Yugoslavia - Economic memorandum

Report No. 662a-YU copy Economic Memorandum FiL CO Yugoslavia May 23, 1975 Europe, Middle East and North Africa Region Not for Public Use Document of the International Bank for Reconstruction and Development International Development Association This report was prepared for official use only by the Bank Group. It may not be published, quoted or cited without Bank Group authorization. The Bank Group does not accept responsibility for the accuracy or completeness of the report.  CURRENCY I4UIVALENTS Before January 23, 1971 1 US dollar 12.5 dinars 1 Dinar - 8 US cents From January 23, 1971 to December 22, 1971 1 US dollar = 15.0 dinars 1 Dinar = 6.67 Up cents From December 22, 1971 to February 23, 1972 1 US dollar = 17.0 dinars 1 Dinar = 5.89 US cents .From February 23, 1973 to JulY 12, 1973 * Maintained a central rate of 1 US dollar = 17.0 dinars 1 Dinar = 5.89 US cents Since July 12, 1973 The Dinar has been floating. The rate of March 1975 1 US dollar = 17.0 dinars 1 Dinar = 5.88 US cents * All conversions of 1971 data into dollars in this Report have been made at this exchange rate.  Page 1 of 2 pages COUNTRY DATA - YUGOSLAVIA AREA 2/ POPULATION DENSITY 255804 km- 21.0 million (mid-1973) 82 per kmn'/ Rate of Growth: 1.0 % (from 1961 to 1971) 209 per km2'of arable land POPULATION CHARACTERISTICS (1972) HEALTH (1973) Crude Birth Rate (per 1,000) 18.3 Population per physician 138 Crude Death Rate (per 1,000) 9.2 Population per hospital bed 172 Infant Mortality (per 1,000 live births) 44.4 INCOME DISTRIBUTION (1971) DISTRIBUTION OF LAND OWNERSHIP s of national income, lowest quintile 6.1 % owned by top 10% of owners hi phest quintile 39.2 % owned by smallest 10% of owners ACCESS TO PIPED WATER (1971) ACCESS TO ELECTRICITY (1971) % of population - urban 3478 % of population - urban 92.7 - rural - rural 35:1 NUTRITION (1967-70) EDUCATION (1971) Calorie intake 3151 Adult literacy rate % 85 Per capita protein intake 91.3 Primary school enrollment %. 1/ GNP PER CAPITA in 1973 US $ 930 GROSS NATIONAL PRODUCT IN 1973 ANNUAL RATE OF GROWTH (%. constant prices) US $ Mln. % 1960-65 1965-7 3 1973 GNP at Market Prices 20,747 100.0 6.0 7.0 5.0 Gross Domestic Investment 4,994 24.1 7.5 6.5 1.2 Gross National Saving 5,265 25.4 9.1 3.0 -5.3 Current Account Balance 464 2.2 Exports of Goods, NFS 4,400 21.2 12.0 8.7 6.2 Imports of Goods, NFS 5,168 24.9 8.6 12.4 12.7 OUTPUT, LABOR FORCE AND PRODUCTIVITY IN 1973 2/ Value Added Labor Force- V. A. Per Worker US$ Mln. % Mln. % US $ % Agriculture 3,353 18.4 4.0 47.1 838 39.1 Industry 7,565 41.5 2.0 23.5 3,783 176.4 Services 7,317 40.1 2.5 29.T 2,927 136.5 Unallocated Total/Average 18,235 100.0 8.5 100.0 2,145 lOO.0 GOVERNMENT FINANCE Central Government (DinarsMln.) % of GDP 1973 1973 1971-73 Current Receipts 30,865 9.2 9.1 Current Expenditure 31 111 9.3 9.0 Current Surplus -0.1 0.1 Capital Expenditures 954 0.3 0.2 External Assistance (net) -32 -0.0 -0.0 1/ The Per Capita GNP estimate is at 1973 market prices, calculated by the same conversion technique as the 1972 World Atlas. All other conversions to dollars in this table are at the average exchange rate prevailing during the period covered. 2/ Total labor force; unemployed are allocated to sector of their normal occupation. "Unallocated" consists mainly of unemployed workers seeking their first job. not available not applicable  Page 2 of 2 pages COUNTRY DATA - YUGOSIAVIA MONEY, CREDIT and PRICES 1969 1970 1971 1972 1973 (billion of Dinars outs_iting end period) Money and Quasi Money 62.7 74.8 93.6 121.1 162.9 Bank Credit to Public Sector 6.9 8.4 9.4 9.7 Bank Credit to Private Sector 51.8 68.7 78.3 83.4 (Percentages or Index Numbers) Money and Quasi Money as % of GDP 42.6 42.8 43.1 45,0 48,6 General Price Index (1972 = 1OO) 67 74 86 100 120 Annual percentage changes in: General Price Index 7.5 10.4 16.2 16.3 20.0 Bank credit to Public Sector 5.8 20.6 12.1 26.3 Bank credit to Private Sector 20.4 18.9 14.1 9.1 BALANCE OF PAYMENTS MERCHANDISE EXPORTS (AVERAGE 1971-73) 1971 1972 1973 US $ Mln % (Millions US $)- Exports of Goods, NFS 2,826 3,425 4,409 Agricultural Products 328 14.3 Imports of Goods, NFS 3,770 3,821 5,168 Non-ferrous Metal Ind. 274 11.9 Resource Gap (deficit = -) -944 -396 -759 Metal Industry 343 164.9 Ships ~~~159 6.9 Interest Payments (net) -130 -138 -155 All other commodities 1,197 52.0 Workers' Remittances 652 889 1,310 Total 2,301 100.0 Other Factor Payments (net) - -10 -19 Net Transfers 64 74 87 EXTERNAL DEBT, DECEMBER 31, 1973 Balance on Current Account 358 419 464 US $ Mln Direct Foreign Investment Net MLT Borrowing 1/ 456 331 4 04 Public Debt, incl. guaranteed 1,912 Disbursements 794 838 1,020 Non-Guaranteed Private Debt 2,407 Amortization -436 -507 -616 Total outstanding & Disbursed T4,319 Subtotal 456 331 404 Capital Grants - DEBT SERVICE RATIO for 1973 4/ Other Capital (net)2/ -5