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Yugoslavia ECONOMY
Gross National Product (GNP): Estimated at US$120.1
billion in 1990, or US$5.040 per capita. Average growth rate 0.5
percent in 1981-88 period. Economic growth slow throughout 1980s
because of foreign debt and spiraling inflation.
Industry and Mining: Largest sector, accounting for
44.6 percent of GNP in 1988. Relatively broad base, with
substantial petrochemical, metallurgy, automobile manufacture,
and electronics. Substantial ferrous and nonferrous mining
industries.
Agriculture: Consists of small, highly developed social
sector and large private sector (95 percent of farm employment).
Private farms averaged 3.5 hectares and fragmented. Main crops
corn, rye, and wheat, with variety of additional produce.
Livestock (pigs, horses, cattle, and sheep) more important than
cropping but limited by fodder shortage.
Energy: National energy shortage despite large deposits
of low- calorie coal (lignite) and some crude oil and gas.
Exports: US$13 billion in 1988, of which 31 percent
machinery and transportation equipment, 42 percent semifinished
and raw materials, and 9 percent agricultural commodities.
Largest export markets Soviet Union, Italy, West Germany, and
United States.
Imports: US$13.6 billion in 1988, of which 46 percent
semifinished and raw materials, 27 percent machinery and
transportation equipment, and 6 percent agricultural commodities.
Largest import suppliers West Germany, Soviet Union, Italy, and
United States.
Balance of Payments: Deteriorated during 1970s and
1980s. Remained serious constraint on growth in 1980s.
Exchange Rate: New "heavy" dinar established in 1990,
worth 10,000 old dinars; 1990 exchange rate fixed at 7 dinars per
West German deutsche mark. New rate January 1991 set at YD10.50
per US$1.
Inflation: In late 1989 amounted to 1,950 percent;
reduced to zero percent by reforms of 1990.
Fiscal Year: Calendar year.
Fiscal Policy: Governmental system highly
decentralized. Federal budget expenditures, mainly for defense
and administration, about one-quarter of total public sector
budgeting. Economic reforms of 1990 used fiscal policy to
eliminate inflation, and Constitutional amendments aimed at
stimulating private investment in formerly state-funded
enterprises.
Data as of December 1990
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