| Economy | Serbia |
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Economy - overview:
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Serbia has a transitional economy mostly dominated by market forces, but the state sector remains large and many institutional reforms are needed. The economy relies on manufacturing and exports, driven largely by foreign investment. 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). Belgrade has made progress in trade liberalization and enterprise restructuring and privatization, including telecommunications and small- and medium-size firms. It has made some progress towards EU membership, signing a Stabilization and Association Agreement with Brussels in May 2008, and with full implementation of the Interim Trade Agreement with the EU in February 2010, but a decision on candidate status has been postponed to 2012. Serbia is also pursuing membership in the World Trade Organization. Structural economic reforms needed to ensure the country's long-term viability have largely stalled since the onset of the global financial crisis. Serbia, however, is slowly recovering from the crisis. Economic growth in 2011 was 2.9%, following a modest 1.7% increase in 2010 and a 3.1% contraction in 2009. High unemployment and stagnant household incomes are ongoing political and economic problems. Serbia signed a new $1.5 billion Stand By Arrangement with the IMF in September 2011 that expires in March 2013. IMF conditions on Serbia constrain the use of stimulus efforts to revive the economy, while Serbia's concerns about inflation and exchange rate stability preclude the use of expansionary monetary policy. Serbia adopted a new long-term economic growth plan in 2010 that calls for a quadrupling of exports over ten years and heavy investments in basic infrastructure. Serbia is still a transitional economy with unfinished privatization and incomplete structural reforms. Major challenges ahead include: high government expenditures for salaries, pensions and unemployment; a growing need for new government borrowing; rising public and private foreign debt; and stagnant levels of foreign direct investment. Privatization revenues have fallen precipitously in recent years, while a high percentage of economic activity remains in the hands of the state. Other serious challenges include an inefficient judicial system, high levels of corruption, and an aging population. Factors favorable to Serbia's economic growth include a strategic location, a relatively inexpensive and skilled labor force, and a generous package of incentives for foreign investments. |
GDP (purchasing power parity):
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$79.09 billion (2011 est.)
$77.32 billion (2010 est.)
$76.6 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$10,700 (2011 est.)
$10,500 (2010 est.)
$10,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$43.9 billion (2011 est.) |
GDP - real growth rate:
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2.3% (2011 est.)
1% (2010 est.)
-3.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 12.3%
industry: 22.5%
services: 65.2% (2011 est.) |
Investment (gross fixed):
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18.6% of GDP (2011 est.) |
Population below poverty line:
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8.8% (2010 est.) |
Household income or consumption by percentage share:
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void |
Distribution of family income - Gini index:
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28.2 (2008)
30 (2003) |
Inflation rate (consumer prices):
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11.3% (2011 est.)
6.3% (2010 est.) |
Central bank discount rate:
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9.75% (15 December 2011)
12% (17 January 2011) |
Commercial bank prime lending rate:
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14.4% (31 December 2011 est.)
12.43% (31 December 2010 est.) |
Stock of money:
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$3.69 billion (31 December 2009)
$3.831 billion (31 December 2008) |
Stock of money - per capita:
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505 USD per capita |
Stock of quasi money:
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$14.11 billion (31 December 2009)
$11.95 billion (31 December 2008) |
Stock of quasi money - per capita:
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1,931 USD per capita |
Stock of domestic credit:
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$22.81 billion (31 December 2011 est.)
$21.79 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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3,121 USD per capita |
Stock of narrow money:
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$3.344 billion (31 December 2011 est.)
$3.195 billion (31 December 2010 est.) |
Stock of broad money:
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$18.89 billion (31 December 2011 est.)
$17.16 billion (31 December 2010 est.) |
Labor force:
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3.35 million (2011 est.) |
Labor force participation rate:
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45.82 % of population |
Labor force - by occupation:
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agriculture: 23.9%
industry: 20.5%
services: 55.6% (October 2009) |
Unemployment rate:
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16.7% (2011 est.)
17.2% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 42.5%
male: 31%
female: 41.3% (2008) |
Budget:
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revenues: $17.57 billion
expenditures: $19.55 billion (2011 est.) |
Budget revenues per capita:
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2,404 USD per capita |
Taxes and other revenues:
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40% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.5% of GDP (2011 est.) |
Public debt:
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41% of GDP (2011 est.)
42.9% 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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base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals |
Industrial production growth rate:
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3.5% (2011 est.) |
Electricity - production:
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35.9 billion kWh (2010) |
Electricity - production per capita:
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4,911 kWh per capita |
Electricity - consumption:
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34.1 billion kWh (2010) |
Electricity - consumption - per capita:
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4,665 kWh per capita |
Electricity - exports:
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1.3 billion kWh (2010 est.) |
Electricity - imports:
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770 million kWh (2010) |
Oil - production:
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14,310 bbl/day (2010 est.) |
Oil - production per capita:
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1,958 bbl/day per capita |
Oil - consumption:
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88,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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4.39 bbl/year per capita |
Oil - exports:
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4,815 bbl/day (2009 est.) |
Oil - imports:
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78,600 bbl/day (2010 est.) |
Oil - proved reserves:
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77.5 million bbl (1 January 2011 est.) |
Natural gas - production:
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356 million cu m (2010 est.) |
Natural gas - production per capita:
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49 cu m per capita |
Natural gas - consumption:
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2.35 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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322 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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2 billion cu m (2010 est.) |
Natural gas - proved reserves:
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48.14 billion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, maize, sugar beets, sunflower, raspberries; beef, pork, milk |
Current account balance:
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-$3.113 billion (2011 est.)
-$3.115 billion (2010 est.) |
Current account balance - per capita:
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-425 USD per capita |
Exports:
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$10.79 billion (2011 est.)
$9.809 billion (2010 est.) |
Exports per capita:
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1,476 USD per capita |
Exports - commodities:
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iron and steel, rubber, clothes, wheat, fruit and vegetables, nonferrous metals, electric appliances, metal products, weapons and ammunition |
Exports - partners:
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Italy 11.5%, Bosnia and Herzegovina 11.2%, Germany 10.5%, Montenegro 8.4%, Romania 6.3%, Russia 5.4%, Macedonia 4.9%, Slovenia 4.4% (2010 est.) |
Imports:
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$17.11 billion (2011 est.)
$16.14 billion (2010 est.) |
Imports per capita:
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2,341 USD per capita |
Imports - commodities:
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void |
Imports - partners:
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Russia 12.8%, Germany 10.6%, Italy 8.5%, China 7.2%, Hungary 4.9% (2010 est.) |
Reserves of foreign exchange and gold:
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$14.65 billion (31 December 2011 est.)
$13.31 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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2,004 USD per capita |
Debt - external:
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$34.6 billion (31 December 2011 est.)
$33.6 billion (31 December 2010 est.) |
Debt - external - per capita:
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4,733 USD per capita |
Stock of direct foreign investment - at home:
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$25.42 billion (31 December 2009 est.)
$11.95 billion (2006 est.) |
Stock of direct foreign investment - at home - per capita:
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3,478 USD per capita |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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$12.37 billion (24 January 2011)
$11.52 billion (31 December 2009)
$12.17 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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1,693 USD per capita |
Currency (code):
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Serbian Dinar (RSD) |
Exchange rates:
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Serbian dinars (RSD) per US dollar -
72.46 (2011 est.)
78.576 (2010 est.)
67.634 (2009)
62.9 (2008)
54.5 (2007) |
Fiscal year:
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void |
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