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Serbia and Montenegro Economy 1996
The swift collapse of the Yugoslav federation in 1991 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 differences in climate, mineral resources, and levels of
technology among the republics accentuated 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 in 1992. Hyperinflation ended with the establishment of
a new currency unit in June 1993; prices were relatively stable in 1994.
Reliable statistics are hard to come by; the GDP estimate of $1,000 per
capita in 1994 is extremely rough. Output in 1994 seems to have leveled off
after the plunge in 1993.
GDP - purchasing power parity - $10 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
20% (January-November 1994 est.)
more than 40% (1994 est.)
$NA, including capital expenditures of $NA
prior to the breakup of the federation, Yugoslavia exported machinery and
transport equipment, manufactured goods, chemicals, food and live animals,
raw materials
prior to the imposition of UN sanctions trade partners were the other former
Yugoslav republics, Italy, Germany, other EC, the FSU countries, East
European countries, US
prior to the breakup of the federation, Yugoslavia imported machinery and
transport equipment, fuels and lubricants, manufactured goods, chemicals,
food and live animals, raw materials including coking coal for the steel
industry
prior to the imposition of UN sanctions trade partners were the other former
Yugoslav republics, the FSU countries, EC countries (mainly Italy and
Germany), East European countries, US
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
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
1 Yugoslav New Dinar (YD) = 100 paras
Yugoslav New Dinars (YD) per US $1 - 102.6 (February 1995 black market rate)
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