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    Yugoslavia Economy - 2002

      Economy - overview MILOSEVIC-era mismanagement of the economy, an extended period of economic sanctions, and the damage to Yugoslavia's infrastructure and industry during the war in Kosovo has left the economy only half the size it was in 1990. Since the ousting of former Federal Yugoslav President MILOSEVIC in October 2000, the Democratic Opposition of Serbia (DOS) coalition government has implemented stabilization measures and embarked on an aggressive market reform program. After renewing its membership in the IMF in December 2000, Yugoslavia continued to reintegrate into the international community by rejoining the World Bank (IBRD) and the European Bank for Reconstruction and Development (EBRD). A World Bank-European Commission sponsored Donors' Conference held in June 2001 raised $1.3 billion for economic restructuring. An agreement rescheduling the country's $4.5 billion Paris Club government debts was concluded in November 2001; it will write off 66% of the debt and provide a basis for Belgrade to seek similar debt relief on its $2.8 billion London Club commercial debt. The smaller republic of Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and continues to maintain it's own central bank, uses the euro instead of the Yugoslav dinar as official currency, collects customs tariffs, and manages its own budget. Kosovo, while technically still part of the Federal Republic of Yugoslavia according to United Nations Security Council Resolution 1244, is moving toward local autonomy under United Nations Interim Administration Mission in Kosovo (UNMIK) and is dependent on the international community for financial and technical assistance. The euro and the Yugoslav dinar are official currencies, and UNMIK collects taxes and manages the budget.

      GDP purchasing power parity - $24 billion (2001 est.)

      GDP - real growth rate 5% (2001 est.)

      GDP - per capita purchasing power parity - $2,250 (2001 est.)

      GDP - composition by sector
      agriculture: 26%
      industry: 36%
      services: 38% (2001 est.)

      Population below poverty line 30%

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

      Inflation rate (consumer prices) 40% (2001 est.)

      Labor force 3 million (2001 est.)

      Unemployment rate 30% (2001)

      revenues: $3.9 billion
      expenditures: $4.3 billion, including capital expenditures of $NA (2001 est.)

      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 11% (2000 est.)

      Electricity - production 32.984 billion kWh (2000)

      Electricity - production by source
      fossil fuel: 58.75%
      hydro: 41.25%
      other: 0% (2000)
      nuclear: 0%

      Electricity - consumption 31.546 billion kWh (2000)

      Electricity - exports 43 million kWh (2000)

      Electricity - imports 914 million kWh (2000)

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

      Exports $2 billion (f.o.b., 2001 est.)

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

      Exports - partners Bosnia and Herzegovina, Italy, The Former Yugoslav Republic of Macedonia, Germany (2001)

      Imports $4.5 billion (f.o.b., 2001 est.)

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

      Imports - partners Germany, Italy, Russia, Bosnia and Herzegovina, The Former Yugoslav Republic of Macedonia (2001)

      Debt - external $9.2 billion (2001 est.)

      Economic aid - recipient $2 billion pledged in 2001 (disbursements to follow for several years)

      Currency new Yugoslav dinar (YUM); note - in Montenegro the euro is legal tender; in Kosovo both the euro and the Yugoslav dinar are legal (2002)

      Currency code YUM

      Exchange rates new Yugoslav dinars per US dollar - official rate: 65 (January 2002), 10.0 (December 1998), 5.85 (December 1997), 5.02 (September 1996); black market rate: 14.5 (December 1998), 8.9 (December 1997)

      Fiscal year calendar year

      NOTE: The information regarding Yugoslavia on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Yugoslavia Economy 2002 information contained here. All suggestions for corrections of any errors about Yugoslavia Economy 2002 should be addressed to the CIA.

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    Revised 30-Jan-03
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