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Serbia and Montenegro
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Economy

Economy - overview: The swift collapse of the Yugoslav federation in 1991 has been followed by highly destructive warfare, the destabilization of republic boundaries, and the breakup of important interrepublic trade flows. Output in Serbia and Montenegro dropped by half in 1992-93. Like the other former Yugoslav republics, it had depended on its sister republics for large amounts of energy and manufactures. Wide differences in climate, mineral resources, and levels of technology among the republics accentuated this interdependence, as did the communist practice of concentrating much industrial output in a small number of giant plants. The breakup of many of the trade links, the sharp drop in output as industrial plants lost suppliers and markets, and the destruction of physical assets in the fighting all have contributed to the economic difficulties of the republics. One singular factor in the economic situation of Serbia is the continuation in office of a government that is primarily interested in political and military mastery, not economic reform. Hyperinflation ended with the establishment of a new currency unit in June 1993; prices were relatively stable from 1995 through 1997, but inflationary pressures resurged in 1998. Reliable statistics continue to be hard to come by, and the GDP estimate is extremely rough. The economic boom anticipated by the government after the suspension of UN sanctions in December 1995 has failed to materialize. Government mismanagement of the economy is largely to blame, but the damage to Serbia's infrastructure and industry by the NATO bombing during the war in Kosovo have added to problems. Also, sanctions continue to isolate Belgrade from international financial institutions; an investment ban and asset freeze imposed in 1998 and the oil embargo imposed during the NATO bombing remain in place.

GDP: purchasing power parity - $20.6 billion (1999 est.)

GDP - real growth rate: -20% (1999 est.)

GDP - per capita: purchasing power parity - $1,800 (1999 est.)

GDP - composition by sector:
agriculture: 20%
industry: 50%
services: 30% (1998 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 42% (1999 est.)

Labor force: 1.6 million (1999 est.)

Labor force - by occupation: agriculture NA%, industry NA%, services NA%

Unemployment rate: 30% (1999 est.)

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Industries: machine building (aircraft, trucks, and automobiles; tanks and weapons; electrical equipment; agricultural machinery); metallurgy (steel, aluminum, copper, lead, zinc, chromium, antimony, bismuth, cadmium); mining (coal, bauxite, nonferrous ore, iron ore, limestone); consumer goods (textiles, footwear, foodstuffs, appliances); electronics, petroleum products, chemicals, and pharmaceuticals

Industrial production growth rate: -22% (1999 est.)

Electricity - production: 38.84 billion kWh (1998)

Electricity - production by source:
fossil fuel: 67.88%
hydro: 32.12%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 36.141 billion kWh (1998)

Electricity - exports: 20 million kWh (1998)

Electricity - imports: 40 million kWh (1998)

Agriculture - products: cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats

Exports: $1.5 billion (1999)

Exports - commodities: manufactured goods, food and live animals, raw materials

Exports - partners: Bosnia and Herzegovina, Italy, The Former Yugoslav Republic of Macedonia, Germany (1998)

Imports: $3.3 billion (1999)

Imports - commodities: machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials

Imports - partners: Germany, Italy, Russia, The Former Yugoslav Republic of Macedonia (1998)

Debt - external: $14.1 billion (1999 est.)

Economic aid - recipient: $NA

Currency: 1 Yugoslav New Dinar (YD) = 100 paras; Montenegro made the German deutsche mark (1 deutsche mark (DM) = 100 pfennige) legal tender alongside the Yugoslav dinar (1999)

Exchange rates: Yugoslav New Dinars (YD) per US $1 - official rate: 10.0 (December 1998), 5.85 (December 1997), 5.02 (September 1996), 1.5 (early 1995); black market rate: 14.5 (December 1998), 8.9 (December 1997), 2 to 3 (early 1995)

Fiscal year: calendar year



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