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Bosnia and Herzegovina Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Bosnia and Herzegovina Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 23, 2014

Economy - overview:
Bosnia has a transitional economy with limited market reforms. The economy relies heavily on the export of metals, energy, textiles and furniture as well as on remittances and foreign aid. A highly decentralized government hampers economic policy coordination and reform, while excessive bureaucracy and a segmented market discourage foreign investment. The interethnic warfare in Bosnia and Herzegovina caused production to plummet by 80% from 1992 to 1995 and unemployment to soar. With an uneasy peace in place, output recovered in 1996-99 but slowed in 2000-02 and picked up again during 2003-08, when GDP growth exceeded 5% per year. However, the country declined in 2009 reflecting local effects of the global economic crisis. GDP growth contracted again in 2012, but posted a small gain in 2013. Foreign banks, primarily from Austria and Italy, now control most of the banking sector. The konvertibilna marka (convertible mark or BAM) - the national currency introduced in 1998 - is pegged to the euro, and confidence in the currency and the banking sector has remained stable. Bosnia's private sector is growing slowly, but foreign investment has dropped sharply since 2007. Government spending - including transfer payments - remains high, at roughly 40% of GDP, because of redundant government offices at the state, entity and municipal level. Privatization of state enterprises has been slow, particularly in the Federation, where political division between ethnically-based political parties makes agreement on economic policy more difficult. High unemployment remains the most serious macroeconomic problem. Successful implementation of a value-added tax in 2006 provided a steady source of revenue for the government and helped rein in gray-market activity. National-level statistics have also improved over time but a large share of economic activity remains unofficial and unrecorded. Bosnia and Herzegovina became a full member of the Central European Free Trade Agreement in September 2007. Bosnia and Herzegovina's top economic priorities are: acceleration of integration into the EU; strengthening the fiscal system; public administration reform; World Trade Organization (WTO) membership; and securing economic growth by fostering a dynamic, competitive private sector. In 2009, Bosnia and Herzegovina was granted an International Monetary Fund (IMF) stand-by arrangement, necessitated by sharply increased social spending and a fiscal crisis exacerbated by the global economic downturn. Disbursement of IMF aid was suspended in 2011 after a parliamentary deadlock left Bosnia without a state-level government for over a year. The IMF concluded a new stand-by arrangement with Bosnia in October 2012 which aims to improve national policy coordination, continue fiscal contraction, improve crisis preparedness, and create an environment conducive to private sector development.

GDP (purchasing power parity):
$32.16 billion (2013 est.)
country comparison to the world: 112

$31.9 billion (2012 est.)
$32.26 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$18.87 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2013 est.)
country comparison to the world: 178

-1.1% (2012 est.)
1% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,300 (2013 est.)
country comparison to the world: 131

$8,200 (2012 est.)
$8,300 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
8.6% of GDP (2013 est.)
country comparison to the world: 142

6.3% of GDP (2012 est.)
6.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 82.1%
government consumption: 22.1%
investment in fixed capital: 17.7%
investment in inventories: 1.5%
exports of goods and services: 29%
imports of goods and services: -52.4%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 8.1%
industry: 26.4%
services: 65.5% (2013 est.)

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

Industries:
steel, coal, iron ore, lead, zinc, manganese, bauxite, aluminum, motor vehicle assembly, textiles, tobacco products, wooden furniture, ammunition, domestic appliances, oil refining

Industrial production growth rate:
11.7% (2013 est.)
country comparison to the world: 8
[see also: Industrial production growth rate country ranks ]

Labor force:
1.49 million (2012 est.)
country comparison to the world: 129
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 18.9%
industry: 29.8%
services: 51.3% (2013)

Unemployment rate:
44.3% (2013 est.)
country comparison to the world: 193

44.1% (2012 est.)
note: official rate; actual rate is lower as many technically unemployed persons work in the gray economy
[see also: Unemployment rate country ranks ]

Population below poverty line:
18.6% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 27.3% (2007)

Distribution of family income - Gini index:
36.2 (2007)
country comparison to the world: 87
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $7.691 billion
expenditures: $7.497 billion (2013 est.)

Taxes and other revenues:
40.8% of GDP (2013 est.)
country comparison to the world: 34
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1% of GDP (2013 est.)
country comparison to the world: 28
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.9% of GDP (2013 est.)
country comparison to the world: 78

42.9% of GDP (2012 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.2% (2013 est.)
country comparison to the world: 10

1.8% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
6.73% (31 December 2013 est.)
country comparison to the world: 123

6.8% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.493 billion (31 December 2013 est.)
country comparison to the world: 106

$4.122 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$10.8 billion (31 December 2013 est.)
country comparison to the world: 104

$10.21 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$11 billion (31 December 2013 est.)
country comparison to the world: 95

$10.82 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$939.5 million (2013 est.)
country comparison to the world: 119

$1.639 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$5.687 billion (2013 est.)
country comparison to the world: 111

$5.161 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
metals, clothing, wood products

Exports - partners:
Germany 15.6%, Croatia 14.2%, Italy 12.1%, Serbia 9.1%, Austria 8.2%, Slovenia 8.1% (2012 est.)

Imports:
$10.3 billion (2013 est.)
country comparison to the world: 99

$10.02 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, fuels, foodstuffs

Imports - partners:
Germany 11.4%, Russian Federation 9.9%, Serbia 9.8%, Italy 9.7%, China 6%, Slovenia 5%, Croatia 12.8% (2012 est.)

Reserves of foreign exchange and gold:
$5.002 billion (31 January 2014 est.)
country comparison to the world: 95

$4.852 billion (31 January 2013 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$11.14 billion (31 December 2013 est.)
country comparison to the world: 98

$10.81 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$7.721 billion
country comparison to the world: 87

$7.58 billion
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
konvertibilna markas (BAM) per US dollar -

1.42 (2013 est.)
1.52 (2012 est.)
1.4767 (2010 est.)
1.4079 (2009)
1.3083 (2008)


NOTE: 1) The information regarding Bosnia and Herzegovina on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bosnia and Herzegovina Economy 2015 information contained here. All suggestions for corrections of any errors about Bosnia and Herzegovina Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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