Bosnia and Herzegovina Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

import-dominated economy; remains consumption-heavy; lack of private sector investments and diversification; jointly addressing structural economic challenges; Chinese energy infrastructure investments; high unemployment; tourism industry impacted by COVID-19

Real GDP (purchasing power parity)

$51.244 billion (2021 est.)

$47.649 billion (2020 est.)

$49.183 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.55% (2021 est.)

-3.12% (2020 est.)

2.83% (2019 est.)

Real GDP per capita

$15,700 (2021 est.)

$14,400 (2020 est.)

$14,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$20.078 billion (2019 est.)

Inflation rate (consumer prices)

1.98% (2021 est.)

-1.05% (2020 est.)

0.56% (2019 est.)

Credit ratings

Moody's rating: B3 (2012)

Standard & Poors rating: B (2011)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.8% (2017 est.)

industry: 28.9% (2017 est.)

services: 64.3% (2017 est.)

GDP - composition, by end use

household consumption: 77.4% (2017 est.)

government consumption: 20% (2017 est.)

investment in fixed capital: 16.6% (2017 est.)

investment in inventories: 2.3% (2017 est.)

exports of goods and services: 38.7% (2017 est.)

imports of goods and services: -55.1% (2017 est.)

Agricultural products

maize, milk, vegetables, potatoes, wheat, plums/sloes, apples, barley, cabbages, poultry

Industries

steel, coal, iron ore, lead, zinc, manganese, bauxite, aluminum, motor vehicle assembly, textiles, tobacco products, wooden furniture, ammunition, domestic appliances, oil refining

Industrial production growth rate

8.87% (2021 est.)

Labor force

1.169 million (2021 est.)

Labor force - by occupation

agriculture: 18%

industry: 30.4%

services: 51.7% (2017 est.)

Unemployment rate

15.22% (2021 est.)

15.27% (2020 est.)

15.69% (2019 est.)

note: official rate; actual rate is lower as many technically unemployed persons work in the gray economy

Youth unemployment rate (ages 15-24)

total: 32.9%

male: 28.2%

female: 39.9% (2021 est.)

Population below poverty line

16.9% (2015 est.)

Gini Index coefficient - distribution of family income

33 (2011 est.)

Average household expenditures

on food: 30.7% of household expenditures (2018 est.)

on alcohol and tobacco: 9.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.9%

highest 10%: 25.8% (2011 est.)

Budget

revenues: $8.434 billion (2019 est.)

expenditures: $8.154 billion (2019 est.)

Budget surplus (+) or deficit (-)

2.1% (of GDP) (2017 est.)

Public debt

46.05% of GDP (2020 est.)

44.63% of GDP (2019 est.)

45.56% of GDP (2018 est.)

note: data cover general government debt and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.

Taxes and other revenues

19.01% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$557.887 million (2021 est.)

-$658.601 million (2020 est.)

-$531.917 million (2019 est.)

Exports

$9.948 billion (2021 est.)

$6.936 billion (2020 est.)

$8.199 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Germany 14%, Italy 12%, Croatia 11%, Serbia 11%, Austria 9%, Slovenia 8% (2019)

Exports - commodities

electricity, seating, insulated wiring, lumber, furniture (2021)

Imports

$12.726 billion (2021 est.) note: data are in current year dollars

$9.726 billion (2020 est.) note: data are in current year dollars

$11.156 billion (2019 est.) note: data are in current year dollars

Imports - partners

Croatia 15%, Serbia 13%, Germany 10%, Italy 9%, Slovenia 7%, China 6% (2019)

Imports - commodities

refined petroleum, cars, packaged medicines, coal, electricity (2019)

Reserves of foreign exchange and gold

$9.475 billion (31 December 2021 est.)

$8.707 billion (31 December 2020 est.)

$7.208 billion (31 December 2019 est.)

Debt - external

$10.87 billion (31 December 2017 est.)

$10.64 billion (31 December 2016 est.)

Exchange rates

konvertibilna markas (BAM) per US dollar -

1.654 (2021 est.)

1.717 (2020 est.)

1.747 (2019 est.)

1.657 (2018 est.)

1.735 (2017 est.)

NOTE: The information regarding Bosnia and Herzegovina on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bosnia and Herzegovina 2023 information contained here. All suggestions for corrections of any errors about Bosnia and Herzegovina 2023 should be addressed to the CIA or the source cited on each page.