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Serbia Economy 2011
https://theodora.com/wfb2011/serbia/serbia_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

Economy - overview:
MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left the economy only half the size it was in 1990. After the ousting of former Federal Yugoslav President MILOSEVIC in September 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on a 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). Belgrade has made progress in trade liberalization and enterprise restructuring and privatization, including telecommunications and small- and medium-size firms. It has made some progress towards EU membership, signing a Stabilization and Association Agreement with Brussels in May 2008, and with full implementation of the Interim Trade Agreement with the EU in February 2010. Serbia is also pursuing membership in the World Trade Organization. Reforms needed to ensure the country's long-term viability have largely stalled since the onset of the global financial crisis. Serbia is grappling with fallout from crisis, which has led to a sharp drop in exports to Western Europe and a decline in manufacturing output. Unemployment and limited export earnings remain ongoing political and economic problems. Serbia signed an augmented $4 billion Stand By Arrangement with the IMF in May 2009. IMF conditions on Serbia constrain the use of stimulus efforts to revive the economy, while Serbia's concerns about inflation and exchange rate stability preclude the use of expansionary monetary policy. Serbia's economy grew by 1.8% in 2010 after a 3% contraction in 2009 as a recovery in Western Europe began.

GDP (purchasing power parity):
$80.65 billion (2010 est.)
country comparison to the world: 78

$79.22 billion (2009 est.)
$81.67 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$38.92 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2010 est.)
country comparison to the world: 158

-3% (2009 est.)
5.5% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,000 (2010 est.)
country comparison to the world: 104

$10,700 (2009 est.)
$11,000 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 13%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 22.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 64.5% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
3.25 million (October 2009 est.)
country comparison to the world: 99
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 23.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 55.6% (October 2009)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
17.2% (2010 est.); 16.6% (2009 est.)
country comparison to the world: 160
[see also: Unemployment rate country ranks ]

Population below poverty line:
7.9% (2008 est.)
[see also: Population below poverty line country ranks ]

Distribution of family income - Gini index:
26 (2008)
country comparison to the world: 129

30 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
25.9% of GDP (2009 est.)
country comparison to the world: 40
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $16.47 billion
[see also: Budget - revenues country ranks ]
expenditures: $18.48 billion (2010 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
37.8% of GDP (2010 est.)
country comparison to the world: 80

31.3% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
4.9% (2010 est.)
country comparison to the world: 141

8.4% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.92% (31 December 2009)
country comparison to the world: 14

17.75% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.78% (31 December 2009)
country comparison to the world: 26

18.11% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.554 billion (31 December 2010 est)

$3.821 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$18.69 billion (31 December 2010 est.)

$17.82 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$18.88 billion (31 December 2010 est.)
country comparison to the world: 80

$19.25 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$11.52 billion (31 December 2009)
country comparison to the world: 65

$12.17 billion (31 December 2008)
$23.93 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
wheat, maize, sugar beets, sunflower, raspberries; beef, pork, milk

Industries:
base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals

Industrial production growth rate:
1.3% (2007 est.)
country comparison to the world: 144
[see also: Industrial production growth rate country ranks ]

Electricity - production:
36 billion kWh (2009)
country comparison to the world: 60
[see also: Electricity - production country ranks ]

Electricity - consumption:
33.4 billion kWh (2009)
country comparison to the world: 57
[see also: Electricity - consumption country ranks ]

Electricity - exports:
1.5 billion kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
121 million kWh (2009)
[see also: Electricity - imports country ranks ]

Oil - production:
12,170 bbl/day (2009 est.)
country comparison to the world: 81
[see also: Oil - production country ranks ]

Oil - consumption:
90,000 bbl/day NA bbl/day
country comparison to the world: 79
[see also: Oil - consumption country ranks ]

Oil - exports:
5,045 bbl/day (2008)
country comparison to the world: 105
[see also: Oil - exports country ranks ]

Oil - imports:
72,570 bbl/day (2008 est.)
country comparison to the world: 76
[see also: Oil - imports country ranks ]

Oil - proved reserves:
77.5 million bbl (1 January 2010 est.)
country comparison to the world: 74
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
230 million cu m (2008 est.)
country comparison to the world: 73
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
2.61 billion cu m (2008 est.)
country comparison to the world: 76
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 128
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
2.4 billion cu m (2008 est.)
country comparison to the world: 45
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
48.14 billion cu m (1 January 2010 est.)
country comparison to the world: 66
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.046 billion (2010 est.)
country comparison to the world: 138

-$1.356 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$9.372 billion (2010 est.)
country comparison to the world: 89

$8.368 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
iron and steel, clothes, wheat, fruit and vegetables, non-ferrous metals

Exports - partners:
Bosnia and Herzegovina 13.12%, Italy 10.96%, Germany 9.9%, Serbia and Montenegro 7%, Austria 5.4%, Slovenia 5.38%, Macedonia 5.26%, Russia 4.39%, Hungary 4.36% (2009)

Imports:
$15.78 billion (2010 est.)
country comparison to the world: 78

$15.03 billion (2009 est.)
[see also: Imports country ranks ]

Imports - partners:
Germany 11.79%, Italy 9.36%, Hungary 6.71%, Slovenia 6.52%, Austria 4.79% (2009)

Reserves of foreign exchange and gold:
$16.4 billion (31 December 2010 est.)
country comparison to the world: 44

$15.22 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$32.31 billion (31 December 2010 est.)
country comparison to the world: 64

$32.01 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$23.52 billion (31 December 2009 est.)
country comparison to the world: 65

$11.95 billion (2006 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Serbian dinars (RSD) per US dollar - 79.979 (2010), 62.9 (2008), 54.5 (2007), 59.98 (2006)


NOTE: The information regarding Serbia 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 Serbia Economy 2011 information contained here. All suggestions for corrections of any errors about Serbia Economy 2011 should be addressed to the CIA.



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