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 is also pursuing membership in the World Trade Organization, and accession negotiations are at an advanced stage. Structural economic reforms needed to ensure the country's long-term prosperity have largely stalled since the onset of the global financial crisis. Serbia, however, is slowly recovering from the crisis. The economy slipped 0.5% in 2012, following growth of 2.0 % in 2011, 1.0% in 2010 and a 3.5% contraction in 2009. High unemployment and stagnant household incomes are ongoing political and economic problems. Serbia signed a new $1.3 billion Precautionary Stand By Arrangement with the IMF in September 2011 that was set to expire in March 2013, but the program was frozen in early 2012 because the 2012 budget approved by parliament deviates from the program parameters. Growing deficits 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. 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. Since the plan was adopted, Serbia has increased its exports significantly. 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Current account balance: Exports: Exports - commodities: Imports: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Serbia on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Serbia Economy 2013 information contained here. All suggestions for corrections of any errors about Serbia Economy 2013 should be addressed to the CIA.
$79.65 billion (2012 est.)
country comparison to the world: 82
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$37.2 billion (2012 est.)
-0.5% (2012 est.)
country comparison to the world: 192
$10,500 (2012 est.)
country comparison to the world: 112
note:
data are in 2012 US dollars
agriculture: 10.6%
industry:
18.6%
services:
70.8% (2012 est.)
3.17 million (2012 est.)
country comparison to the world: 102
agriculture: 21.9%
industry:
19.5%
services:
58.6% (2010)
25.9% (2012 est.)
country comparison to the world: 174
9.2% (2010 est.)
28.2 (2008)
country comparison to the world: 120
18.4% of GDP (2012 est.)
country comparison to the world: 116
revenues: $15.24 billion
expenditures:
$17.75 billion (2012 est.)
41% of GDP (2012 est.)
country comparison to the world: 47
-6.7% of GDP (2012 est.)
country comparison to the world: 182
60% of GDP (2012 est.)
country comparison to the world: 48
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.
6.2% (2012 est.)
country comparison to the world: 162
9.75% (15 December 2011)
country comparison to the world: 16
15% (31 December 2012 est.)
country comparison to the world: 28
$5.783 billion (31 December 2011 est.)
country comparison to the world: 94
$17.31 billion (31 December 2012 est.)
country comparison to the world: 90
$19.8 billion (31 December 2012 est.)
country comparison to the world: 84
$8.365 billion (31 December 2011)
country comparison to the world: 73
wheat, maize, sugar beets, sunflower, raspberries; beef, pork, milk
base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals
2.1% (2011 est.)
country comparison to the world: 118
-$4.336 billion (2012 est.)
country comparison to the world: 160
$12.25 billion (2012 est.)
country comparison to the world: 87
iron and steel, rubber, clothes, wheat, fruit and vegetables, nonferrous metals, electric appliances, metal products, weapons and ammunition
$20.42 billion (2012 est.)
country comparison to the world: 77
$16.2 billion (31 December 2012 est.)
country comparison to the world: 62
$32.6 billion (31 December 2012 est.)
country comparison to the world: 69
$27 billion (31 December 2009 est.)
country comparison to the world: 64
$NA
Serbian dinars (RSD) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 11-Mar-13