unbekannter Gast

Kosovo: Economy#

Kosovo's economy has shown significant progress in transitioning to a market-based system and maintaining macroeconomic stability, but it is still highly dependent on the international community and the diaspora for financial and technical assistance. Kosovo's citizens are the poorest in Europe with a per capita GDP (PPP) of $7,600 in 2013. An unemployment rate of 45% encourages emigration and fuels a significant informal, unreported economy. Remittances from the diaspora - located mainly in Germany, Switzerland, and the Nordic countries - are estimated to account for about 15% of GDP, and donor-financed activities and aid for approximately 10%. Most of Kosovo's population lives in rural towns outside of the capital, Pristina. Inefficient, near-subsistence farming is common - the result of small plots, limited mechanization, and lack of technical expertise. With international assistance, Kosovo has been able to privatize a majority of its state-owned-enterprises. Minerals and metals - including lignite, lead, zinc, nickel, chrome, aluminum, magnesium, and a wide variety of construction materials - once formed the backbone of industry, but output has declined because of ageing equipment and insufficient investment. A limited and unreliable electricity supply due to technical and financial problems is a major impediment to economic development, but Kosovo has received technical assistance to help improve accounting and controls and, in 2012, privatized its distribution network. The US Government is cooperating with the Ministry for Energy and Mines and the World Bank to prepare commercial tenders for the construction of a new power plant, rehabilitation of an old plant, and the development of a coal mine that could supply both. In July 2008, Kosovo received pledges of $1.9 billion from 37 countries in support of its reform priorities, but the global financial crisis has limited this assistance and also negatively affected remittance inflows. In June 2009, Kosovo joined the World Bank and International Monetary Fund, and Kosovo began servicing its share of the former Yugoslavia's debt. In order to help integrate Kosovo into regional economic structures, UNMIK signed (on behalf of Kosovo) its accession to the Central Europe Free Trade Area (CEFTA) in 2006. Serbia and Bosnia previously had refused to recognize Kosovo's customs stamp or extend reduced tariff privileges for Kosovo products under CEFTA, but both countries resumed trade with Kosovo in 2011. The official currency of Kosovo is the euro, but the Serbian dinar is also used illegally in Serb enclaves. Kosovo's tie to the euro has helped keep core inflation low. Kosovo maintained a budget surplus until 2011, when government expenditures climbed sharply. In 2013 Kosovo signed a Free Trade Agreement with Turkey and is negotiating liberalization of trade with EU as part of a Stabilization and Association Agreement.

Economic Facts#

GDP (purchasing power parity)$14.11 billion (2013 est.)
$13.77 billion (2012 est.)
$13.43 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.5% (2013 est.)
2.5% (2012 est.)
4.4% (2011 est.)
GDP - per capita (PPP)$7,600 (2013 est.)
$7,500 (2012 est.)
$7,400 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 12.9%
industry: 22.6%
services: 64.5% (2009 est.)
Population below poverty line30% (2013 est.)
Labor force - by occupationagriculture: 23.6%
industry: NA%
services: NA% (2010)
Exports - commoditiesmining and processed metal products, scrap metals, leather products, machinery, appliances, prepared foodstuffs, beverages and tobacco, vegetable products, textile and textile articles
Exports - partnersItaly 25.8%, Albania 14.6%, Macedonia 9.6%, China 5.5%, Gernamy 5.4%, Switzerland 5.4%, Turkey 4.1% (2012 est.)
Agriculture - productswheat, corn, berries, potatoes, peppers, fruit; dairy, livestock; fish
Budgetrevenues: $1.916 billion
expenditures: $2.048 billion (2013 est.)
Imports - commoditiesfoodstuffs, livestock, wood, petroleum, chemicals, machinery, minerals, textiles, stone, ceramic and glass products, electrical equipment
Imports - partnersGermany 11.9%, Macedonia 11.5%, Serbia 11.1%, Italy 8.5%, Turkey 9%, China 6.4%, Albania 4.4% (2012 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$408 million (2013 est.)
$382.8 million (2012 est.)
Debt - external$448.2 million (2013 est.)
$466 million (2012 est.)
Imports$3.398 billion (2013 est.)
$3.477 billion (2012 est.)
Industriesmineral mining, construction materials, base metals, leather, machinery, appliances, foodstuffs and beverages, textiles
Inflation rate (consumer prices)1.8% (2013 est.)
2.5% (2012 est.)
Labor force800,000
note: includes those estimated to be employed in the grey economy (2011 est.)
Unemployment rate30.9% (2013 est.)
45% (1)
note: Kosovo has a large informal sector that may not be reflected in these data
Distribution of family income - Gini index30 (FY05/06)
Public debt9.1% of GDP (2013)
8.4% of GDP (2012)
Current account balance-$919.7 million (2013 est.)
-$1.083 billion (2012 est.)
Reserves of foreign exchange and gold$NA
GDP (official exchange rate)$7.15 billion (2013 est.)
Stock of direct foreign investment - at home$21.2 billion (31 December 2013 est.)
$25.8 million (31 December 2012 est.)
Commercial bank prime lending rateNA% (30 June 2013 est.)
13.7% (31 December 2012 est.)
Stock of domestic credit$2.505 billion
$2.445 billion
Stock of broad money$2.773 billion
$2.637 billion
Taxes and other revenues26.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.8% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 90.5%
government consumption: 16%
investment in fixed capital: 28.2%
investment in inventories: 3%
exports of goods and services: 18.8%
imports of goods and services: -53.9%
(2012 est.)
Gross national saving12.7% of GDP (2013 est.)
12.5% of GDP (2012 est.)
12.4% of GDP (2011 est.)