354 190 75.9 - 0 0 0 10 72 35 - 187 57 45 50 190 160 -14.4 % 14 21 30 36 29 10 -28.6 * $ - ) 0 0 0 150 100 50 - * 0 3.957 5.340 5.550 5.580 5.860 5.470 38.2 * $ 54 73 60 171 153 210 288.9 0 0 0 0 0 37 - 4.320 5.710 6.145 6.426 3.608 6.162 42.6 11 31 212 1.234 2.077 2.640 23900.0 4 + + 1.294 1.800 2.400 2.690 3.029 3.250 151.2 ' ) 28 33 3 0 1 1 -96.4 ) 174 257 170 690 1.290 1.615 828.2 ) 38.980 55.347 58.473 61.566 50.380 60.550 55.3 " ' ) 687 805 585 842 610 718 4.5 + * 1.510 1.970 2.100 2.480 2.600 2.435 61.3 * ) 17.149 15.120 115 85 55 38 -99.8 38 62 99 115 110 102 168.4 ) 1.004 2.090 3.650 4.511 7.919 16.000 1493.6 )" 715 1.010 1.268 1.240 1.274 1.425 99.3 ! " 61.590 78.525 69.375 75.453 69.345 88.774 44.1 $# " ) 3.319 5.100 7.320 7.910 9.527 13.716 313.3 " 162 184 100 410 465 263 62.3 # ! " 3.481 5.284 7.420 8.320 9.992 13.979 30.6 $ % # 456.410 556.815 623.839 685.680 724.197 760.392 66.6 49 SEE Southeast Europe Enterprise Development ! " # " $ # # % & ' ( ) ' * $ + # , ' % $ # ( - . * $ ! + · - " 1 . " - " 0 # +- " # $# %) ( - % 2002 ( - - % % & # (2003) ( & # (2003) $ 2002 " 2002/$ % " - (2003) 2002 2002/$ 2002 $# ) 2.598 334 11.4 1.2 106.4 52.1 ( "+ ) 9.500 2.000 17.4 4.0 76.3 82.3 2.000 35 1.7 20.7 125.4 - 1 . *-" 1.600 280 14.9 2.5 33.4 65.2 $ 3.570 2.000 35.9 3.2 146.4 44.9 $# ), # ), # ) 2.012 250 11.1 7.8 21.8 58.2 $ 8.545 265 3.0 7.2 60.0 38.1 ! ) 68.200 5.000 6.8 4.9 87.2 27.1 % ) 27.131 7.951 22.7 1.6 118.9 35.5 ! ) 3.500 180 4.9 2.1 67.1 20.5 + ) 1.080 62 5.4 0.9 35.3 64.5 $" 0 25 100.0 0.2 100.5 39.7 $ 8.800 50 0.6 7.4 110.3 - # " ) 124.510 8.000 6.0 11.9 82.3 26.9 * $ %-* + 237 20 7.8 1.0 111.4 145.3 4 " ) 1.600 1.500 8.6 5.0 147.9 61.7 . 6.800 825 10.8 3.9 86.3 41.5 "$ 2.450 130 5.0 1.4 28.8 28.0 #*+" ) 11.828 353 2.9 9.8 147.9 - % ) 90 135 60.0 0.3 8.3 35.4 *$ ) 470 15 3.1 0.1 17.6 34.7 " , 296 88 22.9 1.1 40.6 72.8 " ) 140 30 17.6 0.4 39.2 57.9 ) 36.443 1.043 2.8 5.1 111.1 28.5 $ 9.650 1.300 11.9 4.5 - 43.3 )! ) 1.298 216 14.3 0.9 159.0 44.2 * ! ) 4.200 1.130 21.2 2.4 14.9 29.7 ( # ) 158.270 2.500 1.6 10.5 142.6 25.8 511.218 35.717 6.5 5.4 + # 65 5 7.1 0.1 15.3 27.7 ( ' " 12.000 40 0.3 2.6 35.5 15.8 2.131 1.030 32.6 0.5 82.2 - 1 " 3.300 200 5.7 5.1 68.1 35.9 $# 180 5 2.7 1.3 30.1 42.4 *- 30 63 67.7 - - - " " 100 2 2.0 1.2 - - $ 4.435 100 2.2 1.0 12.6 27.2 % 160 0 0.0 0.0 97.6 28.2 77.496 3.200 4.0 0.9 140.6 9.8 99.897 4.645 4.4 1.0 ' " 20 170 89.5 0.4 97.8 37.2 - 35 0 0.0 0.1 90.8 13.9 130 30 18.8 0.6 54.4 32.3 % 10 0 0.0 0.1 38.6 56.8 * $ - ) 50 0 0.0 0.1 58.2 40.8 * 0 5.350 120 2.2 5.9 131.7 34.0 * $ 160 50 23.8 0.8 68.6 44.8 36 1 2.7 0.0 55.9 - 5.791 371 6.0 1.3 2.400 240 9.1 0.2 136.5 28.9 4 + + 2.000 1.250 38.5 2.0 150.1 150.8 ' ) 1 0 0.0 0.0 22.3 35.4 ) 1.500 115 7.1 0.3 32.6 15.2 ) 60.000 550 0.9 1.3 175.3 11.1 " ' ) 690 28 3.9 0.7 146.1 114.1 + * 2.060 375 15.4 3.1 115.5 - * ) 0 38 100.0 0.0 115.6 40.0 94 8 7.8 0.7 28.5 36.2 ) 11.700 4.300 26.9 2.9 - 53.8 )" 1.400 25 1.8 1.1 102.5 64.7 ! " 81.845 6.929 7.8 1.0 $# " ) 13.656 60 0.4 2.4 - 19.6 " 250 13 4.9 0.8 118.1 33.2 # ! " 13.906 73 0.5 2.2 $ % # 712.657 47.735 6.3 2.5 50