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Bosnia and Herzegovina

Bosnian and Herzegovinian Economy Stats

Overview:

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 at high percentage rates from a low base; but output growth slowed in 2000-02. Part of the lag in output was made up in 2003-08 when GDP growth exceeded 5% per year. However, the country experienced negative GDP growth of almost 3% in 2009 due in large part to a reduction in exports caused by the global economic crisis. One of Bosnia's main economic challenges in 2010 has been to reduce spending on public sector wages and social benefits to meet the IMF's criteria for obtaining funding for budget shortfalls. Banking reform accelerated in 2001 as all the Communist-era payments bureaus were shut down; 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 increased. Bosnia's private sector is growing and foreign investment is slowly increasing, but government spending, at roughly 50% of GDP, remains high because of redundant government offices at the state, entity and municipal level. Privatization of state enterprises, however, has been slow, particularly in the Federation where political division between ethnically-based political parties makes agreement on economic policy more difficult. A sizeable current account deficit and high unemployment rate remain the two most serious macroeconomic problems. Successful implementation of a value-added tax in 2006 provided a predictable 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.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $8.21 billion 2013 86th out of 223
Budget surplus > + or deficit > - -2.9% of GDP 2012 99th out of 182
Debt > Government debt > Public debt, share of GDP 43.8 CIA 2014 81st out of 153
Exports $3.31 billion 2012 122nd out of 189
Exports per capita $862.30 2012 109th out of 189
Fiscal year calendar year 2013
GDP $17.05 billion 2012 104th out of 177
GDP > Composition by sector > Industry 26.2% 2012 110th out of 217
GDP > Per capita $7,920.64 per capita 2010 49th out of 118
GDP > Per capita > PPP $8,100.00 2012 98th out of 188
GDP per capita $4,446.52 2012 94th out of 177
Gross National Income $5.04 billion 2001 96th out of 158
Population below poverty line 18.6% 2007 14th out of 28
Public debt 43.8% of GDP 2012 76th out of 149
Unemployment rate 44.1% 2012 2nd out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Bosnia and Herzegovina Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Bosnia-and-Herzegovina/Economy

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Bosnia and Herzegovina Economy Profiles (Subcategories)

Adjusted savings 3 International tourism 13
Aid 5 Labor force 3
Balance of payments 34 Long-term debt 4
Bank and trade-related lending 4 Merchandise 4
Budget 10 Merchandise imports 4
Changes in net 4 Micro 4
Commercial service 4 National accounts 90
Commercial service imports 4 Natural gas 8
Companies 27 Net capital account 4
Currency 8 Net current transfers 4
Current account balance 5 Net current transfers from abroad 6
Current transfers 4 Net errors and omissions 4
Debt 95 Net financial flows 20
Economic aid 3 Net income 4
Electricity 8 Net income from abroad 6
Entrepreneurship 12 Net incurrence of liabilities 3
External balance on goods and services 7 Net trade in goods 4
External debt 215 Net trade in goods and services 4
Final 11 Official development assistance and official aid 4
Financial sector 26 Oil 10
Foreign aid 43 Poverty 17
Foreign direct investment 10 Poverty and inequality 16
GDP 35 Private nonguaranteed debt 4
GNI 9 Public and publicly guaranteed debt service 6
Goods 4 Public and publicly guaranteed (PPG) debt 3
Goods imports 4 Purchasing power parity 9
Government 10 Reserves 6
Government debt 6 Retail 3
Government spending 5 Savings 34
Gross capital formation 10 Service 4
Gross domestic savings 5 Service imports 4
Gross fixed capital formation 10 Services 10
Gross national expenditure 9 Spending 50
Gross savings 6 Tax 72
Gross value added at factor cost 9 Total 9
High-technology 3 Total debt service 6
Household final 15 Tourism 19
IBRD loans and IDA credits 4 Tourism expenditures 5
Income 21 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 7
Income receipts 4 Trade 210
Inequality 8 Trademark applications 4
Inflation 7 Use of IMF credit 4
Innovation 13 Welfare 5
Interest payments 3
  • Bosnia and Herzegovina ranked second for unemployment rate amongst Europe in 2012.
  • Bosnia and Herzegovina has ranked last for gross domestic savings > current US$ per capita since 1998.
  • Bosnia and Herzegovina ranked 7th last for GDP amongst Eastern Europe in 2012.
  • Bosnia and Herzegovina ranked 9th last for GDP per capita amongst Cold countries in 2012.
  • Bosnia and Herzegovina ranked third last for GDP > per capita > PPP amongst Potential Future EU Members in 2012.