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Bosnia and Herzegovina Economy 2011
https://theodora.com/wfb2011/bosnia_and_herzegovina/bosnia_and_herzegovina_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

Economy - overview:
The interethnic warfare in Bosnia and Herzegovina caused production to plummet by 80% from 1992 to 1995 and unemployment to soar. With an uneasy peace in place, output recovered in 1996-99 at high percentage rates from a low base; but output growth slowed in 2000-02. Part of the lag in output was made up in 2003-08 when GDP growth exceeded 5% per year. However, the country experienced negative GDP growth of almost 3% in 2009 due in large part to a reduction in exports caused by the global economic crisis. One of Bosnia's main economic challenges in 2010 has been to reduce spending on public sector wages and social benefits to meet the IMF's criteria for obtaining funding for budget shortfalls. Banking reform accelerated in 2001 as all the Communist-era payments bureaus were shut down; foreign banks, primarily from Austria and Italy, now control most of the banking sector. The konvertibilna marka (convertible mark or BAM)- the national currency introduced in 1998 - is pegged to the euro, and confidence in the currency and the banking sector has increased. Bosnia's private sector is growing and foreign investment is slowly increasing, but government spending, at roughly 50% of GDP, remains high because of redundant government offices at the state, entity and municipal level. Privatization of state enterprises, however, has been slow, particularly in the Federation where political division between ethnically-based political parties makes agreement on economic policy more difficult. A sizeable current account deficit and high unemployment rate remain the two most serious macroeconomic problems. Successful implementation of a value-added tax in 2006 provided a predictable source of revenue for the government and helped rein in gray market activity. National-level statistics have also improved over time but a large share of economic activity remains unofficial and unrecorded. Bosnia and Herzegovina became a full member of the Central European Free Trade Agreement in September 2007.

GDP (purchasing power parity):
$30.56 billion (2010 est.)
country comparison to the world: 107

$30.23 billion (2009 est.)
$31.23 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$16.2 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.1% (2010 est.)
country comparison to the world: 175

-3.2% (2009 est.)
5.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,600 (2010 est.)
country comparison to the world: 135

$6,600 (2009 est.)
$6,800 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 9.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 25.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 64.3% (2006 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
1.863 million (2007)
country comparison to the world: 123
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 20.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 32.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 47% (2008)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
27.2% (2010 est.)
country comparison to the world: 176

24.1% (2009 est.)
note: official rate
[see also: Unemployment rate country ranks ]

Population below poverty line:
25% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.4% (2004)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
56.2 (2007)
country comparison to the world: 11
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $7.612 billion
[see also: Budget - revenues country ranks ]
expenditures: $8.344 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
39% of GDP (2010 est.)
country comparison to the world: 77

35% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.9% (2010 est.)
country comparison to the world: 52

-0.4% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
7.93% (31 December 2009 est.)
country comparison to the world: 131

6.98% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.098 billion (31 December 2010 est)

$4.182 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$9.307 billion (31 December 2010 est.)

$9.236 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$10.09 billion (31 December 2010 est.)
country comparison to the world: 94

$10.01 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
wheat, corn, fruits, vegetables; livestock

Industries:
steel, coal, iron ore, lead, zinc, manganese, bauxite, vehicle assembly, textiles, tobacco products, wooden furniture, tank and aircraft assembly, domestic appliances, oil refining

Industrial production growth rate:
3.3% (2008 est.)
country comparison to the world: 94
[see also: Industrial production growth rate country ranks ]

Electricity - production:
14.58 billion kWh (2007 est.)
country comparison to the world: 81
[see also: Electricity - production country ranks ]

Electricity - consumption:
11.62 billion kWh (2007 est.)
country comparison to the world: 82
[see also: Electricity - consumption country ranks ]

Electricity - exports:
6.024 billion kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
3.04 billion kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2008 est.)
country comparison to the world: 204
[see also: Oil - production country ranks ]

Oil - consumption:
30,000 bbl/day (2009 est.)
country comparison to the world: 113
[see also: Oil - consumption country ranks ]

Oil - exports:
192 bbl/day (2007 est.)
country comparison to the world: 133
[see also: Oil - exports country ranks ]

Oil - imports:
25,990 bbl/day (2007 est.)
country comparison to the world: 104
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 102
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 98
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
310 million cu m (2008 est.)
country comparison to the world: 97
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 52
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
310 million cu m (2008 est.)
country comparison to the world: 62
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 106
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$887 million (2010 est.)
country comparison to the world: 131

-$1.283 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$4.787 billion (2010 est.)
country comparison to the world: 109

$4.057 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
metals, clothing, wood products

Exports - partners:
Croatia 19.07%, Slovenia 18.58%, Italy 16.87%, Germany 13.38%, Austria 10.25% (2009)

Imports:
$9.403 billion (2010 est.)
country comparison to the world: 92

$8.788 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, fuels, foodstuffs

Imports - partners:
Croatia 22.17%, Germany 14.04%, Slovenia 13.45%, Italy 11.89%, Austria 6.61%, Hungary 5.74% (2009)

Reserves of foreign exchange and gold:
$2.8 billion (31 December 2010 est.)
country comparison to the world: 87

$3.245 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.996 billion (31 December 2010 est.)
country comparison to the world: 91

$8.048 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Exchange rates:
konvertibilna markas (BAM) per US dollar - 1.5088 (2010), 1.4079 (2009), 1.3083 (2008), 1.4419 (2007), 1.5576 (2006)


NOTE: The information regarding Bosnia and Herzegovina on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bosnia and Herzegovina Economy 2011 information contained here. All suggestions for corrections of any errors about Bosnia and Herzegovina Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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