Overview: The swift collapse of the Yugoslav federation has been followed by bloody ethnic warfare, the destabilization of republic boundaries, and the breakup of important interrepublic trade flows. Serbia and Montenegro faces major economic problems; output has dropped sharply, particularly in 1993. First, like the other former Yugoslav republics, it depended on its sister republics for large amounts of foodstuffs, energy supplies, and manufactures. Wide varieties in climate, mineral resources, and levels of technology among the republics accentuate this interdependence, as did the communist practice of concentrating much industrial output in a small number of giant plants. The breakup of many of the trade links, the sharp drop in output as industrial plants lost suppliers and markets, and the destruction of physical assets in the fighting all have contributed to the economic difficulties of the republics. One singular factor in the economic situation of Serbia and Montenegro is the continuation in office of a communist government that is primarily interested in political and military mastery, not economic reform. A further complication is the imposition of economic sanctions by the UN.

National product: GDP - exchange rate conversion - $10 billion (1993 est.)

National product real growth rate: NA%

National product per capita: $1,000 (1993 est.)

Inflation rate (consumer prices): hyperinflation (1993)

Unemployment rate: more than 60% (1993 est.)

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Exports: $4.4 billion (f.o.b., 1990)
commodities: machinery and transport equipment 29%, manufactured goods 28.5%, miscellaneous manufactured articles 13.5%, chemicals 11%, food and live animals 9%, raw materials 6%, fuels and lubricants 2%, beverages and tobacco 1%
partners: prior to the imposition of sanctions by the UN Security Council trade partners were principally the other former Yugoslav republics; Italy, Germany, other EC, the FSU countries, East European countries, US

Imports: $6.4 billion (c.i.f., 1990)
commodities: machinery and transport equipment 26%, fuels and lubricants 18%, manufactured goods 16%, chemicals 12.5%, food and live animals 11%, miscellaneous manufactured items 8%, raw materials, including coking coal for the steel industry 7%, beverages, tobacco, and edible oils 1.5%
partners: prior to the imposition of sanctions by the UN Security Council the trade partners were principally the other former Yugoslav republics; the FSU countries, EC countries (mainly Italy and Germany), East European countries, US

External debt: $4.2 billion (1993 est.)

Industrial production: growth rate -42% (1993 est.)

Electricity:
capacity: 8,850,000 kW
production: 42 billion kWh
consumption per capita: 3,950 kWh (1992)

Industries: machine building (aircraft, trucks, and automobiles; armored vehicles 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

Agriculture: the fertile plains of Vojvodina produce 80% of the cereal production of the former Yugoslavia and most of the cotton, oilseeds, and chicory; Vojvodina also produces fodder crops to support intensive beef and dairy production; Serbia proper, although hilly, has a well-distributed rainfall and a long growing season; produces fruit, grapes, and cereals; in this area, livestock production (sheep and cattle) and dairy farming prosper; Kosovo produces fruits, vegetables, tobacco, and a small amount of cereals; the mountainous pastures of Kosovo and Montenegro support sheep and goat husbandry; Montenegro has only a small agriculture sector, mostly near the coast where a Mediterranean climate permits the culture of olives, citrus, grapes, and rice

Illicit drugs: NA

Economic aid: $NA

Currency: 1 Yugoslav New Dinar (YD) = 100 paras
Exchange rates: Yugoslav New Dinars (YD) per US $1 - 1,100,000 (15 June 1993), 28.230 (December 1991), 15.162 (1990), 15.528 (1989), 0.701 (1988), 0.176 (1987)

Fiscal year: calendar year

NOTE: The information regarding Serbia and Montenegro on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Serbia and Montenegro Economy 1995 information contained here. All suggestions for corrections of any errors about Serbia and Montenegro Economy 1995 should be addressed to the CIA.