Bosnia & Herzegovina/

The interethnic warfare in Bosnia and Herzegovina caused production to plummet by 80% from 1992 to 1995 and unemployment to soar. With an uneasy peace in place, output recovered in 1996-99 at high percentage rates from a low base; but output growth slowed in 2000-02. Part of the lag in output was made up in 2003-08 when GDP growth exceeded 5% per year. However, the country experienced negative GDP growth of almost 3% in 2009 due in large part to a reduction in exports caused by the global economic crisis. One of Bosnia’s main economic challenges in 2010 has been to reduce spending on public sector wages and social benefits to meet the IMF’s criteria for obtaining funding for budget shortfalls. Banking reform accelerated in 2001 as all the Communist-era payments bureaus were shut down; foreign banks, primarily from Austria and Italy, now control most of the banking sector. The konvertibilna marka (convertible mark or BAM)- the national currency introduced in 1998 - is pegged to the euro, and confidence in the currency and the banking sector has increased. Bosnia’s private sector is growing and foreign investment is slowly increasing, but government spending, at roughly 50% of GDP, remains high because of redundant government offices at the state, entity and municipal level. Privatization of state enterprises, however, has been slow, particularly in the Federation where political division between ethnically-based political parties makes agreement on economic policy more difficult. A sizeable current account deficit and high unemployment rate remain the two most serious macroeconomic problems. Successful implementation of a value-added tax in 2006 provided a predictable source of revenue for the government and helped rein in gray market activity. National-level statistics have also improved over time but a large share of economic activity remains unofficial and unrecorded. Bosnia and Herzegovina became a full member of the Central European Free Trade Agreement in September 2007.

$30.56 billion (2010 est.)

$30.23 billion (2009 est.)

$31.23 billion (2008 est.)

$16.2 billion (2010 est.)

1.1% (2010 est.)

-3.2% (2009 est.)

5.7% (2008 est.)

$6,600 (2010 est.)

$6,600 (2009 est.)

$6,800 (2008 est.)

1.863 million (2007)

27.2% (2010 est.)

24.1% (2009 est.)

25% (2004 est.)

56.2 (2007)

39% of GDP (2010 est.)

35% of GDP (2009 est.)

1.9% (2010 est.)

-0.4% (2009 est.)

7.93% (31 December 2009 est.)

6.98% (31 December 2008 est.)

$4.098 billion (31 December 2010 est)

$4.182 billion (31 December 2009 est)

$9.307 billion (31 December 2010 est.)

$9.236 billion (31 December 2009 est.)

$10.09 billion (31 December 2010 est.)

$10.01 billion (31 December 2009 est.)

$NA

wheat, corn, fruits, vegetables; livestock

steel, coal, iron ore, lead, zinc, manganese, bauxite, vehicle assembly, textiles, tobacco products, wooden furniture, tank and aircraft assembly, domestic appliances, oil refining

3.3% (2010 est.)

14.58 billion kWh (2009 est.)

11.62 billion kWh (2009 est.)

6.024 billion kWh (2009 est.)

3.04 billion kWh (2009 est.)

0 bbl/day (2008 est.)

30,000 bbl/day (2009 est.)

192 bbl/day (2007 est.)

25,990 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

310 million cu m (2008 est.)

0 cu m (2008 est.)

310 million cu m (2008 est.)

0 cu m (1 January 2010 est.)

-$887 million (2010 est.)

-$1.283 billion (2009 est.)

$4.787 billion (2010 est.)

$4.057 billion (2009 est.)

metals, clothing, wood products

Croatia 19.07%, Slovenia 18.58%, Italy 16.87%, Germany 13.38%, Austria 10.25% (2009)

$9.403 billion (2010 est.)

$8.788 billion (2009 est.)

machinery and equipment, chemicals, fuels, foodstuffs

Croatia 22.17%, Germany 14.04%, Slovenia 13.45%, Italy 11.89%, Austria 6.61%, Hungary 5.74% (2009)

$2.8 billion (31 December 2010 est.)

$3.245 billion (31 December 2009 est.)

$7.996 billion (31 December 2010 est.)

$8.048 billion (31 December 2009 est.)

konvertibilna markas (BAM) per US dollar - 1.5088 (2010), 1.4079 (2009), 1.3083 (2008), 1.4419 (2007), 1.5576 (2006)