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Serbia and Montenegro Economy
Economy - overview:
MILOSEVIC-era mismanagement of the economy, an extended period of economic sanctions, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 have left the economy only half the size it was in 1990. After the ousting of former Federal Yugoslav President MILOSEVIC in October 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on an aggressive 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. An agreement rescheduling the country's $4.5 billion Paris Club government debts was concluded in November 2001; it wrote off 66% of the debt. The smaller republic of Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and continues to maintain its own central bank, uses the euro instead of the Yugoslav dinar as official currency, collects customs tariffs, and manages its own budget. Kosovo, while technically still part of the Federal Republic of Yugoslavia (now Serbia and Montenegro) according to United Nations Security Council Resolution 1244, is largely autonomous under United Nations Interim Administration Mission in Kosovo (UNMIK) and is greatly dependent on the international community and the diaspora for financial and technical assistance. The euro and the Yugoslav dinar are official currencies, and UNMIK collects taxes and manages the budget. The complexity of Serbia and Montenegro political relationships, slow progress in privatization, legal uncertainty over property rights, and scarcity of foreign-investment are holding back Serbia and Montenegro's economy. Arrangements with the IMF, especially requirements for fiscal discipline, are an important element in policy formation. Severe unemployment remains a key political economic problem.
GDP:
purchasing power parity - $23.89 billion (2003 est.)
GDP - real growth rate:
1.5% (2003 est.)
GDP - per capita:
purchasing power parity - $2,200 (2003 est.)
GDP - composition by sector:
agriculture: 15.2%
industry: 28.2%
services: 56.5% (2003 est.)
Investment (gross fixed):
14.3% of GDP (2003)
Population below poverty line:
30% (1999 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
11.2% (2003 est.)
Labor force:
2.93 million (2003 est.)
Labor force - by occupation:
agriculture NA, industry NA, services NA
Unemployment rate:
34.5% (2003 est.)
Budget:
revenues: $8.668 billion
expenditures: $9.633 billion, including capital expenditures of NA (2003 est.)
Public debt:
123.2% of GDP (2003)
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:
1.7% (2002 est.)
Electricity - production:
31.71 billion kWh (2001)
Electricity - production by source:
fossil fuel: 62.9%
hydro: 37.1%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
32.37 billion kWh (2001)
Electricity - exports:
446 million kWh (2001)
Electricity - imports:
3.33 billion kWh (2001)
Oil - production:
15,000 bbl/day (2001 est.)
Oil - consumption:
64,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
38.75 million bbl (1 January 2002)
Natural gas - production:
602 million cu m (2001 est.)
Natural gas - consumption:
602 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
24.07 billion cu m (1 January 2002)
Agriculture - products:
cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats
Current account balance:
$-2.416 billion (2003)
Exports:
$2.667 billion f.o.b. (2003 est.)
Exports - commodities:
manufactured goods, food and live animals, raw materials
Exports - partners:
Italy 32%, Germany 17.7%, Austria 6.3%, France 6.1%, Greece 5.4%, Hungary 4.6%, Slovenia 4% (2003 est.)
Imports:
$7.144 billion f.o.b. (2003 est.)
Imports - commodities:
machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials
Imports - partners:
Germany 19.2%, Italy 16.7%, Austria 8.3%, Slovenia 7.7%, Hungary 5.2%, France 4.9%, Greece 4.5%, Bulgaria 4% (2003 est.)
Reserves of foreign exchange & gold:
$3.7 billion (2003)
Debt - external:
$14.01 billion (2003 est.)
Economic aid - recipient:
$2 billion pledged in 2001 (disbursements to follow for several years)
Currency:
in Serbia the Serbian dinar (CSD) is legal tender, but the euro (EUR) is the de facto currency; in Montenegro and Kosovo the euro is legal tender. (2004)
Currency code:
CSD, EUR
Exchange rates:
new Yugoslav dinars per US dollar - official rate: 65 (2002)
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