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Bosnia and Herzegovina Economy 1999

    Economy—overview: Bosnia and Herzegovina ranked next to The Former Yugoslav Republic of Macedonia as the poorest republic in the old Yugoslav federation. Although agriculture has been almost all in private hands, farms have been small and inefficient, and the republic traditionally has been a net importer of food. Industry has been greatly overstaffed, one reflection of the rigidities of communist central planning and management. TITO had pushed the development of military industries in the republic with the result that Bosnia hosted a large share of Yugoslavia's defense plants. The bitter interethnic warfare in Bosnia caused production to plummet by 80% from 1990 to 1995, unemployment to soar, and human misery to multiply. With an uneasy peace in place, output has recovered in 1996-98 at high percentage rates on a low base, but remains far below the 1990 level. Key achievements in 1998 included approval of privatization legislation, the introduction of a national currency—the convertible mark, agreement with the Paris Club to reschedule official debt, and the conclusion of a Standby Agreement with the IMF. Economic data are of limited use because, although both entities issue figures, national-level statistics are not available. Moreover, official data do not capture the large share of activity that occurs on the black market. The country receives substantial amounts of reconstruction assistance and humanitarian aid from the international community. Wide regional differences in war damage and access to the outside world have resulted in substantial variations in living conditions among local areas and individual families. In 1999, Bosnia's major goals are to implement privatization and make progress in fiscal reform and management. In addition, Bosnia will have to prepare for an era of declining assistance from the international community.

    GDP: purchasing power parity—$5.8 billion (1998 est.)

    GDP—real growth rate: 30% (1998 est.)

    GDP—per capita: purchasing power parity—$1,720 (1998 est.)

    GDP—composition by sector:
    agriculture: 19%
    industry: 23%
    services: 58% (1996 est.)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): NA%

    Labor force: 1,026,254

    Labor force—by occupation: NA%

    Unemployment rate: 40%-50% (1996 est.)

    revenues: $NA
    expenditures: $NA, including capital expenditures of $NA

    Industries: steel, coal, iron ore, lead, zinc, manganese, bauxite, vehicle assembly, textiles, tobacco products, wooden furniture, tank and aircraft assembly, domestic appliances, oil refining (much of capacity damaged or shut down) (1995)

    Industrial production growth rate: 35% (1998 est.)

    Electricity—production: 2.3 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 34.78%
    hydro: 65.22%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 2.504 billion kWh (1996)

    Electricity—exports: 182 million kWh (1996)

    Electricity—imports: 386 million kWh (1996)

    Agriculture—products: wheat, corn, fruits, vegetables; livestock

    Exports: $152 million (1995 est.)

    Exports—commodities: NA

    Exports—partners: NA

    Imports: $1.1 billion (1995 est.)

    Imports—commodities: NA

    Imports—partners: NA

    Debt—external: $3.5 billion (yearend 1995 est.)

    Economic aid—recipient: $1.2 billion (1997 pledged)

    Currency: 1 convertible marka (KM) = 100 convertible pfenniga

    Exchange rates: NA

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)