Bosnia and Herzegovina Economy - 2024

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.)

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% (2021 est.)

male: 28.2%

female: 39.9%

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.)

Remittances

10.16% of GDP (2021 est.)
9.58% of GDP (2020 est.)
11.55% of GDP (2019 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 -

Exchange rates:
1.654 (2021 est.)
1.717 (2020 est.)
1.747 (2019 est.)
1.657 (2018 est.)
1.735 (2017 est.)