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Serbia & Montenegro Economy

Yugoslavia    Economy Top of Page
Economy - overview: The swift collapse of the Yugoslav federation in 1991 was followed by highly destructive warfare, the destabilization of republic boundaries, and the breakup of important interrepublic trade flows. Output in Yugoslavia dropped by half in 1992-93. Like the other former Yugoslav republics, it had depended on its sister republics for large amounts of energy and manufactures. Wide differences in climate, mineral resources, and levels of technology among the republics accentuated this interdependence, as did the communist practice of concentrating much industrial output in a small number of giant plants. The breakup of many of the trade links, the sharp drop in output as industrial plants lost suppliers and markets, and the destruction of physical assets in the fighting all have contributed to the economic difficulties of the republics. Hyperinflation ended with the establishment of a new currency unit in June 1993; prices were relatively stable from 1995 through 1997, but inflationary pressures resurged in 1998. Reliable statistics continue to be hard to come by, and the GDP estimate is extremely rough. The economic boom anticipated by the government after the suspension of UN sanctions in December 1995 has failed to materialize. Government mismanagement of the economy is largely to blame, but the damage to Yugoslavia's infrastructure and industry by the NATO bombing during the war in Kosovo have added to problems. All sanctions now have been lifted. Yugoslavia is in the first stage of economic reform. Severe electricity shortages are chronic, the result of lack of investment by former regimes, depleted hydropower reservoirs due to extended drought, and lack of funds. GDP growth in 2000 was perhaps 15%, which made up for a large part of the 20% decline of 1999.
GDP: purchasing power parity - $24.2 billion (2000 est.)
GDP - real growth rate: 15% (2000 est.)
GDP - per capita: purchasing power parity - $2,300 (2000 est.)
GDP - composition by sector: agriculture:  20%

industry:  50%

services:  30% (1998 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 42% (1999 est.)
Labor force: 1.6 million (1999 est.)
Labor force - by occupation: agriculture NA%, industry NA%, services NA%
Unemployment rate: 30% (2000 est.)
Budget: revenues:  $NA

expenditures:  $NA, including capital expenditures of $NA
Industries: machine building (aircraft, trucks, and automobiles; tanks and weapons; electrical equipment; agricultural machinery); metallurgy (steel, aluminum, copper, lead, zinc, chromium, antimony, bismuth, cadmium); mining (coal, bauxite, nonferrous ore, iron ore, limestone); consumer goods (textiles, footwear, foodstuffs, appliances); electronics, petroleum products, chemicals, and pharmaceuticals
Industrial production growth rate: -22% (1999 est.)
Electricity - production: 34.455 billion kWh (1999)
Electricity - production by source: fossil fuel:  70%

hydro:  30%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 33.006 billion kWh (1999)
Electricity - exports: 960 million kWh (1999)
Electricity - imports: 1.923 billion kWh (1999)
Agriculture - products: cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats
Exports: $1.5 billion (1999)
Exports - commodities: manufactured goods, food and live animals, raw materials
Exports - partners: Bosnia and Herzegovina, Italy, The Former Yugoslav Republic of Macedonia, Germany (1998)
Imports: $3.3 billion (1999)
Imports - commodities: machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials
Imports - partners: Germany, Italy, Russia, The Former Yugoslav Republic of Macedonia (1998)
Debt - external: $14.1 billion (1999 est.)
Economic aid - recipient: $NA
Currency: new Yugoslav dinar (YUM); note - in Montenegro the German deutsche mark is legal tender (1999)
Currency code: YUM
Exchange rates: new Yugoslav dinars per US dollar - official rate: 10.0 (December 1998), 5.85 (December 1997), 5.02 (September 1996), 1.5 (early 1995); black market rate: 14.5 (December 1998), 8.9 (December 1997), 2 to 3 (early 1995)
Fiscal year: calendar year


Countryfacts Information Courtesy: CIA Worldbook

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