| People | Kosovo |
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Economy - overview:
|
Over the past few years Kosovo's economy has shown significant progress in transitioning to a market-based system, but it is still highly dependent on the international community and the diaspora for financial and technical assistance. Remittances from the diaspora - located mainly in Germany and Switzerland - account for about 30% of GDP. Kosovo's citizens are the poorest in Europe with an average annual per capita income of only $1800 - about one-third the level of neighboring Albania. Unemployment - at more than 40% of the population - is a severe problem that encourages outward migration. Most of Kosovo's population lives in rural towns outside of the capital, Pristina. Inefficient, near-subsistence farming is common - the result of small plots, limited mechanization, and lack of technical expertise. Economic growth is largely driven by the private sector - mostly small-scale retail businesses. With international assistance, Kosovo has been able to privatize 50% of its state-owned enterprises (SOEs) by number, and over 90% of SOEs by value. Minerals and metals - including lignite, lead, zinc, nickel, chrome, aluminum, magnesium, and a wide variety of construction materials - once formed the backbone of industry, but output has declined because investment has been insufficient to replace ageing Eastern Bloc equipment. Technical and financial problems in the power sector also impedes industrial development. The US has worked with the World Bank to prepare a commercial tender for the development of new power generating and mining capacity. The official currency of Kosovo is the euro, but the Serbian dinar is also used in the Serb enclaves. Kosovo's tie to the euro has helped keep inflation low. Kosovo has maintained a budget surplus as a result of efficient tax collection and inefficient budget execution. While maintaining ultimate oversight, UNMIK continues to work with the EU and with Kosovo's government to accelerate economic growth, lower unemployment, and attract foreign investment. In order to help integrate Kosovo into regional economic structures, UNMIK signed (on behalf of Kosovo) its accession to the Central Europe Free Trade Area (CEFTA) in 2006. In February 2008, UNMIK also represented Kosovo at the newly established Regional Cooperation Council (RCC). |
GDP (purchasing power parity):
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$4 billion (2007 est.) |
GDP (official exchange rate):
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$3.237 billion (2007 est.) |
GDP - real growth rate:
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2.6% (2007 est.) |
GDP - per capita (PPP):
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$1,800 (2007 est.) |
GDP - composition by sector:
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agriculture: 20%
industry: 20%
services: 60% (2007 est.) |
Investment (gross fixed):
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29% of GDP (2006 est.) |
Population below poverty line:
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37% (2007 est.) |
Household income or consumption by percentage share:
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void |
Distribution of family income - Gini index:
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30 (FY05/06) |
Inflation rate (consumer prices):
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2% (2007 est.) |
Labor force:
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832,000 (June 2007 est.) |
Labor force participation rate:
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39.12 % of population |
Labor force - by occupation:
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agriculture: 21.4%
industry: NA
services: NA (2006 est,) |
Unemployment rate:
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43% (2007 est.) |
Budget:
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revenues: $1.364 billion
expenditures: $1.008 billion (2007 est.) |
Budget revenues per capita:
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642 USD per capita |
Public debt:
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NA |
Industries:
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Mineral mining, construction materials, base metals, leather, machinery, appliances |
Industrial production growth rate:
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void |
Electricity - production:
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3.996 billion kWh (2006) |
Electricity - production per capita:
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1,879 kWh per capita |
Electricity - consumption:
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4.281 billion kWh (2006) |
Electricity - consumption - per capita:
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2,013 kWh per capita |
Electricity - exports:
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void |
Electricity - imports:
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void |
Oil - production:
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0 bbl/day (2007) |
Oil - production per capita:
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void |
Oil - consumption:
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NA bbl |
Oil - consumption - per capita:
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void |
Oil - exports:
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void |
Oil - imports:
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void |
Oil - proved reserves:
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NA bbl |
Natural gas - production:
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0 cu m (2007) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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void |
Natural gas - imports:
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void |
Natural gas - proved reserves:
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NA cu m |
Agriculture - products:
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NA |
Current account balance:
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-$58.3 million (2007) |
Current account balance - per capita:
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-27 USD per capita |
Exports:
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$148.4 million (2007) |
Exports per capita:
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70 USD per capita |
Exports - commodities:
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mining and processed metal products, scrap metals, leather products, machinery, appliances |
Exports - partners:
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Central Europe Free Trade Area (CFTA) 56% (2006) |
Imports:
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$NA |
Imports per capita:
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void |
Imports - commodities:
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foodstuffs, wood, petroleum, chemicals, machinery and electrical equipment |
Imports - partners:
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EU 35%, Macedonia 15%, Serbia 13%, Turkey 8% (2006) |
Reserves of foreign exchange and gold:
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$NA |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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According to the national bank of Serbia, Kosovo's external debt was around $1.2 billion; Kosovo was willing to accept around $900 million (2007) |
Debt - external - per capita:
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1 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$324 million (2007) |
Economic aid - recipient per capita:
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153 USD per capita |
Currency (code):
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euro (EUR); Serbian Dinar (RSD) is also in circulation |
Exchange rates:
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euros per US dollar - 0.7345 (2007) |
Fiscal year:
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void |
|
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