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Serbia Economy 2010
http://www.workmall.com/wfb2010/serbia/serbia_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 19, 2010

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 halting progress towards EU membership despite signing a Stabilization and Association Agreement with Brussels in May 2008. 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 the large current account deficit remain ongoing political and economic problems. 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. Nevertheless, the IMF projects that Serbia's economy will grow by 1.5% in 2010 after a 4% contraction in 2009 as a recovery in Western Europe takes hold.

GDP (purchasing power parity):
$77.01 billion (2009 est.)

$80.73 billion (2008 est.)
$76.59 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$42.39 billion (2009 est.)

GDP - real growth rate:
-4.6% (2009 est.)

5.4% (2008 est.)
6.9% (2007 est.)

GDP - per capita (PPP):
$10,400 (2009 est.)

$10,900 (2008 est.)
$10,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 12.3%
industry: 24.2%
services: 63.5% (2007 est.)

Labor force:
2.961 million (2002 est.)

Labor force - by occupation:
agriculture: 30%
industry: 46%
services: 24% (2002)

Unemployment rate:
18.8% (2007 est.)

Population below poverty line:
6.5% (2007 est.)

Distribution of family income - Gini index:
30 (2003)

Investment (gross fixed):
20.1% of GDP (2007 est.)

Budget:
revenues: $9.6 billion
expenditures: $9.8 billion (2007 est.)

Public debt:
37% of GDP (2007 est.)

Inflation rate (consumer prices):
6.8% (2007 est.)

Central bank discount rate:
17.75% (31 December 2008)

9.57% (31 December 2007)

Commercial bank prime lending rate:
18.11% (31 December 2008)

11.13% (31 December 2007)

Stock of money:
$3.831 billion (31 December 2008)

$4.632 billion (31 December 2007)

Stock of quasi money:
$11.95 billion (31 December 2008)

$12.19 billion (31 December 2007)

Stock of domestic credit:
$17.06 billion (31 December 2008)

$13.44 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$23.93 billion (31 December 2007)
$10.99 billion (31 December 2006)

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

Industries:
sugar, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment

Industrial production growth rate:
1.8% (2007 est.)

Electricity - production:
33.87 billion kWh (2004)

Electricity - consumption:
NA kWh NA kWh

Electricity - exports:
12.05 billion kWh (2004 est.)

Electricity - imports:
11.23 billion kWh (2004)

Oil - production:
11,420 bbl/day (2008 est.)

Oil - consumption:
NA bbl/day NA bbl/day

Oil - exports:
3,641 bbl/day (2005)

Oil - imports:
70,760 bbl/day (2005 est.)

Oil - proved reserves:
77.5 million bbl (1 January 2009 est.)

Natural gas - production:
650 million cu m (2005 est.)

Natural gas - consumption:
2.55 billion cu m (2005 est.)

Natural gas - exports:
0 cu m (2005 est.)

Natural gas - imports:
2.1 billion cu m (2004 est.)

Natural gas - proved reserves:
48.14 billion cu m (1 January 2009 est.)

Current account balance:
$-6.889 billion (2007 est.)

Exports:
$8.824 billion (2007 est.)

Exports - commodities:
manufactured goods, food and live animals, machinery and transport equipment

Imports:
$18.35 billion (2007 est.)

Reserves of foreign exchange and gold:
$14.22 billion (2007 est.)

Debt - external:
$26.24 billion (2007 est.)

Stock of direct foreign investment - at home:
$NA (31 December 2009 est.)

$11.95 billion (2006 est.)

Stock of direct foreign investment - abroad:
$NA

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


NOTE: The information regarding Serbia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Serbia Economy 2010 information contained here. All suggestions for corrections of any errors about Serbia Economy 2010 should be addressed to the CIA.



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