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Serbia Economy 2014
http://www.theodora.com/wfbcurrent/serbia/serbia_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Serbia has a transitional economy mostly dominated by market forces, but the state sector remains large and many institutional reforms are needed. The economy relies on manufacturing and exports, driven largely by foreign investment. MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, civil war, 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, Serbia continued to reintegrate into the international community by rejoining the World Bank (IBRD) and the European Bank for Reconstruction and Development (EBRD). Serbia has made progress in trade liberalization and enterprise restructuring and privatization, but many large enterprises - including the power utilities, telecommunications company, natural gas company, national air carrier, and others - remain in state hands. Serbia 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, gained candidate status in March 2012. Serbia's negotiations with the World Trade Organization are advanced, with the country's complete ban on the trade and cultivation of agricultural biotechnology products representing the primary remaining obstacle to accession. Serbia's program with the IMF was frozen in early 2012 because the 2012 budget approved by parliament deviated from the program parameters; the arrangement is now void. High unemployment and stagnant household incomes are ongoing political and economic problems. Structural economic reforms needed to ensure the country's long-term prosperity have largely stalled since the onset of the global financial crisis. The economy slipped by an estimated 2.0% in 2012, following growth of 1.6% in 2011, 1.0% in 2010, and a 3.5% contraction in 2009. Growing deficits constrain the use of stimulus efforts to revive the economy and contribute to growing concern of a public debt crisis, given that Serbia's total public debt as a share of GDP doubled between 2008 and 2012, reaching 61.5% of GDP at the end of 2012. Further, Serbia's concerns about inflation and exchange rate stability preclude the use of expansionary monetary policy. Serbia adopted a new long-term economic growth plan in 2010 that calls for a quadrupling of exports over ten years and heavy investments in basic infrastructure. In 2012, however, exports fell by 3.6% compared to 2011, largely as a result of the halt in production at the former US Steel plant and a summer drought that slashed agricultural production. Major challenges ahead include: high unemployment rates and the need for job creation; high government expenditures for salaries, pensions, and unemployment benefits; a growing need for new government borrowing; rising public and private foreign debt; attracting new foreign direct investment; and getting the IMF program back on track. Other serious challenges include an inefficient judicial system, high levels of corruption, and an aging population. Factors favorable to Serbia's economic growth include a strategic location, a relatively inexpensive and skilled labor force, and free trade agreements with the EU, Russia, Turkey, and countries that are members of the Central European Free Trade Agreement (CEFTA).

GDP (purchasing power parity):
$77.83 billion (2012 est.)
country comparison to the world: 81

$79.21 billion (2011 est.)
$77.99 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$38.02 billion (2012 est.)

GDP - real growth rate:
-1.7% (2012 est.)
country comparison to the world: 205

1.6% (2011 est.)
1% (2010 est.)

GDP - per capita (PPP):
$10,700 (2012 est.)
country comparison to the world: 111

$10,900 (2011 est.)
$10,700 (2010 est.)
note: data are in 2012 US dollars

GDP - composition, by end use:
household consumption: 78.4%
government consumption: 20.6%
investment in fixed capital: 17.3%
investment in inventories: 3.3%
exports of goods and services: 39.6%
imports of goods and services: -59.1%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.6%
industry: 31.7%
services: 60.7% (2012 est.)

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:
-2.9% (2012 est.)
country comparison to the world: 163

Labor force:
3.17 million (2012 est.)
country comparison to the world: 103

Labor force - by occupation:
agriculture: 21.9%
industry: 19.5%
services: 58.6% (2010)

Unemployment rate:
25.9% (2012 est.)
country comparison to the world: 176

23.7% (2011 est.)

Population below poverty line:
9.2% (2010 est.)

Distribution of family income - Gini index:
28.2 (2008)
country comparison to the world: 121

30 (2003)

Budget:
revenues: $15.54 billion
expenditures: $18.41 billion
note: this is the consolidated budget, including both central government and local goverment budgets (2012 est.)

Taxes and other revenues:
40.9% of GDP (2012 est.)
country comparison to the world: 39

Budget surplus (+) or deficit (-):
-7.6% of GDP (2012 est.)
country comparison to the world: 187

Public debt:
62% of GDP (2012 est.)
country comparison to the world: 43

48.7% of GDP (2011 est.)
note: data cover general government debt, and includes debt instruments issued or owned by government entities other than the treasury (for which the GOS issued guarantees); the data include treasury debt held by foreign entities; the data include debt issued by subnational entities (for which the GOS issued guarantees), 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

Inflation rate (consumer prices):
7.3% (2012 est.)
country comparison to the world: 181

11.2% (2011 est.)

Central bank discount rate:
11.75% (6 February 2013)
country comparison to the world: 28

9.5% (January 2012)

Commercial bank prime lending rate:
17.73% (31 December 2012 est.)
country comparison to the world: 24

18.4% (31 December 2011 est.)

Stock of narrow money:
$5.79 billion (31 December 2012 est.)
country comparison to the world: 96

$5.783 billion (31 December 2011 est.)

Stock of broad money:
$19.78 billion (31 December 2012 est.)
country comparison to the world: 86

$18.55 billion (31 December 2011 est.)

Stock of domestic credit:
$21.55 billion (31 December 2012 est.)
country comparison to the world: 77

$21.43 billion (31 December 2011 est.)

Market value of publicly traded shares:
$9.54 billion (13 February 2013)
country comparison to the world: 75

$8.365 billion (31 December 2011)
$9.69 billion (31 December 2010)

Current account balance:
$-4.082 billion (2012 est.)
country comparison to the world: 159

$-3.982 billion (2011 est.)

Exports:
$11.33 billion (2012 est.)
country comparison to the world: 90

$11.78 billion (2011 est.)

Exports - commodities:
iron and steel, rubber, clothes, wheat, fruit and vegetables, nonferrous metals, electric appliances, metal products, weapons and ammunition, automobiles

Imports:
$18.35 billion (2012 est.)
country comparison to the world: 78

$19.18 billion (2011 est.)

Reserves of foreign exchange and gold:
$14.4 billion (31 December 2012 est.)
country comparison to the world: 67

$15.6 billion (31 December 2011 est.)

Debt - external:
$33.69 billion (31 December 2012 est.)
country comparison to the world: 68

$31.57 billion (31 December 2011 est.)

Stock of direct foreign investment - at home:
$24.71 billion (31 December 2009 est.)
country comparison to the world: 66

$11.95 billion (2006 est.)

Stock of direct foreign investment - abroad:
$NA

Exchange rates:
Serbian dinars (RSD) per US dollar -

87.992 (2012 est.)
73.104 (2011 est.)
77.729 (2010 est.)
67.634 (2009)
62.9 (2008)


NOTE: The information regarding Serbia on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Serbia Economy 2014 information contained here. All suggestions for corrections of any errors about Serbia Economy 2014 should be addressed to the CIA.



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