Economy of Serbia

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Economy of Serbia
Currency	Serbian dinar (RSD)
Fiscal year	Calendar year (?)
Trade organisations	CEFTA, BSEC
Statistics
GDP (PPP)	$47.77bn (2006) (68th [1])
GDP growth	5.8% (2006 [2])
GDP per capita	$5 713 (2005, PPP) $4 028 [3] (Real GDP Per Capita end 2006)
GDP by sector	agriculture (16.6%), industry (25.5%), services (57.9%) (2005 [4])
Inflation (CPI)	6.6% (2006 [5])
Pop below poverty line
Gini index	{{{gini}}}
Labour force	2.961 Million ([6])
Labour force by occupation	???
Unemployment	20.8% (October 2005 [7])
Main industries	pharmaceuticals, agricultural machinery, electrical and communication equipment, paper and pulp, lead, transportation equipment,food ([8])
Trading Partners
Exports	$5.4 bn (2006)
Export goods	Manufactured goods, pharmaceuticals, food and live animals, machinery and transport equipment
Main partners	Italy (14.1%), Bosnia and Herzegovina (11.7%), Montenegro (10.4%), Germany (10.2%), Republic of Macedonia (4.7%) (Source)
Imports	$11.0 bn (2006)
Imports goods	oil, natural gas, transport vehicles, cars, machinery, food,...
Main Partners	Russia (14.5%), Germany (8.4%), Italy (7.3%), People's Republic of China (5%), Romania (3%) (Source)
Public finances
Public debt	$12.2bn (November 2006 [9])
Revenues	???
Expenses	???
Economic aid	???
All values, unless otherwise stated, are in US dollars

100 Serbian dinars banknote

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 an insufficient amount of economic reforms.

After the ousting of former Federal Yugoslav President Milosevic in October 2000, the country experienced faster economic growth (the amount of economic growth in 2006 was 6.3 percent^[1]), and has been preparing for membership in the European Union, its most important trading partner. Serbia suffers from high export deficit and considerable debt. The country expects some major economic impulses and high growth rates in the following years. Serbia has been occasionally called a "Balkan tiger" due to its recent high economic growth rates, a reference to the East Asian Tigers. [10] Nevertheless, Serbia's GDP is still well below 1990 levels.

Estimated GDP of Serbia for 2006 is $47.77 billion which is $5,713 per capita. Growth in 2005 was 6.3% [11] Growth in 2006 was 5,8% [12] Gold and Foreign Currency Reserves= $ 12,8 billion GDP per capita in PPP terms is still, however, including Montenegro (whose result is much less than that of Serbia). It is estimated that the GDP per capita in PPP terms of Serbia is currently around $6400 (Central Serbia and Vojvodina) - That is, total GDP in PPP terms is approximately $47 Billion (per approx. 7 390 000 inhabitants), therefore in per capita terms is at a level of about $6400.


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Gross Domestic Product
Real GDP (PPP): $44.83 billion (2005 est.) (Source: CIA [13]) $47.77 billion (2006 est.; Serbia - World Economic Outlook Sept. 2006) (Source: IMF [14])
Real GDP per capita (PPP): $4,400 (2005 est.) (Source: CIA [15]) $5,713 (2006 est.; for Serbia AND Montenegro - World Economic Outlook Sept. 2006) (Source: IMF [16])
Real GDP (exchange rate conversion): $19.19 billion (2005 est.; excl. Kosovo) (Source: CIA [17]) $27.544 billion (2006 est.; for Serbia) (Source: IMF [18])
Real GDP per capita (exchange rate conversion): $3294.37 (2006 est.; for Serbia) (Source: IMF [19])
Real GDP growth rate (2005): 5.9% (2005 est.; excl. Kosovo) (Source: CIA [20])

Foreign Trade Source 1Source 2
	1998	1999	2000	2001	2002	2003	2004	2005	2006
Exports (mil. USD):	2,723	1,369	1,558	1,721	2,075	2,477	3,523	4,553	5,400
Imports (mil. USD):	4,475	2,881	3,330	4,261	5,614	7,333	10,753	10,575	11,000
Trade Balance (mil. USD):	-1,752	-1,512	-1,772	-2,540	-3,539	-4,856	-7,230	-6,022	-5,600
Exports/Imports (%):	60.8	47.5	46.8	40.4	37.0	33.8	32.8	41.1	49.1
N.B.: Statistics from 2006 on include Montenegro as a foreign country. Previously trade with Montenegro was within the State Union of Serbia and Montenegro and was therefore considered internal trade.

Other statistics
Industrial production growth rate: 7.1% (2004), 1.3% (2005)
Unemployment rate: 20.0% (2005) (31.6% with Kosovo)
Inflation: 6.6% (2006)
Foreign debt: $15.43 Billion (2005)
Direct foreign investment received for 2005: $1 481 Million (Source: NBS [21])
Direct foreign investment received for 2006: $5 400 Million (Source: NBS [22])

Real GDP growth rate in Q1 2005: 5.3%

Real GDP growth rate in Q2 2005: 6.8%

Real GDP growth rate in Q3 2005: 5.6%

Real GDP growth rate in Q1,Q2 and Q3 2005: 5.9%

Industrial production growth rate for 2004: 7.1%

Industrial production growth rate March 2005: -6.2%

Industrial production growth rate April 2005: 0.9%

Industrial production growth rate May 2005: -3.5%

Industrial production growth rate June 2005: -2.3%

Industrial production growth rate July 2005: -1.1%

Industrial production growth rate August 2005: 8.3%

Industrial production growth rate September 2005: 6.3%

Industrial production growth rate October 2005: 5.2%

Industrial production growth rate November 2005: 2.8%

Industrial production growth rate December 2005: 0.3%

Total for 2005: 1.3%

Total for 2006: 4.4%

Industrial production growth rate for 2006: 4,4% (2006 [23])

Employment by sector (2005): Tertiary: 57.9%; Secondary: 25.5%; Primary: 16.6%; Total labourforce: 3.22 Million; Unemployment rate: 20.9%

Source: http://webrzs.statserb.sr.gov.yu/axd/en/drugastrana.php?Sifra=0018&izbor=odel&tab=152

Average income: $5,713

Government budget (2005): Revenues: $11.45 Billion; Expenditures: $11.12 Billion

Trade in 2004: Export: $3 701 Million (34.3% increase); Import: $11 139.2 Million (49.1% increase); Total trade: $14 820.2 Million (31.1% increase); Balance of trade: -$7 438.2 Million

Trade, 2005: Export: $4 080 Million (31.1% increase); Import: $9 540 Million (4.7% increase); Total trade: $13 630 Million (11.4% increase); Balance of trade: -$5 450 Million (9% decrease in deficit)

Other statistics: Inflation: 13.7% (2004), 16.5% for 2005; Foreign debt: ~15 Billion (58.4% of GDP); Total foreign investment for 2005: $1.5 Billion; Total foreign investment for 2006: $5.4 Billion; Privatisation receipts for 2005: $774 Million; Foreign currency reserves: $12.8 Billion (end 2006)

GDP trends over the past 10 years: Year / 0fficial exchange rate GDP ($ Billions) / Real GDP growth rate / Real GDP Per Capita:; 1995: $12.8 / 5.7% / $1280; 1996: $13.3 / 4.6% / $1330; 1997: $14.2 / 7.4% / $1420; 1998: $14.7 / 2.4% / $1470; 1999: $9.7 / -18.3%/ $1244; 2000: $8.1 / 4.5% / $819; 2001: $9.7 / 4.8% / $1256; 2002: $11.0 / 4.2% / $1460; 2003: $15.1 / 2.5% / $2001; 2004: $21.8 / 8.4% / $2900; 2005: $23.3 / 6.2% / $3140; 2006: $25.7 / 5.8% / $4028