SERBIA & MONTENEGRO

GDP (2008) PPP: $80.34 billion. GDP growth rate (20083): 5.4%. Per capita income (2008): $10,800. Inflation rate (2008 est.): 6.8%. Budget::Revenue:$9.6 Billion Expense $9.8 Natural resources: Oil, gas, coal, antimony, copper, lead, zinc, nickel, gold, pyrite, chrome, navigable rivers. Agriculture: 15% of GDP. Industry: 28% of GDP. Services: 56% of GDP. Main Crops: Cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats. Natural Resources: Oil, gas, coal, antimony, copper, lead, zinc, nickel, gold, pyrite, chrome . Major 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 .

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). A World Bank-European Commission sponsored Donors' Conference held in June 2001 raised $1.3 billion for economic restructuring. In November 2001, the Paris Club agreed to reschedule the country's $4.5 billion public debt and wrote off 66% of the debt. In July 2004, the London Club of private creditors forgave $1.7 billion of debt just over half the total owed. Belgrade has made progress in trade liberalization and enterprise restructuring and privatization, including telecommunications and small- and medium-size firms. It has made halting progress towards EU membership despite signing a Stabilization and Association Agreement with Brussels in May 2008. Serbia is also pursuing membership in the World Trade Organization. Unemployment and the large current account deficit remain ongoing political and economic problems.