Economy of Serbia
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| Economy of Serbia | |
 |
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| Currency | Serbian dinar (RSD) |
|---|---|
| Fiscal year | Calendar year (?) |
| Trade organisations | CEFTA, BSEC |
| Statistics | |
| GDP (PPP) | $81.892bn (2008) (68th) |
| GDP growth | 7.5% (2007 est [1]) |
| GDP per capita | $10 985 (2008, PPP) $6 541 (2008, nominal) [2] |
| GDP by sector | agriculture (12.3%), industry (24.2%), services (63.5%) (2007 [3]) |
| Inflation (CPI) | 6.6% (2006) [4]) |
| Labour force | 2.961 Million ([5]) |
| Labour force by occupation |
agriculture: 30% industry: 46% services: 24% (2002) ([6]) |
| Unemployment | 18.50% (October 2006) [7]) |
| Main industries | pharmaceuticals, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment,food ([8]) |
| External | |
| Exports | $8.825bn (2007) [9] |
| Export goods | Manufactured goods, pharmaceuticals, food and live animals, machinery and transport equipment |
| Main export partners | Italy (14.1%), Bosnia and Herzegovina (11.7%), Montenegro (10.4%), Germany (10.2%), Republic of Macedonia (4.7%) (Source) |
| Imports | $18.350bn (2007) [10] |
| Import goods | oil, natural gas, transport vehicles, cars, machinery, food,... |
| Main import partners | Russia (14.5%), Germany (8.4%), Italy (7.3%), People's Republic of China (5%), Romania (3%) (Source) |
| Public finances | |
| Public debt | $12.2bn USD (November 2006 [11]) |
| Revenues | ??? |
| Expenses | ??? |
| Economic aid | ??? |
| All values, unless otherwise stated, are in US dollars | |
 This article is part of the series on the |
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of Vojvodina | of Kosovo |
| See also: Portal:Politics |
Serbia has an economy based mostly on various services, industry and agriculture. In the late 1980s, at the beginning of the process of economic transition, its position was favourable, but it was gravely impacted by UN economic sanctions 1992-1995, the damage to infrastructure and industry during the NATO airstrikes in 1999, as well as having problems from losing the markets of ex-Yugoslavia and the SEV. Main economic problems include high unemployment (20.0% in 2005) and the unresolved Kosovo-Metohija issue.
After the ousting of former Federal Yugoslav President Slobodan Milosevic in October 2000, the country experienced faster economic growth (the amount of economic growth in 2006 was 6.3%[1]), and has been preparing for membership in the European Union, its most important trading partner. Serbia suffers from high export deficit and considerable debt. The country expects some major economic impulses and high growth rates in the following years. Serbia has been occasionally called a "Balkan Tiger" due to its recent high economic growth rates, a reference to the East Asian Tigers. [12] Nevertheless, Serbia's GDP is still well below 1990 levels.
Estimated GDP of Serbia for 2008 is $81.892 billion which is $10 985 per capita. Growth in 2005 was 6.3% [13] Growth in 2006 was 5,8% [14] Growth in Q1 2007 was 8.7% [15] Gold and Foreign Currency Reserves= $ 12.8 billion GDP per capita in PPP terms is still, however, including Montenegro (whose result is much less than that of Serbia). In the most recent world economic outlook (April 2008), the IMF has included data for Serbia (without Kosovo), such that GDP per capita in terms of PPP has been recorded at $10 985, and $6 540 in real exchange rate terms.
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Gross Domestic Product Real GDP (PPP): $77.28 billion (2007 est.) (Source: CIA [16])
$81.892 billion (2008 est.; Serbia - World Economic Outlook October 2007) (Source: IMF [17])
Real GDP per capita (PPP): $10 400 (2007 est.) (Source: CIA [18])
$10 985 (2007 est.; for Serbia- World Economic Outlook October 2007) (Source: IMF [19])
Real GDP (exchange rate conversion): $41.68 billion (2007 est.; excl. Kosovo) (Source: CIA [20])
$48.816 billion (2008 est.; for Serbia) (Source: IMF [21])
Real GDP per capita (exchange rate conversion): $6 540.989 (2008 est.; for Serbia) (Source: IMF [22])
Real GDP growth rate (2007 est): 7.5% (2007 est.; excl. Kosovo) (Source: RSS [23])
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Foreign Trade Source 1Source 2 2007 Source 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Exports (mil. USD): 2,723 1,369 1,558 1,721 2,075 2,477 3,523 4,553 6,428 8,825 Imports (mil. USD): 4,475 2,881 3,330 4,261 5,614 7,333 10,753 10,575 13,172 18,350 Trade Balance (mil. USD): -1,752 -1,512 -1,772 -2,540 -3,539 -4,856 -7,230 -6,022 -6,744 -9,526 Exports/Imports (%): 60.8 47.5 46.8 40.4 37.0 33.8 32.8 41.1 48.8 48.1 N.B.: Statistics from 2006 on include Montenegro as a foreign country. Previously trade with Montenegro was within the State Union of Serbia and Montenegro and was therefore considered internal trade.
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Other statistics Industrial production growth rate: 7.1% (2004), 1.3% (2005) Unemployment rate: 21.6% (2006) Inflation: 6.6% (2006) Foreign debt: $15.43 Billion (2005) Direct foreign investment received for 2005: $1 481 Million (Source: NBS [24]) Direct foreign investment received for 2006: $4 387 Million (Source: NBS [25])
Contents |
[edit] Foreign Direct Investment
- 2005: $1.5 Billion
- 2006: $5.4 Billion
- 2007: $4.2 Bilion
- 2008 est: ~$5 Billion
[26])
- Industrial production growth rate for 2004: 7.1%
- Industrial production growth rate for 2005: 1.3%
- Industrial production growth rate for 2006: 4.4%
[27])
- Employment by sector (2008)
- Tertiary: 63.5%
- Secondary: 24.2%
- Primary: 12.3%
- Total labourforce: 3.22 Million
- Unemployment rate: 21.8%
Source: http://webrzs.statserb.sr.gov.yu/axd/en/drugastrana.php?Sifra=0018&izbor=odel&tab=152
- Average monthly net income: RSD 32562, US$636, 404EUR (April 2008)
Source: http://webrzs.statserb.sr.gov.yu/axd/en/index1.php?SifraVesti=240&Link=
- GDP per WORKER: $7 632
- GDP per WORKER PPP: $12 822
- Government budget (2007)
- Revenues: $17.34 Billion
- Expenditures: $17.54 Billion
- GDP trends over the past 10 years
- Year / 0fficial exchange rate GDP ($ Billions) / Real GDP growth rate / Real GDP Per Capita / GDP per capita PPP:
- 1995: $12.8 / 5.7% / $1 280 / $4 170
- 1996: $13.3 / 4.6% / $1 330 / $4 378
- 1997: $14.2 / 7.4% / $1 420 / $4 554
- 1998: $14.7 / 2.4% / $2 126 / $4 873
- 1999: $9.7 / -18.3%/ $1 476 / $4 970
- 2000: $9.0 / 4.5% / $1 193 / $5 898
- 2001: $11.8 / 4.8% / $1 567 / $6 342
- 2002: $15.8 / 4.2% / $2 111 / $6 729
- 2003: $20.3 / 2.5% / $2 719 / $7 062
- 2004: $24.5 / 8.4% / $3 285 / $7 876
- 2005: $26.2 / 6.2% / $3 526 / $8 646
- 2006: $31.8 / 5.8% / $4 271 / $9 427
- 2007: $41.7 / 7.5% / $5 596 / $10 375
- Estimates for next six years
- 2008: $48.8 / 8% / $6 540 / $10 985
- 2009: $54.1 / 7% / $7 227 / $11 819
- 2010: $59.7 / 7.5% / $7 934 / $12 661
- 2011: $65.4 / 6.0% / $8 684 / $13 599
- 2012: $71.4 / 6.0% / $9 460 / $14 578
- 2013: $77.7 / 6.0% / $10 251 / $15 606
[edit] Currency
- Currency - Serbian dinar = 0.0125 Euro, 0.0167 USD. except Kosovo, which uses the Euro.
- National Bank - National Bank of Serbia.
[edit] Statistics
- GDP (purchasing power parity)
- $56.89 billion (2007 est.)
- GDP (official exchange rate)
- $41.44 billion (2007 est.)
- GDP - real growth rate
- 7% (2007 est.)
- GDP - per capita (PPP)
- $7,700 (2007 est.)
- GDP - composition by sector
- agriculture: 12.3%
- industry: 24.2%
- services: 63.5% (2007 est.)
- Labor force
- 2.961 million (2002 est.)
- Labor force - by occupation
- agriculture: 30%
- industry: 46%
- services: 24% (2002)
- Unemployment rate
- 18.8% (2007 est.)
- Population below poverty line
- 6.5% (2007 est.)
- Distribution of family income - Gini index
- 30 (2003)
- Inflation rate (consumer prices)
- 10.1% (2007 est.)
- Investment (gross fixed)
- 20.1% of GDP (2007 est.)
- Budget
- revenues: $9.6 billion
- expenditures: $9.8 billion (2007 est.)
- Public debt
- 37% of GDP (2007 est.)
- Agriculture - products
- wheat, maize, sugar beets, sunflower, raspberries, beef, pork, milk
- 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 - consumption
- NA kWh
- Electricity - exports
- 12.05 billion kWh (2004)
- Electricity - imports
- 11.23 billion kWh (2004)
- Oil - production
- 14,660 bbl/day (2003)
- Oil - consumption
- 85,000 bbl/day (2003 est.)
- Oil - exports
- NA bbl/day
- Oil - imports
- NA bbl/day
- Oil - proved reserves
- 77.5 million bbl (1 January 2006 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
- 46.17 billion cu m (1 January 2006)
- Current account balance
- $-6.7 billion (2007 est.)
- Exports
- $8.824 billion (2007 est.)
- Exports - commodities
- manufactured goods, food and live animals, machinery and transport equipment
- Imports
- $18.3 billion (2007 est.)
- Economic aid - recipient
- $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)
- Reserves of foreign exchange and gold
- $14.22 billion (2007)
- Debt - external
- $26.24 billion (includes debt for Montenegro and Kosovo) (2007 est.)
- Stock of direct foreign investment - at home
- $11.95 billion (2006 est.)
- Stock of direct foreign investment - abroad
- $NA
- Market value of publicly traded shares
- $5.409 billion (2005)
- Currency (code)
- Serbian Dinar (RSD)
- Exchange rates
- Serbian dinars per US dollar - 54.5 (2007), 59.98 (2006)
[edit] See also
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[edit] References
- ^ Domestic consumption drives growth in Eastern Europe (HTML). EBRD Transition Report 2006. Retrieved on 2006-11-16.
