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Serbia & Montenegro
| 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 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 October 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on an aggressive market reform program. After renewing its membership in the IMF in December 2000, a down-sized 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 wrote off 66% of the debt - and the London Club of private creditors forgave $1.7 billion of debt, just over half the total owed, in July 2004.
The smaller republic of Montenegro severed its economy from federal control and from Serbia during the MILOSEVIC era and continues to maintain its own central bank, uses the euro instead of the Yugoslav dinar as official currency, collects customs tariffs, and manages its own budget. Kosovo's economy continues to transition to a market-based system, and is largely dependent on the international community and the diaspora for financial and technical assistance. The euro and the Yugoslav dinar are both accepted currencies in Kosovo. While maintaining ultimate oversight, UNMIK continues to work with the European Union and Kosovo's local provisional government to accelerate economic growth, lower unemployment, and attract foreign investment to help Kosovo integrate into regional economic structures. The complexity of Serbia and Montenegro political relationships, slow progress in privatization, legal uncertainty over property rights, scarcity of foreign-investment and a substantial foreign trade deficit are holding back the economy. Arrangements with the IMF, especially requirements for fiscal discipline, are an important element in policy formation. Severe unemployment remains a key political economic problem for this entire region. |
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| Economy Statistics |
| Exports: |
$3.245 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
$3.245 billion f.o.b. (2004 est.) [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
Italy 29%, Germany 16.6%, Austria 7%, Greece 6.7%, France 4.9%, Slovenia 4.1% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$9.538 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Germany 18.5%, Italy 16.5%, Austria 8.3%, Slovenia 6.7%, Bulgaria 4.7%, France 4.5% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Belgrade Chamber of Economy |
| Address: |
Kneza Milosa 12
11000 Belgrade
Serbia and Montenegro |
| Phone: |
381 11 2641 355 |
| Fax: |
381 11 2642 029 |
| Website: |
http://www.kombeg.org.yu/ |
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