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    Serbia and Montenegro Economy - 2003

      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 it's 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; nonetheless, growth may be 4.5% in 2003.

      GDP: purchasing power parity - $25.3 billion (2002 est.)

      GDP - real growth rate: 3% (2002 est.)

      GDP - per capita: purchasing power parity - $2,370 (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 (January 2002 est.)

      Natural gas - proved reserves: 24.07 billion cu m (January 2002 est.)

      Agriculture - products: cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats

      Exports: $2.3 billion f.o.b. (2002 est.)

      Exports - commodities: manufactured goods, food and live animals, raw materials

      Exports - partners: Italy 14.5%, Bosnia and Herzegovina 14.5%, Germany 10.7%, The Former Yugoslav Republic of Macedonia 9.1% (2002)

      Imports: $6.3 billion f.o.b. (2002 est.)

      Imports - commodities: machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials

      Imports - partners: Russia 12.5%, Germany 13.1%, Italy 10.3%, Hungary 4.4% (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

      NOTE: The information regarding Serbia and Montenegro on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Serbia and Montenegro Economy 2003 should be addressed to the CIA.

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    Revised 20-Sep-03
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