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Bosnia and Herzegovina declared sovereignty in October 1991 and independence from the former Yugoslavia on 3 March 1992 after a referendum boycotted by ethnic Serbs. The Bosnian Serbs - supported by neighboring Serbia and Montenegro - responded with armed resistance aimed at partitioning the republic along ethnic lines and joining Serb-held areas to form a "Greater Serbia." In March 1994, Bosniaks and Croats reduced the number of warring factions from three to two by signing an agreement creating a joint Bosniak-Croat Federation of Bosnia and Herzegovina. On 21 November 1995, in Dayton, Ohio, the warring parties initialed a peace agreement that ended three years of interethnic civil strife (the final agreement was signed in Paris on 14 December 1995).

Location

Southeastern Europe, bordering the Adriatic Sea and Croatia

Natural Resources

coal, iron ore, bauxite, copper, lead, zinc, chromite, cobalt, manganese, nickel, clay, gypsum, salt, sand, timber, hydropower

Population - distribution

the northern and central areas of the country are the most densely populated

4590000
Bosnian (official) 52.9%, Serbian (official) 30.8%, Croatian (official) 14.6%, other 1.6%, no answer 0.2% (2013 est.)
SARAJEVO (capital) 318,000 (2015)
Conventional long form
none
Conventional short form
Bosnia and Herzegovina
Local long form
none
Local short form
Bosna i Hercegovina
parliamentary republic
Name
Sarajevo
Geographic coordinates
43 52 N, 18 25 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Bosnia and Herzegovina 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. Foreign banks, primarily from Austria and Italy, control much of the banking sector, though the largest bank in the Republika Srpska entity is a private domestic one. The konvertibilna marka (convertible mark) - the national currency introduced in 1998 - is pegged to the euro through a currency board arrangement, which has maintained confidence in the currency and has facilitated reliable trade links with European partners. In 2016, Bosnia began a three-year IMF loan program that requires Bosnia to meet economic reform benchmarks to receive future funding installments.
Inflation
-0.93%
External debt stocks
US$ 12,887,025,000
Total tax rate (% of commercial profits)
22.6%
Real Interest Rate
4.556%
Manufacturing, value added (% of GDP)
14.48%
Current Account Balance
US$ -740,991,344
Labor Force, Total
1,386,783
Employment in Agriculture
17.88%
Employment in Industry
7.45%
Employment in Services
44.58%
Unemployment Rate
25.76%
Imports of goods and services
US$ 8,664,939,042
Exports of goods and services
US$ 5,592,914,658
Total Merchandise Trade
87.30%
FDI, net inflows
US$ 259,405,862
Commercial Service Exports
US$ 1,700,111,548
wheat, corn, fruits, vegetables; livestock
steel, coal, iron ore, lead, zinc, manganese, bauxite, aluminum, motor vehicle assembly, textiles, tobacco products, wooden furniture, ammunition, domestic appliances, oil refining
Commodities
metals, clothing, wood products
Partners
Slovenia 16.6%, Italy 16%, Germany 12.2%, Croatia 11.6%, Austria 11.2%, Turkey 5.3% (2016)
Commodities
machinery and equipment, chemicals, fuels, foodstuffs
Partners
Croatia 19.3%, Germany 13.9%, Slovenia 13.8%, Italy 10.9%, Austria 5.7%, Hungary 5.2%, Turkey 4.5% (2016)
Country Risk Rating
C
A very uncertain political and economic outlook and a business environment with many troublesome weaknesses can have a significant impact on corporate payment behavior. Corporate default probability is high.
Business Climate Rating
B
The business environment is mediocre. The availability and the reliability of corporate financial information vary widely. Debt collection can sometimes be difficult. The institutional framework has a few troublesome weaknesses. Intercompany transactions run appreciable risks in the unstable, largely inefficient environments rated B.
  • IMF financial aid
  • Substantial remittances from workers abroad
  • Signing of the Stabilization and Association Agreement between EU and Balkans
  • Limited diversity in exports
  • High unemployment
  • Size of the informal sector
  • Shortcomings in terms of infrastructure and business climate
  • Institutional and ethnic fragmentation

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