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1994-05-02
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<text>
<title>
Serbia and Montenegro: Economy
</title>
<article><hdr>The World Factbook 1993: Serbia and Montenegro
Economy</hdr><body>
<p>Overview: The swift collapse of the Yugoslav federation has
been followed by bloody ethnic warfare, the destabilization of
republic boundaries, and the breakup of important interrepublic
trade flows. The situation in Serbia and Montenegro remains
fluid in view of the extensive political and military strife.
Serbia and Montenegro faces major economic problems. First, like
the other former Yugoslav republics, it depended on its sister
republics for large amounts of foodstuffs, energy supplies, and
manufactures. Wide varieties in climate, mineral resources, and
levels of technology among the republics accentuate 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 and
Montenegro is the continuation in office of a Communist
government that is primarily interested in political and
military mastery, not economic reform. A further complication
is the imposition of economic sanctions by the UN.
</p>
<p>National product: GDP - exchange rate conversion - $27-37
billion (1992 est.)
</p>
<p>National product real growth rate: NA%
</p>
<p>National product per capita: $2,500-$3,500 (1992 est.)
</p>
<p>Inflation rate (consumer prices): 81% (1991)
</p>
<p>Unemployment rate: 25%-40% (1991 est.)
</p>
<p>Budget: revenues $NA; expenditures $NA, including capital
expenditures of $NA
</p>
<list>
<l>Exports: $4.4 billion (f.o.b., 1990) </l>
<l> commodities: machinery and transport equipment 29%,
manufactured goods 28.5%, miscellaneous manufactured articles
13.5%, chemicals 11%, food and live animals 9%, raw materials
6%, fuels and lubricants 2%, beverages and tobacco 1% </l>
<l> partners: prior to the imposition of sanctions by the UN
Security Council trade partners were principally the other
former Yugoslav republics; Italy, Germany, other EC, the
successor states of the former USSR, East European countries, US
</l>
<l>Imports: $6.4 billion (c.i.f., 1990) </l>
<l> commodities: machinery and transport equipment 26%, fuels
and lubricants 18%, manufactured goods 16%, chemicals 12.5%,
food and live animals 11%, miscellaneous manufactured items 8%,
raw materials, including coking coal for the steel industry, 7%,
beverages, tobacco, and edible oils 1.5% </l>
<l> partners: prior to the imposition of sanctions by the UN
Security Council the trade partners were principally the other
former Yugoslav republics; the successor states of the former
USSR, EC countries (mainly Italy and Germany), East European
countries, US </l>
</list>
<p>External debt: $4.2 billion (may assume some part of foreign
debt of former Yugoslavia)
</p>
<p>Industrial production: growth rate -20% or greater (1991
est.)
</p>
<p>Electricity: 8,850,000 kW capacity; 42,000 million kWh
produced, 3,950 kWh per capita (1992)
</p>
<p>Industries: machine building (aircraft, trucks, and
automobiles; armored vehicles 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
</p>
<p>Agriculture: the fertile plains of Vojvodina produce 80% of
the cereal production of the former Yugoslavia and most of the
cotton, oilseeds, and chicory; Vojvodina also produces fodder
crops to support intensive beef and dairy production; Serbia
proper, although hilly, has a well-distributed rainfall and a
long growing season; produces fruit, grapes, and cereals; in
this area, livestock production (sheep and cattle) and dairy
farming prosper; Kosovo produces fruits, vegetables, tobacco,
and a small amount of cereals; the mountainous pastures of
Kosovo and Montenegro support sheep and goat husbandry;
Montenegro has only a small agriculture sector, mostly near the
coast where a Mediterranean climate permits the culture of
olives, citrus, grapes, and rice
</p>
<p>Illicit drugs: NA
</p>
<p>Economic aid: NA
</p>
<p>Currency: 1 Yugoslav New Dinar (YD)=100 paras
</p>
<p>Exchange rates: Yugoslav New Dinars (YD) per US $1 - 28.230
(December 1991), 15.162 (1990), 15.528 (1989), 0.701 (1988),
0.176 (1987)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>