Economy - overview:
Bosnia and Herzegovina ranked next to The Former Yugoslav Republic
of Macedonia as the poorest republic in the old Yugoslav federation.
Although agriculture is almost all in private hands, farms are small
and inefficient, and the republic traditionally is a net importer of
food. Industry has been greatly overstaffed, one reflection of the
socialist economic structure of Yugoslavia. TITO had pushed the
development of military industries in the republic with the result
that Bosnia hosted a number of Yugoslavia's defense plants. The
bitter interethnic warfare in Bosnia caused production to plummet by
80% from 1990 to 1995, unemployment to soar, and human misery to
multiply. With an uneasy peace in place, output recovered in 1996-99
at high percentage rates from a low base; but output growth slowed
in 2000-02. GDP remains far below the 1990 level. Economic data are
of limited use because, although both entities issue figures,
national-level statistics are limited. Moreover, official data do
not capture the large share of black market activity. The marka -
the national currency introduced in 1998 - is now pegged to the
euro, and the Central Bank of Bosnia and Herzegovina has
dramatically increased its reserve holdings. Implementation of
privatization, however, has been slow, and local entities only
reluctantly support national-level institutions. Banking reform
accelerated in 2001 as all the Communist-era payments bureaus were
shut down. The country receives substantial amounts of
reconstruction assistance and humanitarian aid from the
international community but will have to prepare for an era of
declining assistance.
GDP:
purchasing power parity - $7.3 billion (2002 est.)
GDP - real growth rate:
2.3% (2002 est.)
GDP - per capita:
purchasing power parity - $1,900 (2002 est.)
GDP - composition by sector:
agriculture: 13%
industry: 40.9%
services: 46.1% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3.5% (2002 est.)
Labor force:
1.026 million
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
40% (2002 est.)
Budget:
revenues: $1.9 billion
expenditures: $2.2 billion, including capital expenditures of $NA
(1999 est.)
Industries:
steel, coal, iron ore, lead, zinc, manganese, bauxite, vehicle
assembly, textiles, tobacco products, wooden furniture, tank and
aircraft assembly, domestic appliances, oil refining (2001)
Industrial production growth rate:
7% (2002 est.)
Electricity - production:
9.979 billion kWh (2001)
Electricity - production by source:
fossil fuel: 53.5%
hydro: 46.5%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
8.116 billion kWh (2001)
Electricity - exports:
2.569 billion kWh (2001)
Electricity - imports:
1.405 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
20,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
300 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
300 million cu m (2001 est.)
Agriculture - products:
wheat, corn, fruits, vegetables; livestock
Exports:
$1.15 billion f.o.b. (2002 est.)
Exports - commodities:
metals, clothing, wood products
Exports - partners:
Italy 31.6%, Croatia 18%, Germany 12.9%, Austria 10.1%, Slovenia
6.9%, Greece 4.3% (2002)
Imports:
$2.8 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, chemicals, fuels, foodstuffs
Imports - partners:
Croatia 23.7%, Slovenia 14.8%, Germany 14%, Italy 13.1%, Hungary
8%, Austria 7.7% (2002)
Debt - external:
$2.8 billion (2001)
Economic aid - recipient:
$650 million (2001 est.)
Currency:
marka (BAM)
Currency code:
BAM
Exchange rates:
marka per US dollar - NA (2002), 2.19 (2001), 2.12 (2000), 1.84
(1999), 1.76 (1998)
Fiscal year:
calendar year