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 war in Kosovo have left the economy only
half the size it was in 1990. Since the ousting of former Federal
Yugoslav President MILOSEVIC in October 2000, the Democratic
Opposition of Serbia (DOS) coalition government has 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 will write off 66% of the debt; a similar debt
relief agreement on its $2.8 billion London Club commercial debt is
still pending. 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 moving toward local autonomy under United Nations Interim
Administration Mission in Kosovo (UNMIK) and is dependent on the
international community 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,
and stagnation in the European economy are holding back the 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 - $23.15 billion (2002 est.)
GDP - real growth rate:
4% (2002 est.)
GDP - per capita:
purchasing power parity - $2,200 (2002 est.)
GDP - composition by sector:
agriculture: 26%
industry: 36%
services: 38% (2001 est.)
Population below poverty line:
30%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
19% (2002 est.)
Labor force:
3 million (2001 est.)
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
32% (2002 est.)
Budget:
revenues: $3.9 billion
expenditures: $4.3 billion, including capital expenditures of $NA
(2001 est.)
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 (37257)
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 (37257)
Agriculture - products:
cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats
Exports:
$2.4 billion f.o.b. (2002)
Exports - commodities:
manufactured goods, food and live animals, raw materials
Exports - partners:
Italy 32%, Germany 19.5%, Greece 7%, Austria 6.1%, France 4.6%
(2002)
Imports:
$6.3 billion f.o.b. (2002)
Imports - commodities:
machinery and transport equipment, fuels and lubricants,
manufactured goods, chemicals, food and live animals, raw materials
Imports - partners:
Germany 19.4%, Italy 18%, Austria 8.5%, Slovenia 5.6%, Greece 4.4%,
France 4.3%, Bulgaria 4.2%, Romania 4.1% (2002)
Debt - external:
$9.2 billion (2001 est.)
Economic aid - recipient:
$2 billion pledged in 2001 (disbursements to follow for several
years)
Currency:
new Yugoslav dinar (YUM); note - in Montenegro the euro is legal
tender; in Kosovo both the euro and the Yugoslav dinar are legal
(2002)
Currency code:
YUM
Exchange rates:
new Yugoslav dinars per US dollar - official rate: 65 (2002), 10.0
(December 1998); black market rate: 14.5 (December 1998)
Fiscal year:
calendar year