Kosovo

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Kosovo’s econ­omy has per­formed mod­er­ately well in the past few years de­spite a host of prob­lems. Driven by pri­vate con­sump­tion and in­vest­ment, which is sup­ported by re­mit­tances, it is ex­pected to grow fur­ther in the 2014-2016 pe­riod. Kosovo's econ­omy grew by 3.2% in 2013 to 5.155 bil­lion euro, ac­cord­ing to data of the coun­try's eco­nomic de­vel­op­ment min­istry. Gross do­mes­tic prod­uct (GDP) per capita in 2013 was 2 773 euro. The coun­try's eco­nomic growth in the next three years is ex­pected to be the high­est in the re­gion, reach­ing more than 4.6%, ac­cord­ing to the coun­try's fi­nance min­istry.

The World Bank ex­pects Kosovo's econ­omy to grow by 3.5% in 2014 and 2015 and even fur­ther by 4.0% in 2016.

Con­sumer price index (CPI) reached 1.8% in 2013, ac­cord­ing to data of the coun­try's eco­nomic de­vel­op­ment min­istry. Pub­lic Debt reached 9.0% of GDP in 2013 while for­eign di­rect in­vest­ments (FDI) stood at 258.5 mil­lion euro. The job­less rate in Kosovo fell to 30% in 2013 from 30.9% a year ear­lier, ac­cord­ing to the coun­try's sta­tis­tics agency. The av­er­age num­ber of un­em­ployed was 144 829 in 2013. The av­er­age num­ber of em­ployed per­sons last year was 338 364, as 261 224 of them were men and 77 120 were women. Re­mit­tances, which ac­count for an es­ti­mated 10-15% of GDP, amounted to 620.8 mil­lion euro in 2013, com­pared to 605.6 mil­lion in 2012.

Kosovo's 2014 bud­get bill projects rev­enues of 1.46 bil­ion euro. Ex­pen­di­tures are set at 1.59 bil­lion euro.

Eco­nomic struc­ture and ma­jor in­dus­tries

Kosovo has the world's fifth biggest lig­nite re­serves, es­ti­mated at 14 700 mil­lion tonnes. The coun­try pro­duced 8.1 mil­lion tonnes of coal in 2013, an in­crease by 0.6% from 2012.

As much as 53% of Kosovo's to­tal area is arable land. Agri­cul­ture con­trib­utes 19% to the coun­try's over­all GDP and some 15% of the ex­port value, ac­cord­ing to data of Kosovo's for­eign min­istry.

Con­struc­tion has emerged as one of the most im­por­tant sec­tors in Kosovo's econ­omy over the past years and is seen as hid­ing great po­ten­tial, con­sid­er­ing the coun­try's hous­ing and road in­fra­struc­ture needs.

Firms in Kosovo iden­tify in­for­mal sec­tor prac­tices, lim­ited ac­cess to fi­nance and cor­rup­tion as the top three con­straints of their busi­ness, a 2013 coun­try pro­file sur­vey by the World Bank and the In­ter­na­tional fi­nan­cial Cor­po­ra­tion showed.

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