Economy of the Socialist Federal Republic of Yugoslavia
| Currency | Yugoslav dinar (YUD) |
|---|---|
| 1 January – 31 December (calendar year) | |
| Statistics | |
| GDP | $120,100 million (24th) (1991 est.) |
| GDP rank | 24th (1991) |
|
GDP growth
|
-6.3% (1991) |
|
GDP per capita
|
$5,040 (59th) (1991 est., nominal) $3,549 (1990, at current prices) |
| 164% (7th) (1991 est.) | |
|
Labour force
|
9,600,000 (32nd) (1991 est.) |
| Unemployment | 16% (21st) (1991 est.) |
|
Main industries
|
metallurgy, machinery and equipment, petroleum, chemicals, textiles, wood processing, food processing, pulp and paper, motor vehicles, building materials |
| External | |
| Exports | $13.1 billion (39th) (1991 est.) |
| Imports | $17.6 billion (32nd) (1991 est.) |
|
Gross external debt
|
$18 billion (36th) (1991 est.) |
| Public finances | |
| Revenues | $6.4 billion (51st) (1991 est.) |
| Expenses | $6.4 billion (52nd) (1991 est.) |
| Economic aid | $3.5 billion (1966-88) |
|
All values, unless otherwise stated, are in US dollars. |
|
Despite common origins, the economy of the Socialist Federal Republic of Yugoslavia (SFRY) was significantly different from the economies of the Soviet Union and other Eastern European socialist states, especially after the Yugoslav-Soviet break-up of 1948. The occupation and liberation struggle in World War II left Yugoslavia's infrastructure devastated. Even the most developed parts of the country were largely rural and the little industry the country had was largely damaged or destroyed.
The first postwar years saw implementation of Soviet-style five-year plans and reconstruction through massive voluntary work. The countryside was electrified and heavy industry was developed. The economy was organized as a mixture of planned socialist economy and a market socialist economy: factories were nationalized, and workers were entitled to a certain share of their profits.
Privately owned craftshops could employ up to 4 people per owner. The land was partially nationalised and redistributed, and partially collectivised. Farmer households could own up to 10 hectares of land per person and the excess farmland was owned by co-ops, agricultural companies or local communities. These could sell and buy land, as well as give it to people in perpetual lease.
Youth work actions were organized voluntary labor activities of young people in the Socialist Federal Republic of Yugoslavia. The actions were used to build public infrastructure such as roads, railways, and public buildings, as well as industrial infrastructure. The youth work actions were organized on local, republic and federal levels by the Young Communist League of Yugoslavia, and participants were organized into youth work brigades, generally named after their town or a local national hero. Important projects built by youth work brigades include the Brčko-Banovići railway, the Šamac-Sarajevo railway, parts of New Belgrade, and parts of the Highway of Brotherhood and Unity, which stretches from northern Slovenia to southern Macedonia.
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