Economy Of Serbia and Montenegro - Serbia and Montenegro Information

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Economy Of Serbia and Montenegro
Serbia and Montenegro Information - Country Guides

Economy overview	MILOSEVIC-era mismanagement of the economy, an extended period of economic sanctions, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 have left the economy only half the size it was in 1990. After the ousting of former Federal Yugoslav President MILOSEVIC in October 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on an aggressive market reform program. After renewing its membership in the IMF in December 2000, Yugoslavia continued to reintegrate into the international community by rejoining the World Bank (IBRD) and the European Bank for Reconstruction and Development (EBRD). A World Bank-European Commission sponsored Donors' Conference held in June 2001 raised $1.3 billion for economic restructuring. An agreement rescheduling the country's $4.5 billion Paris Club government debts was concluded in November 2001; it wrote off 66% of the debt. The smaller republic of Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and continues to maintain its own central bank, uses the euro instead of the Yugoslav dinar as official currency, collects customs tariffs, and manages its own budget. Kosovo, while technically still part of the Federal Republic of Yugoslavia (now Serbia and Montenegro) according to United Nations Security Council Resolution 1244, is largely autonomous under United Nations Interim Administration Mission in Kosovo (UNMIK) and is greatly dependent on the international community and the diaspora for financial and technical assistance. The euro and the Yugoslav dinar are official currencies, and UNMIK collects taxes and manages the budget. The complexity of Serbia and Montenegro political relationships, slow progress in privatization, legal uncertainty over property rights, and scarcity of foreign-investment are holding back Serbia and Montenegro's economy. Arrangements with the IMF, especially requirements for fiscal discipline, are an important element in policy formation. Severe unemployment remains a key political economic problem.
GDP	purchasing power parity - $23.89 billion (2004 est.)
GDP - real growth rate	1.5% (2004 est.)
GDP - per capita	purchasing power parity - $2,200 (2004 est.)
GDP - composition by sector	agriculture: 15.2% industry: 28.2% services: 56.5% (2004 est.)
Investment gross fixed	14.3% of GDP (2004 est.)
Population below poverty line	30% (1999 est.)
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	11.2% (2004 est.)
Labor force	2.93 million (2004 est.)
Labor force by occupation	agriculture NA, industry NA, services NA
Unemployment rate	34.5% (2004 est.)
Budget	revenues: $8.668 billion expenditures: $9.633 billion, including capital expenditures of na (2004 est.)
Public debt	123.2% of GDP (2004 est.)
Agriculture products	cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats
Industries	machine building (aircraft, trucks, and automobiles; tanks and weapons; electrical equipment; agricultural machinery); metallurgy (steel, aluminum, copper, lead, zinc, chromium, antimony, bismuth, cadmium); mining (coal, bauxite, nonferrous ore, iron ore, limestone); consumer goods (textiles, footwear, foodstuffs, appliances); electronics, petroleum products, chemicals, and pharmaceuticals
Industrial production growth rate	1.7% (2002 est.)
Electricity production	31.71 billion kWh (2001)
Electricity production by source	fossil fuel: 62.9% hydro: 37.1% other: 0% (2001) nuclear: 0%
Electricity consumption	32.37 billion kWh (2001)
Electricity exports	446 million kWh (2001)
Electricity imports	3.33 billion kWh (2001)
Oil production	15,000 bbl/day (2001 est.)
Oil consumption	64,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	38.75 million bbl (1 January 2002)
Natural gas production	602 million cu m (2001 est.)
Natural gas consumption	602 million cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	24.07 billion cu m (1 January 2002)
Current account balance	$-2.416 billion (2004 est.)
Exports	$2.667 billion f.o.b. (2004 est.)
Exports commodities	manufactured goods, food and live animals, raw materials
Exports partners	Italy 31.6%, Germany 17.5%, Austria 6.2%, France 6%, Greece 5.4%, Slovenia 4.1%, Hungary 4% (2003)
Imports	$7.144 billion f.o.b. (2003 est.)
Imports commodities	machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials
Imports partners	Germany 18.8%, Italy 16.3%, Austria 8.1%, Slovenia 6.6%, Hungary 5.8%, France 4.8%, Bulgaria 4.6%, Greece 4.4% (2003)
Reserves of foreign exchange gold	$3.7 billion (2004 est.)
Debt external	$14.01 billion (2004 est.)
Economic aid recipient	$2 billion pledged in 2001 (disbursements to follow for several years)
Currency	in Serbia the Serbian dinar (CSD) is legal tender, but the euro (EUR) is the de facto currency; in Montenegro and Kosovo the euro is legal tender. (2004)
Currency code	CSD, EUR
Exchange rates	new Yugoslav dinars per US dollar - official rate: 65 (2002)
Fiscal year	calendar year

Serbian Flag Map Of Serbia and Montenegro

Economy Of Serbia and MontenegroSerbia and Montenegro Information - Country Guides

Economy Of Serbia and Montenegro
Serbia and Montenegro Information - Country Guides