| Economy | Bosnia and Herzegovina |
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Economy - overview:
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Bosnia has a transitional economy with limited market reforms. The economy relies heavily on the export of metals, as well as on remittances and foreign aid. A highly decentralized government hampers economic policy coordination and reform. The interethnic warfare in Bosnia and Herzegovina caused production to plummet by 80% from 1992 to 1995 and unemployment to soar. With an uneasy peace in place, output recovered in 1996-99 at high percentage rates from a low base; but output growth slowed in 2000-02. Part of the lag in output was made up during 2003-08, when GDP growth exceeded 5% per year. However, the country experienced a decline in GDP of more than 3% in 2009 reflecting local effects of the global economic crisis. One of Bosnia's main economic challenges since the recession began has been to reduce spending on public sector wages and social benefits to meet the IMF's criteria for obtaining funding for budget shortfalls. Banking reform accelerated in 2001 as all the Communist-era payments bureaus were shut down; foreign banks, primarily from Austria and Italy, now control most of the banking sector. The konvertibilna marka (convertible mark or BAM) - the national currency introduced in 1998 - is pegged to the euro, and confidence in the currency and the banking sector has increased. Bosnia's private sector is growing, but foreign investment has dropped off sharply since 2007. Government spending, at roughly 50% of GDP, remains high because of redundant government offices at the state, entity and municipal level. Privatization of state enterprises has been slow, particularly in the Federation where political division between ethnically-based political parties makes agreement on economic policy more difficult. A sizeable current account deficit and high unemployment rate remain the two most serious macroeconomic problems. Successful implementation of a value-added tax in 2006 provided a predictable source of revenue for the government and helped rein in gray-market activity. National-level statistics have also improved over time but a large share of economic activity remains unofficial and unrecorded. Bosnia and Herzegovina became a full member of the Central European Free Trade Agreement in September 2007. Bosnia and Herzegovina's top economic priorities are: acceleration of integration into the EU; strengthening the fiscal system; public administration reform; World Trade Organization (WTO) membership; and securing economic growth by fostering a dynamic, competitive private sector. The country has received a substantial amount of foreign assistance and will need to demonstrate its ability to implement its economic reform agenda in order to advance its stated goal of EU accession. In 2009, Bosnia and Herzegovina undertook an International Monetary Fund (IMF) standby arrangement, necessitated by sharply increased social spending and a fiscal crisis exacerbated by the global economic downturn. The program aims to reduce recurrent government spending and to strengthen revenue collection. However, disbursement of IMF aid was suspended in 2011 after a parliamentary deadlock left Bosnia without a state-level government. In 2011, the country continued to recover from a recession caused by the global financial crisis. Unemployment and poverty are high. Ethnic and political stalemate slow reform and discourage investment. Bosnia relies heavily on West Europe for trade and credit. |
GDP (purchasing power parity):
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$31.72 billion (2011 est.)
$31.11 billion (2010 est.)
$30.8 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$8,200 (2011 est.)
$8,000 (2010 est.)
$7,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$18.3 billion (2011 est.) |
GDP - real growth rate:
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2.2% (2011 est.)
0.7% (2010 est.)
-2.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 10.1%
industry: 25.8%
services: 64.1% (2011 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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18.6% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.7%
highest 10%: 27.3% (2007) |
Distribution of family income - Gini index:
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36.2 (2007) |
Inflation rate (consumer prices):
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3.8% (2011 est.)
2.1% (2010 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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8% (31 December 2011 est.)
7.89% (31 December 2010 est.) |
Stock of money:
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$4.49 billion (31 December 2008)
$5.13 billion (31 December 2007) |
Stock of money - per capita:
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972 USD per capita |
Stock of quasi money:
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$5.614 billion (31 December 2008)
$5.597 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,215 USD per capita |
Stock of domestic credit:
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$10.8 billion (31 December 2011 est.)
$9.961 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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2,337 USD per capita |
Stock of narrow money:
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$4.657 billion (31 December 2011 est.)
$4.305 billion (31 December 2010 est.) |
Stock of broad money:
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$10.31 billion (31 December 2011 est.)
$9.442 billion (31 December 2010 est.) |
Labor force:
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2.6 million (2010 est.) |
Labor force participation rate:
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56.25 % of population |
Labor force - by occupation:
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agriculture: 20.5%
industry: 32.6%
services: 47% (2008) |
Unemployment rate:
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43.3% (2011 est.)
43.1% (2010 est.)
note: official rate |
Unemployment, youth ages 15-24:
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total: 47.3%
male: 44.7%
female: 51.9% (2008) |
Budget:
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revenues: $8.542 billion
expenditures: $9.101 billion (2011 est.) |
Budget revenues per capita:
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1,849 USD per capita |
Taxes and other revenues:
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46.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.1% of GDP (2011 est.) |
Public debt:
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44% of GDP (2011 est.)
39.1% of GDP (2010 est.)
note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions. |
Industries:
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steel, coal, iron ore, lead, zinc, manganese, bauxite, aluminum, vehicle assembly, textiles, tobacco products, wooden furniture, ammunition, domestic appliances, oil refining |
Industrial production growth rate:
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4.9% (2011 est.) |
Electricity - production:
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14.58 billion kWh (2009 est.) |
Electricity - production per capita:
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3,155 kWh per capita |
Electricity - consumption:
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10.8 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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2,337 kWh per capita |
Electricity - exports:
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3.9 billion kWh (2009 est.) |
Electricity - imports:
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1.2 billion kWh (2009 est.) |
Oil - production:
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59.36 bbl/day (2010 est.) |
Oil - production per capita:
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13 bbl/day per capita |
Oil - consumption:
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28,500 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.25 bbl/year per capita |
Oil - exports:
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95.89 bbl/day (2009 est.) |
Oil - imports:
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38,890 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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390 million cu m (2010 est.) |
Natural gas - consumption - per capita:
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85 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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390 million cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, corn, fruits, vegetables; livestock |
Current account balance:
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-$1.135 billion (2011 est.)
-$916.7 million (2010 est.) |
Current account balance - per capita:
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-245 USD per capita |
Exports:
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$5.579 billion (2011 est.)
$4.937 billion (2010 est.) |
Exports per capita:
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1,208 USD per capita |
Exports - commodities:
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metals, clothing, wood products |
Exports - partners:
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Slovenia 20.4%, Croatia 16.6%, Italy 16.5%, Germany 13.5%, Austria 11% (2010) |
Imports:
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$10.38 billion (2011 est.)
$9.23 billion (2010 est.) |
Imports per capita:
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2,246 USD per capita |
Imports - commodities:
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machinery and equipment, chemicals, fuels, foodstuffs |
Imports - partners:
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Croatia 22.2%, Slovenia 13.5%, Germany 13.3%, Italy 11.4%, Austria 6.4%, Hungary 5.8% (2010) |
Reserves of foreign exchange and gold:
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$4.5 billion (31 December 2011 est.)
$4.383 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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974 USD per capita |
Debt - external:
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$10.54 billion (31 December 2011 est.)
$9.344 billion (31 December 2010 est.) |
Debt - external - per capita:
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2,281 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
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void |
Currency (code):
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konvertibilna marka (convertible mark) (BAM) |
Exchange rates:
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konvertibilna markas (BAM) per US dollar -
1.39 (2011 est.)
1.4767 (2010 est.)
1.4079 (2009)
1.3083 (2008)
1.4419 (2007) |
Fiscal year:
|
calendar year |
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