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Serbia-and-montenegroEconomy—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 communist 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 have been relatively stable since 1995. 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. Until the government cooperates on such matters as human rights and war criminals it will lack full support from international financial institutions. GDP: purchasing power parity—$24.3 billion (1997 est.) GDP—real growth rate: 7% (1997 est.) GDP—per capita: purchasing power parity—$2 280 (1997 est.) GDP—composition by sector: agriculture: 25% industry: 50% services: 25% (1994 est.) Inflation rate—consumer price index: 8% (2003) Labor force: total: 2.178 million by occupation: industry 41% services 35% trade and tourism 12% transportation and communication 7% agriculture 5% (1994) Unemployment rate: more than 35% (1995 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: 8% (1997 est.) Electricity—capacity: 11.779 million kW (1995) Electricity—production: 33.4 billion kWh (1995) Electricity—consumption per capita: 3 009 kWh (1995) Agriculture—products: cereals fruits vegetables tobacco olives; cattle sheep goats Exports: total value: $2.8 billion (1996 est.) commodities: manufactured goods food and live animals raw materials partners: Russia Italy Germany Imports: total value: $6.2 billion (1996 est.) commodities: machinery and transport equipment fuels and lubricants manufactured goods chemicals food and live animals raw materials partners: Germany Italy Russia Debt—external: $11.2 billion (1995 est.) Economic aid: recipient: ODA $NA Currency: 1 Serbian Dinar (CSD) = 100 paras Exchange rates: Serbian Dinars (CSD) per US $1—official rate: 54.60 (January 2004) Fiscal year: calendar year
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