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Key Economic Indicators
Key Economic Indicators Real GDP growth (percent)
Albania
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2016 2017 2018 2019 2020 2021e 2022f 2023f
3.3 3.8 4.1 2.2 -4.0 7.2 3.8 3.7
Bosnia and Herzegovina Kosovo North Macedonia Montenegro Serbia WB6
Consumer price inflation (percent, period average)
Albania 3.1 3.2 3.7 2.8 -3.2 4.0 3.0 3.2 5.6 4.8 3.4 4.8 -5.3 7.1 4.1 4.4 2.8 1.1 2.9 3.2 -4.5 4.6 3.7 3.4 2.9 4.7 5.1 4.1 -15.3 10.8 5.6 4.8 3.3 2.0 4.4 4.3 -0.9 6.0 4.5 4.0 3.4 2.7 4.0 3.6 -3.1 5.9 4.1 3.8
1.3 2.0 2.1 1.4 1.6 2.4 2.8 3.0
Bosnia and Herzegovina Kosovo North Macedonia Montenegro Serbia WB6
Public expenditures (percent of GDP)
Albania -1.6 0.8 1.4 0.6 -1.1 -0.2 0.5 0.7 0.3 1.5 1.1 2.7 0.2 3.5 1.8 1.6 -0.2 1.4 1.5 0.8 1.2 2.4 2.0 1.8 -0.3 2.4 2.6 0.4 -0.3 1.9 1.6 1.2 1.1 3.2 2.0 1.9 1.6 3.0 2.6 2.6 0.4 2.2 1.8 1.5 0.9 2.3 2.1 2.1
29.6 29.8 29.2 29.2 33.2 34.4 30.2 30.4
Bosnia and Herzegovina Kosovo 41.5 41.4 40.2 41.1 44.0 44.3 42.7 41.6 27.9 27.8 29.2 29.7 33.0 29.8 30.8 31.0
North Macedonia 35.3 33.8 31.5 33.7 38.4 42.0 41.7 40.6
Montenegro Serbia WB6
Public revenues (percent of GDP)
Albania Bosnia and Herzegovina Kosovo North Macedonia 45.3 47.0 46.6 46.0 55.4 47.9 43.1 40.7 41.9 40.4 40.9 42.2 49.0 48.7 44.4 43.2 36.9 36.7 36.3 37.0 42.2 41.2 38.8 37.9
27.6 27.8 27.5 27.2 26.3 27.8 27.4 27.4 42.7 43.8 42.7 43.0 42.2 41.2 41.8 42.0 26.4 26.5 26.3 26.8 25.4 28.9 28.8 28.8 31.5 31.0 30.4 31.5 30.2 36.1 36.8 36.5
Montenegro Serbia 42.5 41.4 42.0 43.3 44.4 43.9 42.2 41.7 40.8 41.5 41.5 42.0 41.0 41.7 41.4 41.4
WB6 35.3 35.3 35.1 35.6 34.9 36.6 36.4 36.3
Source: World Bank calculations and projections on data from national authorities and World Economic Outlook.
Key Economic Indicators (continued) Fiscal balance (percent of GDP)
Albania Bosnia and Herzegovina Kosovo
2016 2017 2018 2019 2020 2021e 2022f 2023f
-1.8 -2.0 -1.7 -1.9 -6.8 -6.7 -2.8 -3.0 1.2 2.4 2.5 1.9 -1.8 -3.1 -0.9 0.4 -1.4 -1.4 -2.9 -2.9 -7.6 -0.9 -2.0 -2.2
North Macedonia Montenegro Serbia -2.7 -2.8 -1.1 -2.2 -8.2 -5.9 -5.0 -4.0 -2.8 -5.7 -4.6 -2.7 -11.0 -4.0 -0.9 1.1 -1.2 1.1 0.6 -0.2 -8.0 -6.9 -3.0 -1.8
WB6
Public debt (percent of GDP)
Albania Bosnia and Herzegovina Kosovo -1.4 -1.4 -1.2 -1.3 -7.3 -4.6 -2.4 -1.6
68.7 66.9 64.9 63.7 75.1 75.4 74.9 73.1 42.4 36.1 34.2 32.8 36.6 35.8 35.9 37.2 14.1 15.7 16.4 17.0 22.0 22.7 25.9 27.6
North Macedonia 39.9 39.4 40.4 40.7 51.4 53.9 55.9 56.7
Montenegro Serbia
64.4 64.2 70.1 76.5 105.3 87.7 77.0 69.9 62.8 55.6 50.8 49.7 53.3 56.3 55.4 52.6 WB6 48.7 46.3 46.1 46.7 57.3 55.3 54.2 52.9
Public and publicly guaranteed debt (percent of GDP)
Albania 72.3 71.9 69.5 67.4 77.2 78.6 76.7 74.9 Bosnia and Herzegovina 43.8 37.7 35.6 34.5 38.8 38.0 38.1 39.1 Kosovo 14.5 16.4 17.0 17.6 22.4 23.2 26.2 27.8 North Macedonia 48.8 47.7 48.4 49.4 60.2 62.7 64.7 65.5 Montenegro 70.4 69.1 74.1 80.0 108.7 90.7 79.8 72.5 Serbia 68.6 58.7 54.4 52.7 57.8 60.3 58.9 56.1 WB6 53.1 50.2 49.8 50.3 60.9 58.9 57.4 56.0
Goods exports (percent of GDP)
Albania 6.7 6.9 7.7 6.6 6.1 7.6 7.5 7.5 Bosnia and Herzegovina 25.7 29.8 31.2 28.8 27.5 33.6 35.4 36.5 Kosovo 5.1 6.0 5.6 5.6 6.9 8.4 8.6 8.8 North Macedonia 36.5 40.6 45.4 47.5 44.7 46.0 47.1 48.3 Montenegro 8.9 8.9 9.4 9.4 9.8 9.5 9.6 9.8 Serbia 34.9 35.9 35.2 35.7 34.4 39.1 39.7 40.3 WB6 26.3 27.9 28.5 28.5 27.5 31.1 31.8 32.4
Source: World Bank calculations and projections on data from national authorities and World Economic Outlook.
Key Economic Indicators (continued) Trade balance (percent of GDP)
Albania Bosnia and Herzegovina Kosovo North Macedonia Montenegro Serbia WB6
Current account balance (percent of GDP)
Albania Bosnia and Herzegovina Kosovo North Macedonia Montenegro Serbia WB6
External debt (percent of GDP)
Albania Bosnia and Herzegovina Kosovo North Macedonia Montenegro Serbia WB6
Unemployment rate (period average, percent)
Albania Bosnia and Herzegovina Kosovo North Macedonia
2016 2017 2018 2019 2020 2021e 2022f 2023f
-16.8 -15.1 -13.7 -13.8 -14.7 -15.7 -13.0 -12.0 -16.6 -16.2 -14.7 -14.7 -14.5 -12.7 -11.3 -11.7 -27.4 -25.8 -28.2 -27.1 -31.6 -32.7 -33.7 -33.7 -15.2 -14.1 -12.7 -14.5 -12.8 -12.9 -12.1 -11.1 -22.5 -23.5 -23.8 -21.1 -35.0 -23.8 -18.2 -16.2 -6.0 -7.8 -9.5 -9.9 -8.8 -8.9 -8.5 -8.2 -12.8 -13.1 -13.4 -13.6 -13.7 -13.3 -12.2 -11.8
-7.6 -7.5 -6.8 -8.0 -8.8 -9.4 -8.1 -7.0 -4.8 -4.8 -3.5 -3.2 -3.3 -2.0 -0.6 -1.1 -8.0 -5.5 -7.6 -5.6 -7.0 -8.5 -9.6 -9.2 -2.6 -0.9 -0.1 -3.3 -3.5 -3.6 -3.0 -1.8 -16.2 -16.1 -17.0 -14.3 -26.1 -15.2 -11.2 -9.5 -2.9 -5.2 -4.8 -6.9 -4.1 -5.0 -5.0 -4.9 -4.8 -5.5 -5.1 -6.2 -5.7 -5.6 -5.1 -4.7
73.5 68.8 65.2 60.5 64.7 59.3 53.9 52.9 79.1 70.6 66.8 64.1 71.6 70.0 70.3 70.5 33.2 32.6 30.5 31.2 37.5 n.a. n.a. n.a. 74.7 73.4 73.0 72.8 80.2 80.8 78.7 78.9 161.8 159.9 163.7 169.0 224.1 195.5 194.0 193.5 72.1 68.9 61.3 61.8 65.8 63.7 60.5 58.3 82.4 79.0 76.7 76.5 90.6 93.9 91.5 90.8
15.2 13.7 12.3 11.5 11.7 n.a. n.a. n.a. 25.4 20.5 18.4 15.7 15.9 n.a. n.a. n.a. 27.5 30.5 29.5 25.7 n.a. n.a. n.a. 0.0 23.8 22.4 20.7 17.3 16.4 n.a. n.a. n.a.
Montenegro Serbia 17.7 16.1 15.2 15.1 17.9 n.a. n.a. n.a. 16.4 14.5 13.7 11.2 9.7 n.a. n.a. n.a.
WB6 21.0 19.6 18.3 16.1 n.a. n.a. n.a. n.a.
Source: World Bank calculations and projections on data from national authorities and World Economic Outlook.
Western Balkans Regular Economic Report No.20 | Fall 2021
View this report online: www.worldbank.org/eca/wbrer
