Economy of Serbia


Economy of Serbia

Infobox Economy
country = Serbia


width = 250px
caption = The National Bank of Serbia
currency = Serbian dinar (RSD)
year = Calendar year (?)
organs = CEFTA, BSEC
rank = 68th
gdp = $80.717bn (2008)
growth = 8.2% (Q1 2008 [http://webrzs.statserb.sr.gov.yu/axd/en/index1.php?SifraVesti=272&Link=] )
per capita = $10 911 (2008, PPP) $7 054 (2008, nominal) [http://www.imf.org/external/pubs/ft/weo/2008/02/weodata/weorept.aspx?pr.x=59&pr.y=17&sy=1997&ey=2013&scsm=1&ssd=1&sort=country&ds=.&br=1&c=942&s=NGDP_RPCH%2CNGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPCPIPCH%2CLP&grp=0&a=]
Gold and Foreign Currency Reserves= $ 12,8 billion
sectors = agriculture (12.3%), industry (24.2%), services (63.5%) (2007 [https://www.cia.gov/library/publications/the-world-factbook/geos/rb.html] )
inflation = 6.6% (2006) [http://www.b92.net/info/vesti/index.php?yyyy=2006&mm=12&dd=28&nav_category=9&nav_id=225274] )
poverty =
labor = 2.961 Million ( [https://www.cia.gov/library/publications/the-world-factbook/geos/rb.html#Econ] )
occupations = "agriculture:" 30%
"industry:" 46%
"services:" 24% (2002) ( [https://www.cia.gov/library/publications/the-world-factbook/geos/rb.html#Econ] )
unemployment = 18.50% (October 2006) [http://webrzs.statserb.sr.gov.yu/axd/drugastrana.php?Sifra=0018&izbor=odel&tab=152] )
industries = pharmaceuticals, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment,food ( [https://www.cia.gov/library/publications/the-world-factbook/geos/rb.html#Econ] )
exports = $8.825bn (2007) [http://webrzs.statserb.sr.gov.yu/axd/dokumenti/saopstenja/st12/st12122007.pdf]
export-goods = Manufactured goods, pharmaceuticals, food and live animals, machinery and transport equipment
export-partners = Italy (14.1%), Bosnia and Herzegovina (11.7%), Montenegro (10.4%), Germany (10.2%), Republic of Macedonia (4.7%) ( [http://webrzs.statserb.sr.gov.yu/axd/index1.php?SifraV=149&Link= Source] )
imports = $18.350bn (2007) [http://webrzs.statserb.sr.gov.yu/axd/dokumenti/saopstenja/st12/st12122007.pdf]
import-goods = oil, natural gas, transport vehicles, cars, machinery, food,...
import-partners = Russia (14.5%), Germany (8.4%), Italy (7.3%), People's Republic of China (5%), Romania (3%) ( [http://webrzs.statserb.sr.gov.yu/axd/index1.php?SifraV=149&Link= Source] )
debt = $12.2bn USD (November 2006 [http://www.b92.net/info/vesti/index.php?yyyy=2006&mm=11&dd=29&nav_id=221735&nav_category=9] )
revenue = ???
expenses = ???
aid = ???
cianame =

Serbia has an economy based mostly on various services, industry and agriculture. In the late 1980s, at the beginning of the process of economic transition, its position was favourable, but it was gravely impacted by UN economic sanctions 1992-1995, the damage to infrastructure and industry during the NATO airstrikes in 1999, as well as having problems from losing the markets of ex-Yugoslavia and the SEV. Main economic problems include high unemployment (20.0% in 2005) and inflation.

After the ousting of former Federal Yugoslav President Estimated GDP of Serbia for 2008 is $80.717 billion which is $10 911 per capita. Growth in 2005 was 6.3% [http://webrzs.statserb.sr.gov.yu/axd/en/drugastrana.php?Sifra=0001&izbor=odel&tab=30] Growth in 2006 was 5,8% [http://www.srbija.sr.gov.yu/pages/article.php?id=62028] Growth in Q1 2007 was 8.7% [http://webrzs.statserb.sr.gov.yu/axd/en/index1.php?SifraV=187&Link=] Gold and Foreign Currency Reserves= $ 12.8 billionGDP per capita in PPP terms is still, however, including Montenegro (whose result is much less than that of Serbia). In the most recent world economic outlook (April 2008), the IMF has included data for Serbia (without Kosovo), such that GDP per capita in terms of PPP has been recorded at $10 911, and $7 054 in real exchange rate terms. Since the formation of the pro-European government in 2008, Serbia has seen an increasingly swift foreign direct investment trend, starting with significant investments from FIAT into Serbia's Zastava car manufacturer (in which the deal is worth US$2.2 Billion). The latter is expected to further Serbia's investment progress, with talks already starting with Volkswagen on possible automobile assembly, as well as with Ikea (furniture manufacturer willing to invest approximately US$2 Billion in southern Serbia) and General motors (for the construction of locomotive engines). These are just three examples of the current inflow of investment taking place in Serbia, with many more expected within the next few years.

Foreign Direct Investment

:2005: $1.5 Billion:2006: $5.4 Billion:2007: $4.2 Bilion:2008 est: ~$5 Billion [http://www.siepa.sr.gov.yu] )

:Industrial production growth rate for 2004: 7.1% :Industrial production growth rate for 2005: 1.3% :Industrial production growth rate for 2006: 4.4% [http://www.b92.net/info/vesti/index.php?yyyy=2006&mm=12&dd=28&nav_category=9&nav_id=225274] )

;Employment by sector (2008)::Tertiary: 63.5%:Secondary: 24.2%:Primary: 12.3%:Total labourforce: 3.22 Million:Unemployment rate: 21.8% Source: http://webrzs.statserb.sr.gov.yu/axd/en/drugastrana.php?Sifra=0018&izbor=odel&tab=152:Average monthly gross income: RSD 46 222, US$832, 600EUR (August 2008) Source: http://webrzs.stat.gov.rs/axd/en/index1.php?SifraVesti=288&Link=:GDP per WORKER: $9 984:GDP per WORKER PPP: $16 773

;Government budget (2007)::Revenues: $17.34 Billion:Expenditures: $17.54 Billion

;GDP trends over the past 10 years::Year / 0fficial exchange rate GDP ($ Billions) / Real GDP growth rate / Real GDP Per Capita / GDP per capita PPP::1995: $9.5 / 5.7% / $1 280 / $5 336:1996: $9.8 / 4.6% / $1 330 / $5 581:1997: $10.5 / 7.4% / $1 420 / $5 860:1998: $15.1 / 2.4% / $2 046 / $6 024:1999: $10.7 / -18.3%/ $1 451 / $5 472:2000: $8.7 / 4.5% / $1 160 / $5 713:2001: $11.5 / 4.8% / $1 536 / $6 177:2002: $15.3 / 4.2% / $2 036 / $6 512:2003: $19.8 / 2.5% / $2 640 / $6 857:2004: $23.8 / 8.2% / $3 186 / $7 638:2005: $25.3 / 6.0% / $3 408 / $8 357:2006: $29.7 / 5.6% / $4 009 / $9 141:2007: $39.9 / 7.1% / $5 387 / $10 071:2008: $52.2 / 7.5% / $7 054 / $10 911;Estimates for next five years::2009: $58.9 / 7% / $7 952 / $11 751:2010: $66.9 / 7.5% / $9 021 / $12 677:2011: $75.6 / 6.5% / $10 175 / $13 727:2012: $84.7 / 6.0% / $11 377 / $14 802:2013: $94.3 / 5.5% / $12 640 / $15 885Source: IMF World economic outlook, October 2008 [http://www.imf.org/external/pubs/ft/weo/2008/02/weodata/weorept.aspx?pr.x=59&pr.y=17&sy=1997&ey=2013&scsm=1&ssd=1&sort=country&ds=.&br=1&c=942&s=NGDP_RPCH%2CNGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CPCPIPCH%2CLP&grp=0&a=]

Currency

*Currency - Serbian dinar = 0.0125 Euro, 0.0167 USD. except Kosovo, which uses the Euro.
*National Bank - National Bank of Serbia.

tatistics

:

;GDP (purchasing power parity)::$77.28 billion (2007 est.);GDP (official exchange rate)::$41.68 billion (2007 est.);GDP - real growth rate::7.2% (2007 est.);GDP - per capita (PPP)::$10 400 (2007 est.);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);Inflation rate (consumer prices)::6.8% (2007 est.);Investment (gross fixed)::20.1% of GDP (2007 est.);Budget::revenues: $9.6 billion:expenditures: $9.8 billion (2007 est.);Public debt::37% of GDP (2007 est.);Agriculture - products::wheat, maize, sugar beets, sunflower, raspberries, beef, pork, milk;Industries::sugar, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment;Industrial production growth rate::1.8% (2007 est.);Electricity - production::33.87 billion kWh (2004);Electricity - consumption::33.05 billion kWh (2004);Electricity - exports::12.05 billion kWh (2004);Electricity - imports::11.23 billion kWh (2004);Oil - production::14,660 bbl/day (2003);Oil - consumption::85,000 bbl/day (2003 est.);Oil - exports::NA bbl/day;Oil - imports::NA bbl/day;Oil - proved reserves::77.5 million bbl (1 January 2006 est.);Natural gas - production::650 million cu m (2005 est.);Natural gas - consumption::2.55 billion cu m (2005 est.);Natural gas - exports::0 cu m (2005 est.);Natural gas - imports::2.1 billion cu m (2004 est.);Natural gas - proved reserves::46.17 billion cu m (1 January 2006);Current account balance::$-6.7 billion (2007 est.);Exports::$8.824 billion (2007 est.);Exports - commodities::manufactured goods, food and live animals, machinery and transport equipment;Imports::$18.3 billion (2007 est.);Economic aid - recipient::$2 billion pledged in 2001 to Serbia and Montenegro (disbursements to follow over several years; some aid pledged by EU and US has been placed on hold because of lack of cooperation by Serbia in handing over General Ratko MLADIC to the criminal court in The Hague);Reserves of foreign exchange and gold::$14.22 billion (2007);Debt - external::$26.24 billion (includes debt for Montenegro and Kosovo) (2007 est.);Stock of direct foreign investment - at home::$11.95 billion (2006 est.);Stock of direct foreign investment - abroad::$NA;Market value of publicly traded shares::$5.409 billion (2005);Currency (code)::Serbian Dinar (RSD);Exchange rates::Serbian dinars per US dollar - 54.5 (2007), 59.98 (2006)

ee also

*Belgrade Stock Exchange
*List of banks in Serbia
*Economy of Kosovo

References


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