Economy of Serbia

Economy Of Serbia

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Economy of Serbia

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Serbia's economy is based mostly on various services (63.8% of GDP), industry (23.5% of GDP), and agriculture (12.7% of GDP). In the late 1980s, at the beginning of the process of economic transition from a planned economy to a market economy, Serbia's economy had a favorable position, but it was gravely impacted by economic sanctions from 1992–1995, as well as excessive damage to infrastructure and industry during the NATO bombing in 1999.

After the ousting of former Yugoslav President Slobodan Milošević in October 2000, the country went through an economic liberalization process, and experienced fast economic growth. GDP per capita (nominal) went from $1,160 in 2000 to $6,158 in 2011. Furthermore, it has been preparing for membership in the European Union, its most important trading partner. Estimated GDP (nominal) of Serbia for 2009 is $45.6 billion, Estimated GDP (PPP) of Serbia for 2009 is Intl. $83.41 billion, which is Intl. $11,255 per capita. At present, main economic...
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