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Serbia:
Economy

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Economy - overview
Definition
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 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, a down-sized 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 only minimal progress in restructuring and privatizing its holdings in major sectors of the economy, including energy and telecommunications. It has made halting progress towards EU membership and is currently pursuing a Stabilization and Association Agreement with Brussels. Serbia is also pursuing membership in the World Trade Organization. Unemployment remains an ongoing political and economic problem.
GDP (purchasing power parity)
Definition - World rank and map
$77.28 billion (2007 est.)
GDP (official exchange rate)
Definition
$41.68 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
7.3% (2007 est.)
GDP - per capita
Definition - World rank and map
$10,400 (2007 est.)
GDP - composition by sector
Definition
agriculture: 12.3%
industry: 24.2%
services: 63.5% (2007 est.)
Labor force
Definition
2.961 million (2002 est.)
Labor force - by occupation
Definition
agriculture: 30%
industry: 46%
services: 24% (2002)
Unemployment rate
Definition - World rank and map
18.8% (2007 est.)
Population below poverty line
Definition
6.5% (2007 est.)
Distribution of family income - Gini index
Definition - World rank and map
30 (2003)
Inflation rate (consumer prices)
Definition - World rank and map
6.8% (2007)
Investment (gross fixed)
Definition - World rank and map
20.1% of GDP (2007 est.)
Budget
Definition
revenues: $9.6 billion
expenditures: $9.8 billion (2007 est.)
Public debt
Definition - World rank and map
37% of GDP (2007 est.)
Agriculture - products
Definition
wheat, maize, sugar beets, sunflower, raspberries, beef, pork, milk
Industries
Definition
sugar, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment
Industrial production growth rate
Definition - World rank and map
1.8% (2007 est.)
Electricity - production
Definition - World rank and map
33.87 billion kWh (2004)
Electricity - consumption
Definition - World rank and map
NA kWh
Electricity - exports
Definition
12.05 billion kWh (2004)
Electricity - imports
Definition
11.23 billion kWh (2004)
Oil - production
Definition - World rank and map
14,660 bbl/day (2003)
Oil - consumption
Definition - World rank and map
85,000 bbl/day (2003 est.)
Oil - exports
Definition - World rank and map
NA bbl/day
Oil - imports
Definition - World rank and map
NA bbl/day
Oil - proved reserves
Definition - World rank and map
77.5 million bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
650 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
2.55 billion cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
2.1 billion cu m (2004 est.)
Natural gas - proved reserves
Definition - World rank and map
46.17 billion cu m (1 January 2006)
Current account balance
Definition - World rank and map
-$6.889 billion (2007 est.)
Exports
Definition - World rank and map
$8.824 billion (2007 est.)
Exports - commodities
Definition
manufactured goods, food and live animals, machinery and transport equipment
Imports
Definition - World rank and map
$18.35 billion (2007 est.)
Reserves of foreign exchange and gold
Definition - World rank and map
$14.22 billion (2007 est.)
Debt - external
Definition - World rank and map
$26.24 billion (includes debt for Montenegro and Kosovo) (2007 est.)
Stock of direct foreign investment - at home
Definition
$11.95 billion (2006 est.)
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$5.409 billion (2005)
Economic aid - recipient
Definition
$2 billion pledged in 2001 to Serbia and Montenegro (disbursements to follow over several years; some aid pledged by EU and US has been placed on hold because of lack of cooperation by Serbia in handing over General Ratko MLADIC to the criminal court in The Hague)
Currency (code)
Definition
Serbian dinar (RSD)
Exchange rates
Definition
Serbian dinars per US dollar - 54.5 (2007), 59.98 (2006)


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