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The Economy of Serbia

Serbian Economy

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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:

GDP - real growth rate: 5.6% (2008 est.) 7.1% (2007 est.) 5.6% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 12.3% industry: 24.2% services: 63.5% (2007 est.)

Population below poverty line:

Household income or consumption by percentage share:

Distribution of family income - Gini index: 30 (2003)

Inflation rate (consumer prices):

Labor force: 2.961 million (2002 est.)

Labor force - by occupation: agriculture: 30% industry: 46% services: 24% (2002)

Unemployment rate: 18.8% (2007 est.)

Budget: revenues: $9.6 billion expenditures: $9.8 billion (2007 est.)

Industries: sugar, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment

Industrial production growth rate: 1.8% (2007 est.)

Electricity - production: 33.87 billion kWh (2004)

Electricity - production by source:

Electricity - consumption: NA kWh

Electricity - exports: 12.05 billion kWh (2004 est.)

Electricity - imports: 11.23 billion kWh (2004)

Oil - production: 11,410 bbl/day (2007 est.)

Oil - consumption: 85,000 bbl/day (2003 est.)

Oil - exports: 3,641 bbl/day (2005)

Oil - imports: 70,760 bbl/day (2005 est.)

Oil - proved reserves: 77.5 million bbl (1 January 2008 est.)

Natural gas - production: 650 million cu m (2005 est.)

Natural gas - consumption: 2.55 billion cu m (2005 est.)

Natural gas - exports: 0 cu m (2005 est.)

Natural gas - imports: 2.1 billion cu m (2004 est.)

Natural gas - proved reserves: 48.14 billion cu m (1 January 2008 est.)

Agriculture - products: wheat, maize, sugar beets, sunflower, raspberries, beef, pork, milk

Exports: $8.824 billion (2007 est.)

Exports - commodities: manufactured goods, food and live animals, machinery and transport equipment

Exports - partners:

Imports: $18.35 billion f.o.b. (2007 est.)

Imports - commodities:

Imports - partners:

Debt - external: $26.24 billion (includes debt for Montenegro and Kosovo) (2007 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Serbian dinars (RSD) per US dollar - 54.5 (2007), 59.98 (2006)

Fiscal year: