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The Kingdom of Serbs, Croats, and Slovenes was formed in 1918; its name was changed to Yugoslavia in 1929. Communist Partisans resisted the Axis occupation and division of Yugoslavia from 1941 to 1945 and fought nationalist opponents and collaborators as well. The military and political movement headed by Josip Broz "TITO" (Partisans) took full control of Yugoslavia when their domestic rivals and the occupiers were defeated in 1945. Although communists, TITO and his successors (Tito died in 1980) managed to steer their own path between the Warsaw Pact nations and the West for the next four and a half decades. In 1989, Slobodan MILOSEVIC became president of the Republic of Serbia and his ultranationalist calls for Serbian domination led to the violent breakup of Yugoslavia along ethnic lines. In 1991, Croatia, Slovenia, and Macedonia declared independence, followed by Bosnia in 1992. The remaining republics of Serbia and Montenegro declared a new Federal Republic of Yugoslavia (FRY) in April 1992 and under MILOSEVIC's leadership, Serbia led various military campaigns to unite ethnic Serbs in neighboring republics into a "Greater Serbia." These actions ultimately failed and, after international intervention, led to the signing of the Dayton Peace Accords in 1995.

Location

Southeastern Europe, between Macedonia and Hungary

Natural Resources

oil, gas, coal, iron ore, copper, zinc, antimony, chromite, gold, silver, magnesium, pyrite, limestone, marble, salt, arable land

Population - distribution

a fairly even distribution throughout most of the country, with urban areas attracting larger and denser populations

7344847
Serbian (official) 88.1%, Hungarian 3.4%, Bosnian 1.9%, Romani 1.4%, other 3.4%, undeclared or unknown 1.8%
BELGRADE (capital) 1.182 million (2015)
Conventional long form
Republic of Serbia
Conventional short form
Serbia
Local long form
Republika Srbija
Local short form
Srbija
parliamentary republic
Name
Belgrade
Geographic coordinates
44 50 N, 20 30 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
Serbia has a transitional economy largely dominated by market forces, but the state sector remains significant in certain areas. The economy relies on manufacturing and exports, driven largely by foreign investment. MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, civil war, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left the economy worse off than it was in 1990. In 2015, Serbia’s GDP was 27.5% below where it was in 1989.
Inflation
1.122%
External debt stocks
US$ 30,807,456,000
Total tax rate (% of commercial profits)
39.7%
Real Interest Rate
11.783%
Manufacturing, value added (% of GDP)
19.1%
Current Account Balance
US$ -1,751,130,467
Labor Force, Total
3,027,318
Employment in Agriculture
19.41%
Employment in Industry
24.46%
Employment in Services
56.13%
Unemployment Rate
16.53%
Imports of goods and services
US$ 21,984,859,527
Exports of goods and services
US$ 19,217,823,126
Total Merchandise Trade
90.29%
FDI, net inflows
US$ 2,345,152,815
Commercial Service Exports
US$ 4,730,351,267
wheat, maize, sunflower, sugar beets, grapes/wine, fruits (raspberries, apples, sour cherries), vegetables (tomatoes, peppers, potatoes), beef, pork, and meat products, milk and dairy products
automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals
Commodities
automobiles, iron and steel, rubber, clothes, wheat, fruit and vegetables, nonferrous metals, electric appliances, metal products, weapons and ammunition
Partners
Italy 16.2%, Germany 12.6%, Bosnia and Herzegovina 8.7%, Romania 5.6%, Russia 5.4% (2015)
Commodities
machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials
Partners
Germany 12.4%, Italy 10.6%, Russia 9.6%, China 8.5%, Hungary 4.8%, Poland 4.2% (2015)
Country Risk Rating
B
Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable.
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.
  • Public sector reform in coordination with the IMF and EU
  • Under the process of gaining membership into the European Union
  • Presence of deposits of mineral raw materials (coal, copper, lead…)
  • Modern automotive industry
  • Remittances from expatriate workers
  • Weak public finances
  • Inefficient public sector
  • Lack of transport infrastructure isolating the country
  • Lack of productivity in the extractive and manufacturing industries (excluding automotive)
  • Strong euroisation of credit (70%)
  • Declining population

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