Serbia

MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, 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, Yugoslavia continued to reintegrate into the international community by rejoining the World Bank (IBRD) and the European Bank for Reconstruction and Development (EBRD). Belgrade has made progress in trade liberalization and enterprise restructuring and privatization, including telecommunications and small- and medium-size firms. It 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. Serbia is also pursuing membership in the World Trade Organization. Reforms needed to ensure the country’s long-term viability have largely stalled since the onset of the global financial crisis. Serbia is grappling with fallout from crisis, which has led to a sharp drop in exports to Western Europe and a decline in manufacturing output. Unemployment and limited export earnings remain ongoing political and economic problems. Serbia signed an augmented $4 billion Stand By Arrangement with the IMF in May 2009. IMF conditions on Serbia 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’s economy grew by 1.8% in 2010 after a 3% contraction in 2009 as a recovery in Western Europe began.

$80.65 billion (2010 est.)

$79.22 billion (2009 est.)

$81.67 billion (2008 est.)

$38.92 billion (2010 est.)

1.8% (2010 est.)

-3% (2009 est.)

5.5% (2008 est.)

$11,000 (2010 est.)

$10,700 (2009 est.)

$11,000 (2008 est.)

3.25 million (2010 est.)

17.2% (2010 est.); 16.6% (2009 est.)

7.9% (2008 est.)

26 (2008)

30 (2003)

25.9% of GDP (2010 est.)

37.8% of GDP (2010 est.)

31.3% of GDP (2009 est.)

4.9% (2010 est.)

8.4% (2009 est.)

9.92% (31 December 2009)

17.75% (31 December 2008)

11.78% (31 December 2009)

18.11% (31 December 2008 est.)

$3.554 billion (31 December 2010 est)

$3.821 billion (31 December 2009 est)

$18.69 billion (31 December 2010 est.)

$17.82 billion (31 December 2009 est.)

$18.88 billion (31 December 2010 est.)

$19.25 billion (31 December 2009 est.)

$11.52 billion (31 December 2009)

$12.17 billion (31 December 2008)

$23.93 billion (31 December 2007)

wheat, maize, sugar beets, sunflower, raspberries; beef, pork, milk

base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals

1.3% (2010 est.)

36 billion kWh (2009)

33.4 billion kWh (2009)

1.5 billion kWh (2009 est.)

121 million kWh (2009)

12,170 bbl/day (2009 est.)

90,000 bbl/day NA bbl/day (2009 est.)

5,045 bbl/day (2008)

72,570 bbl/day (2008 est.)

77.5 million bbl (1 January 2010 est.)

230 million cu m (2008 est.)

2.61 billion cu m (2008 est.)

0 cu m (2008 est.)

2.4 billion cu m (2008 est.)

48.14 billion cu m (1 January 2010 est.)

-$1.046 billion (2010 est.)

-$1.356 billion (2009 est.)

$9.372 billion (2010 est.)

$8.368 billion (2009 est.)

iron and steel, clothes, wheat, fruit and vegetables, non-ferrous metals

Bosnia and Herzegovina 13.12%, Italy 10.96%, Germany 9.9%, Serbia and Montenegro 7%, Austria 5.4%, Slovenia 5.38%, Macedonia 5.26%, Russia 4.39%, Hungary 4.36% (2009)

$15.78 billion (2010 est.)

$15.03 billion (2009 est.)

Germany 11.79%, Italy 9.36%, Hungary 6.71%, Slovenia 6.52%, Austria 4.79% (2009)

$16.4 billion (31 December 2010 est.)

$15.22 billion (31 December 2009 est.)

$32.31 billion (31 December 2010 est.)

$32.01 billion (31 December 2009 est.)

$23.52 billion (31 December 2009 est.)

$11.95 billion (2006 est.)

$NA

Serbian dinars (RSD) per US dollar - 79.979 (2010), 62.9 (2008), 54.5 (2007), 59.98 (2006)