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    Yugoslavia Economy - 1990
    http://www.theodora.com/wfb1990/yugoslavia/yugoslavia_economy.html
    SOURCE: 1990 CIA WORLD FACTBOOK

      Overview: Tito's reform programs 20 years ago changed the Stalinist command economy to a decentralized semimarket system but a system that the rigid, ethnically divided political structure ultimately could not accommodate. A prominent feature of the reforms was the establishment of workers' self-management councils in all large plants, which were to select managers, stimulate production, and divide the proceeds. The general result of these reforms has been rampant wage-price inflation, substantial rundown of capital plant, consumer shortages, and a still larger income gap between the poorer southern regions and the relatively affluent northern provinces of Hrvatska and Slovenija. In 1988-89 the beleaguered central government has been reforming the reforms, trying to create an open market economy with still considerable state ownership of major industrial plants. These reforms have been moving forward with the advice and support of the International Monetary Fund through a series of tough negotiations. Self-management supposedly is to be replaced by the discipline of the market and by fiscal austerity, ultimately leading to a stable dinar. However, strikes in major plants, hyperinflation, and interregional political jousting have held back progress. According to US economic advisers, only a highly unlikely combination of genuine privatization, massive Western economic investment and aid, and political moderation can salvage this economy.

      GNP: $129.5 billion, per capita $5,464; real growth rate - 1.0% (1989 est.)

      Inflation rate (consumer prices): 2,700% (1989 est.)

      Unemployment rate: 15% (1989)

      Budget: revenues $6.4 billion; expenditures $6.4 billion, including capital expenditures of $NA (1990)

      Exports: $13.1 billion (f.o.b., 1988); commodities--raw materials and semimanufactures 50%, consumer goods 31%, capital goods and equipment 19%; partners--EC 30%, CEMA 45%, less developed countries 14%, US 5%, other 6%

      Imports: $13.8 billion (c.i.f., 1988); commodities--raw materials and semimanufactures 79%, capital goods and equipment 15%, consumer goods 6%; partners--EC 30%, CEMA 45%, less developed countries 14%, US 5%, other 6%

      External debt: $17.0 billion, medium and long term (1989)

      Industrial production: growth rate - 1% (1989 est.)

      Electricity: 21,000,000 kW capacity; 87,100 million kWh produced, 3,650 kWh per capita (1989)

      Industries: metallurgy, machinery and equipment, petroleum, chemicals, textiles, wood processing, food processing, pulp and paper, motor vehicles, building materials

      Agriculture: diversified, with many small private holdings and large combines; main crops--corn, wheat, tobacco, sugar beets, sunflowers; occasionally a net exporter of corn, tobacco, foodstuffs, live animals

      Aid: donor--about $3.5 billion in bilateral aid to non-Communist less developed countries (1966-88)

      Currency: Yugoslav dinar (plural--dinars); 1 Yugoslav dinar (YD) = 100 paras; note--on 1 January 1990, Yugoslavia began issuing a new currency with 1 new dinar equal to 10,000 YD

      Exchange rates: Yugoslav dinars (YD) per US$1--118,568 (January 1990), 28,764 (1989), 2,523 (1988), 737 (1987), 379 (1986), 270 (1985); note--as of February 1990 the new dinar is linked to the FRG deutsche mark at the rate of 7 new dinars per 1 deustche mark

      Fiscal year: calendar year

      NOTE: The information regarding Yugoslavia on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Yugoslavia Economy 1990 information contained here. All suggestions for corrections of any errors about Yugoslavia Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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