| Economy | Kosovo |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
Over the past few years Kosovo's economy has shown significant progress in transitioning to a market-based system and maintaining macroeconomic stability, 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, Switzerland, and the Nordic countries - are estimated to account for about 17% of GDP, and foreign subsidies for approximately 20%. Kosovo's citizens are the poorest in Europe with an average annual per capita income of only $6,400. Unemployment, around 45% of the population, is a significant problem that encourages outward migration and black market activity. 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. 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 of ageing equipment and insufficient investment. A limited and unreliable electricity supply due to technical and financial problems is a major impediment to economic development, but Kosovo has received technical assistance to help improve accounting and controls. The US Government is cooperating with the Ministry for Energy and Mines and the World Bank to prepare a commercial tender for a project to include construction of a new power plant and the development of a coal mine to supply the new power plant as well as two existing plants. Privatization of the distribution and supply divisions of the national energy and telecommunications corporations is also planned. In July 2008, Kosovo received pledges of $1.9 billion from 37 countries in support of its reform priorities. In June 2009, Kosovo joined the World Bank and International Monetary Fund, and Kosovo began servicing its share of the former Yugoslavia's debt. Kosovo continues to work with the international community on measures to improve the business environment 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. Serbia and Bosnia previously had refused to recognize Kosovo's customs stamp or extend reduced tariff privileges for Kosovo products under CEFTA, but both countries resumed trade with Kosovo in 2011. The official currency of Kosovo is the euro, but the Serbian dinar is also used in Serb enclaves. Kosovo's tie to the euro has helped keep core inflation low. Until 2011, Kosovo maintained a budget surplus as a result of efficient value added tax (VAT) collection at the borders and inefficient budget execution; in 2011 expenditures climbed sharply. Kosovo's small size and relatively small trade sector has helped to protect it from the worst of the global financial crisis. |
GDP (purchasing power parity):
|
$12.85 billion (2011 est.)
$12.24 billion (2010 est.)
$11.73 billion (2009 est.) |
GDP - per capita (PPP):
|
$NA (2011 est.)
$6,400 (2010 est.)
$5,300 (2009 est.) |
GDP (official exchange rate):
|
$6.7 billion (2011 est.) |
GDP - real growth rate:
|
5.3% (2011 est.)
4% (2010 est.)
2.9% (2009 est.) |
GDP - composition by sector:
|
agriculture: 12.9%
industry: 22.6%
services: 64.5% (2009 est.) |
Investment (gross fixed):
|
35% of GDP (2010 est.) |
Population below poverty line:
|
30% (2010 est.) |
Household income or consumption by percentage share:
|
void |
Distribution of family income - Gini index:
|
30 (FY05/06) |
Inflation rate (consumer prices):
|
8.3% (2011 est.)
3.5% |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
14.31% (31 December 2010 est.)
14.09% (31 December 2009 est.) |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
|
310,000 (2009 est.) |
Labor force participation rate:
|
16.98 % of population |
Labor force - by occupation:
|
agriculture: 23.6%
industry: NA% NA
services: NA% NA (2010) |
Unemployment rate:
|
45.3% (2011 est.)
45.4% (2010 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $1.458 billion
expenditures: $1.581 billion (2010 est.) |
Budget revenues per capita:
|
799 USD per capita |
Taxes and other revenues:
|
21.8% of GDP (2010 est.) |
Budget surplus (+) or deficit (-):
|
-1.8% of GDP (2010 est.) |
Public debt:
|
NA% of GDP (2010)
7% of GDP (2009 est.)
note: |
Industries:
|
Mineral mining, construction materials, base metals, leather, machinery, appliances |
Industrial production growth rate:
|
void |
Electricity - production:
|
4.777 billion kWh (2009) |
Electricity - production per capita:
|
2,617 kWh per capita |
Electricity - consumption:
|
5.388 billion kWh (2009) |
Electricity - consumption - per capita:
|
2,952 kWh per capita |
Electricity - exports:
|
void |
Electricity - imports:
|
void |
Oil - production:
|
0 bbl/day (2007) |
Oil - production per capita:
|
void |
Oil - consumption:
|
NA bbl/day NA bbl/day |
Oil - consumption - per capita:
|
void |
Oil - exports:
|
void |
Oil - imports:
|
void |
Oil - proved reserves:
|
NA bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2007) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
void |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
NA cu m NA cu m |
Agriculture - products:
|
wheat, corn, berries, potatoes, peppers |
Current account balance:
|
-$1.7 billion (2011 est.)
-$900 million (2010 est.) |
Current account balance - per capita:
|
-931 USD per capita |
Exports:
|
$500 million (2011 est.)
$400 million (2007 est.) |
Exports per capita:
|
274 USD per capita |
Exports - commodities:
|
mining and processed metal products, scrap metals, leather products, machinery, appliances |
Exports - partners:
|
Bosnia and Herzegovina 13.1%, Italy 10.9%, Germany 9.9%, Austria 5.4%, Slovenia 5.4%, Macedonia, The Former Yugo Rep of 5.1%, Russia 4.6%, Hungary 4.3% (2009) |
Imports:
|
$3.3 billion (2011 est.)
$2.7 billion (2010 est.) (2007 est.) |
Imports per capita:
|
1,808 USD per capita |
Imports - commodities:
|
foodstuffs, wood, petroleum, chemicals, machinery and electrical equipment |
Imports - partners:
|
Germany 12.2%, Italy 9.5%, Hungary 6.8%, Slovenia 6.6%, Austria 4.9%, Romania 4% (2009) |
Reserves of foreign exchange and gold:
|
$NA |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$1.3 billion
$900 million |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
|
$21.2 billion (31 December 2011 est.)
$22.42 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
11,613 USD per capita |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
euro (EUR); Serbian Dinar (RSD) is also in circulation |
Exchange rates:
|
euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
void |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
