| Economy | Serbia |
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Economy - overview:
|
MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left the economy only half the size it was in 1990. After the ousting of former Federal Yugoslav President MILOSEVIC in September 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on a 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. In November 2001, the Paris Club agreed to reschedule the country's $4.5 billion public debt and wrote off 66% of the debt. In July 2004, the London Club of private creditors forgave $1.7 billion of debt just over half the total owed. Belgrade has made progress in trade liberalization and enterprise restructuring and privatization, including telecommunications and small and medium size firms. It has made halting progress towards EU membership despite signing a Stabilization and Association Agreement with Brussels in May 2008. Serbia is also pursuing membership in the World Trade Organization. Unemployment and the large current account deficit remain ongoing political and economic problems. |
GDP (purchasing power parity):
|
$80.74 billion (2008 est.)
$76.46 billion (2007)
$71.39 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$10,900 (2008 est.)
$10,300 (2007 est.)
$9,500 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$52.18 billion (2008 est.) |
GDP - real growth rate:
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5.6% (2008 est.)
7.1% (2007 est.)
5.6% (2006 est.) |
GDP - composition by sector:
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agriculture: 12.3%
industry: 24.2%
services: 63.5% (2007 est.) |
Investment (gross fixed):
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20.1% of GDP (2007 est.) |
Population below poverty line:
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6.5% (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 (2003) |
Inflation rate (consumer prices):
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6.8% (2007) |
Central bank discount rate:
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9.57% (31 December 2007) |
Commercial bank prime lending rate:
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11.13% (31 December 2007) |
Stock of money:
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$4.632 billion (31 December 2007) |
Stock of money - per capita:
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628 USD per capita |
Stock of quasi money:
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$12.19 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,652 USD per capita |
Stock of domestic credit:
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$13.44 billion (31 December 2007) |
Stock of domestic credit - per capita:
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1,822 USD per capita |
Labor force:
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2.961 million (2002 est.) |
Labor force participation rate:
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40.13 % of population |
Labor force - by occupation:
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agriculture: 30%
industry: 46%
services: 24% (2002) |
Unemployment rate:
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18.8% (2007 est.) |
Budget:
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revenues: $9.6 billion
expenditures: $9.8 billion (2007 est.) |
Budget revenues per capita:
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1,301 USD per capita |
Public debt:
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37% of GDP (2007 est.) |
Industries:
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sugar, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment |
Industrial production growth rate:
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1.8% (2007 est.) |
Electricity - production:
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33.87 billion kWh (2004) |
Electricity - production per capita:
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4,590 kWh per capita |
Electricity - consumption:
|
NA kWh |
Electricity - consumption - per capita:
|
void |
Electricity - exports:
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12.05 billion kWh (2004 est.) |
Electricity - imports:
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11.23 billion kWh (2004) |
Oil - production:
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11,410 bbl/day (2007 est.) |
Oil - production per capita:
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1,547 bbl/day per capita |
Oil - consumption:
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85,000 bbl/day (2003 est.) |
Oil - consumption - per capita:
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4.20 bbl/year per capita |
Oil - exports:
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3,641 bbl/day (2005) |
Oil - imports:
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70,760 bbl/day (2005 est.) |
Oil - proved reserves:
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77.5 million bbl (1 January 2008 est.) |
Natural gas - production:
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650 million cu m (2005 est.) |
Natural gas - production per capita:
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89 cu m per capita |
Natural gas - consumption:
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2.55 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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346 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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2.1 billion cu m (2004 est.) |
Natural gas - proved reserves:
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48.14 billion cu m (1 January 2008 est.) |
Agriculture - products:
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wheat, maize, sugar beets, sunflower, raspberries, beef, pork, milk |
Current account balance:
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-$6.889 billion (2007 est.) |
Current account balance - per capita:
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-933 USD per capita |
Exports:
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$8.824 billion (2007 est.) |
Exports per capita:
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1,196 USD per capita |
Exports - commodities:
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manufactured goods, food and live animals, machinery and transport equipment |
Exports - partners:
|
void |
Imports:
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$18.35 billion f.o.b. (2007 est.) |
Imports per capita:
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2,487 USD per capita |
Imports - commodities:
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void |
Imports - partners:
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void |
Reserves of foreign exchange and gold:
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$14.22 billion (2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,928 USD per capita |
Debt - external:
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$26.24 billion (includes debt for Montenegro and Kosovo) (2007 est.) |
Debt - external - per capita:
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3,556 USD per capita |
Stock of direct foreign investment - at home:
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$11.95 billion (2006 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,620 USD per capita |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$23.93 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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3,243 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$2 billion pledged in 2001 to Serbia and Montenegro (disbursements to follow over several years; some aid pledged by EU and US has been placed on hold because of lack of cooperation by Serbia in handing over General Ratko MLADIC to the criminal court in The Hague) |
Economic aid - recipient per capita:
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272 USD per capita |
Currency (code):
|
Serbian Dinar (RSD) |
Exchange rates:
|
Serbian dinars (RSD) per US dollar - 54.5 (2007), 59.98 (2006) |
Fiscal year:
|
void |
|
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