The Serbian economy has always represented, together with the Croatian and Slovenian ones, an element of strength within the economic structure of the Federal Socialist Republic of Yugoslavia. In 1989 the ‘global social product’ of the Serbia represented 36.2% of the federal one; in the same year the per capita income (valued at 2350 dollars), although it was clearly lower than that of Slovenia ($ 5,870) and Croatia ($ 3,550), it was much higher than the other republics. However, this was only an apparent condition, which revealed itself in all its fragility at the time of the serious political, economic and military crisis that led to the dissolution of the Yugoslav federation. The definitive opening towards the market economy, which was to completely replace self-management, characterized the economic policy adopted by the Serbian leadership but, unlike Croatia and Slovenia, the Serbia was forced to clash with great difficulties, also caused by the combined effect of extra-economic variables, such as the civil war and the consequent trade sanctions decreed by the UN in 1992 and exacerbated the following year. The economic isolation of Serbia GATT, in June 1992, and by the IMF in December of the same year. In 1993-94, due to the effect of economic sanctions on an economy already in crisis, there was an unlikely growth of the inflationary spiral, with a peak between December 1993 and January 1994, when the monthly rate d inflation reached a value of 313,600,000%, forcing the printing of 50 billion banknotes. To remedy this situation, a ‘new dinar’ was created on 24 January 1994 (equivalent to 13 million old dinars), which was parity with the German mark. This monetary reform succeeded in its aim to reduce inflation, which, in January 1995, dropped to 12.4%, but at the cost of a rigid monetary policy, causing serious difficulties for the population. increased by thousands of Serbian refugees from Croatia and Bosnia and Herzegovina and forced to deal with the serious problems of unemployment. The NATO attack of spring 1999, adding to the economic and social crisis already underway, further aggravated the situation in the country. The subsequent collapse of the Serbian’s political fortune Serbia Milošević, president of the Federal Republic of Yugoslavia, his arrest and extradition at the request of the International Criminal Court in The Hague, opened new perspectives to Serbia, benefiting from the repeal of the economic sanctions that had been imposed on her and from the resumption of international aid.
The flat nature of the Vojvodina area involves a higher percentage of cultivated land: and it is in this region that most of the production of cereals and industrial plants (sugar beet, tobacco, sunflower, flax and hemp) is concentrated. The main product, as far as cereals are concerned, is corn; followed by wheat, barley and oats. Potato and plum crops are also widespread and are eaten fresh or distilled (slivoviz), dried or processed into preserves. The breeding mainly concerns pigs, followed by sheep, cattle and poultry in terms of consistency of heads.
Serbia is also rich in mineral resources, present, in particular, in the Homoljske Planine region. The main coal deposits are located in Rtanj, Zaječar and Aleksinac; the other mineral of which the mountainous region between Romania and Bulgaria is rich is copper, mined in Bor and Majdanpek, but also further W, in Raška, between the two massifs of Kopaonik and Golija. Oil, on the other hand, is mainly present in the Banat region (Kikinda and Mokrin), natural gas in Vojvodina. Manufacturing activities, especially those located in Belgrade, have been heavily affected by economic isolation and war destruction. In Vojvodina, in addition to the numerous processing industries, an oil refining plant is active in Pančevo. Copper extracted from nearby mines is processed in Bor and Majdanpek. agricultural machinery) is based in Kragujevac, Kruševac, Rakovica, Subotica. The basic chemical industry has its centers in Šabac and Bor, the textile industry is widespread in the southern part of the country (Vranje, Leskovac, Pirot, Prokuplje). Niš is the main center of the electronics industry. The trade balance is in strong deficit, given the huge losses suffered by the production structures. The country mainly imports machinery, electrical equipment, means of transport and food; exports copper, steel, plastics, clothing, electrical equipment, chemicals. Main trading partners are Russia, Italy, Germany, Bosnia and Herzegovina and Montenegro.
The road network extends for 38,810 km (2007), the rail network for 3089. The communications system, linked to the morphological diversity of the territory, is more developed in the central and northern part of the country. The lines of communication to Zagreb, Ljubljana, Budapest, Romania and Thessaloniki depart from the Belgrade railway and road junction.