Bosnia and Herzegovina (BiH) is a transitional economy with a population of approximately 3.8 million. Per capita GDP in 2013 was approximately $4,556 (source: World Bank) with a total nominal GDP of approximately $18.4 billion. According to International Monetary Fund (IMF) estimates, GDP declined by approximately 0.8 percent in 2013, after a 1 percent increase in 2012. BiH has been a "potential candidate country" for European Union (EU) accession since 2003. BiH's progress towards EU accession, especially in the last several years, has been slow. BiH was hit by devastating floods and landslides in May 2014, particularly in the north of the country. Preliminary damage assessments are ongoing, but some estimates indicate the damage could be up to $1.8 billion, or nearly 10 percent of BiH's GDP, with a significant portion of the damage to BiH's agriculture sector.