波斯尼亚和黑塞哥维那因晶莹剔透的水而闻名,清澈见底的水和沁人心脾的空气为工作和休闲提供了极佳的条件。

Bosnia and Herzegovina is famous for its crystal-clear water and clean and fresh air perfect for work and leisure.

波斯尼亚和黑塞哥维那的桥梁不仅连接了河的两岸,而且是不同文明和文化之间交流的纽带。

The wonderful bridges that span the rivers of Bosnia and Herzegovina truly bridge many civilizations and cultures that call their homeland Bosnia and Herzegovina.

波斯尼亚和黑塞哥维那的水清澈见底,波光粼粼,使的独木舟和皮划艇在这里很是盛行。

Canoeing and kayaking are popular throughout Bosnia and Herzegovina with its pure and crystal-clear waters.

波斯尼亚和黑塞哥维那鱼资源丰富,其淡水资源富含鲑鱼、鲤鱼、鳗鱼和鲈鱼。

Fish are abundant in Bosnia and Herzegovina where most of the freshwaters are rich in trout, carp, eel and bass.

想要逃离大都市的喧嚣吗,波斯尼亚和黑塞哥维那别具情调的民俗村便是这样的圣殿。

Ethno villages of Bosnia and Herzegovina are unique sanctuaries where you may escape from the urban fuss and mess.

波斯尼亚和黑塞哥维那学术历史非常悠久。

Bosnia and Herzegovina has a long tradition of academic life.

波斯尼亚和黑塞哥维那手工艺品世界闻名,多样化的传统图案是其受多元文化影响的见证。

Bosnia and Herzegovina is well-known by its handicrafts and traditional patterns showing the diversity of cultural influences.

波斯尼亚和黑塞哥维那自然资源丰富,这里有大片的耕地、广袤的森林和巨大的水能。

Bosnia and Herzegovina is a country rich in natural resources, covered with large areas of farming land, extensive woods, and water potential.

波斯尼亚和黑塞哥维那的冬银装素裹且阳光明媚,是冬季爱好者的好去处。

Winter lovers may find Bosnia and Herzegovina as a country with a lot of snow but sunshine.

融合了东西方优点的美食无疑是人民爱上波斯尼亚和黑塞哥维那的原因之一。

Cuisine which is a blend of east and west is definitely one of the main reasons why people love Bosnia and Herzegovina.

很多宗教和文化建筑矗立在波斯尼亚和黑塞哥维那市中心。

Bosnia and Herzegovina has a plenty of religious and cultural edifices placed in the urban city centers.

美妙绝伦的东方艺术和文化极大地丰富了波斯尼亚和黑塞哥维那,尤其是在建筑和都市生活方面。

Bosnia and Herzegovina was enriched by wonderful Oriental art and culture, particularly in housing and urban living.

波斯尼亚和黑塞哥维那拥有众多独一无二的历史文物。

Bosnia and Herzegovina has many unique historical relics.

波斯尼亚和黑塞哥维那以音乐天才和休闲娱乐的摇篮而著称。

Bosnia and Herzegovina is known as a cradle of great music talents and good entertainment.

波斯尼亚和黑塞哥维那的冬,山上白雪皑皑,积雪覆盖,为冬季旅游创造了极好的天气条件。

In the winter, quality and continuous snow in the mountains of Bosnia and Herzegovina constitutes suitable climatic conditions for winter tourism.

波斯尼亚和黑塞哥维那用于作物栽培和畜牧养殖业的农业用地多达200万公顷以上。

There are over 2 million hectares of agricultural land, both for crop growing and livestock rearing.

对于那些真正的自然爱好者来说,波斯尼亚和黑塞哥维那繁忙大都市之外的众多绿洲是他们的首选之地。

For true nature lovers there are many green oases out of the big cities of Bosnia and Herzegovina.

波斯尼亚和黑塞哥维那动物物种品类繁多。

Bosnia and Herzegovina is home to a great number of animal species.

由于受地中海阳光的庇佑,波斯尼亚和黑塞哥维那享誉盛名的葡萄酒已因其高品质和高品位获奖多次。

Thanks to the Mediterranean sun, the well reputed wines of Bosnia and Herzegovina have been awarded many times for its good quality and taste.

对于探险爱好者和自然爱好者来说,波斯尼亚和黑塞哥维那是一个拥有原始荒野的仙境。

For the adventure seekers and nature lovers Bosnia and Herzegovina is a wonderland of pristine wilderness.

走进波斯尼亚和黑塞哥维那,您就会发现东西方的融合在这里达到了极致,让您跨越文化和历史的界限去刷新生命的体验。

In Bosnia and Herzegovina you will find an amazing blend of east and west, allowing you to cross cultural and historical bridges you never thought possible.

走进波斯尼亚和黑塞哥维那, 您将发现新旧交替、传统与现代融合的城市规划。

In Bosnia and Herzegovina you may find a mixture of the old and new, traditional and modern city planning.

波斯尼亚和黑塞哥维那所有大都市的旧城区风韵犹存。

Old towns keep their ancient spirit in almost all big cities of Bosnia and Herzegovina.

波斯尼亚和黑塞哥维那丰富的传统技艺无与伦比,为其留下了许多独一无二、别具特色的文化遗产。

The incomparable richness of traditional craftsmanship produced a unique mixture of various influences in the cultural heritage of Bosnia and Herzegovina.

就地热资源及其发展潜能来说,波斯尼亚和黑塞哥维那已跻身欧洲前10名。

Bosnia and Herzegovina ranks in the top 10 in Europe in terms of geothermal resources and potential.

波斯尼亚和黑塞哥维那因拥有众多保存完好、原始自然美景的国家和自然公园而倍感自豪。

Bosnia and Herzegovina has many national and natural parks which are well preserved and untouched natural beauties.

地处不同文明和文化的交接点,从宗教旅游角度来说,宗教元素在波斯尼亚和黑塞哥维那起着重要的作用。

Located at the meeting point of different civilizations and cultures, the religious elements in Bosnia and Herzegovina have an important role in terms of religious tourism.

波斯尼亚和黑塞哥维那因其古老的宗教建筑而闻名,这些建筑对公众开放。

Bosnia and Herzegovina is known by its very old religious edifices open to visitors with all preferences.

波斯尼亚和黑塞哥维那因其国际化的艺术和文化盛事而深感自豪。

Bosnia and Herzegovina is very proud by its international art and cultural festivals.

不同社区、生活方式和传统的和平共处恰到好处地定义了波斯尼亚和黑塞哥维那文化和历史的特色。

The feature that most defines the culture and history of Bosnia and Herzegovina is precisely the peaceful co-existence of different communities, lifestyles and traditions.

波斯尼亚和黑塞哥维那现代基础设施发展潜力巨大。

Bosnia and Herzegovina has a great potential for modern infrastructure.

波斯尼亚和黑塞哥维那的劳动力勤劳肯干,技艺高超且求知欲望强烈。

Bosnia and Herzegovina has a hardworking highly skillful labor force with desire to learn.

波斯尼亚和黑塞哥维那拥有丰富的自然水资源与肥沃的土地。

Natural water resources and fertile soils are abundant in Bosnia and Herzegovina.

波斯尼亚和黑塞哥维那的急流漂流探险已广为人知。

Bosnia and Herzegovina is well known for its wild-water rafting adventures.

波斯尼亚和黑塞哥维那的历史打上了地中海、罗马、奥特曼和欧洲等不同文化的烙印,因此她是新旧世界融合交汇的圣地。

Bosnia and Herzegovina which had hosted different cultures like the Mediterranean, Roman, Ottoman and European throughout history is a mixture of the old and the new World.

波斯尼亚和黑塞哥维那是一个多山的国家,第拿里阿尔皮斯山脉贯穿全境。

Bosnia and Herzegovina is a mostly mountainous country with the Dinaric Alps dominating the landscape.

波斯尼亚和黑塞哥维那悠久的历史为其留下了不少文化-历史遗产,古老的要塞和城堡就是其最好的印证。

Rich history of Bosnia and Herzegovina has left its trails and monuments of cultural-historical heritage as fortresses and towers.

身处波斯尼亚和黑塞哥维那,您可以拜访古老悠久的住宅,去感受往日社会生活的真谛。

In Bosnia and Herzegovina you may visit the old traditional residences to feel the spirit of social life during the past centuries.

波斯尼亚和黑塞哥维那南部遍布独特地中海风格的建筑。

Bosnia and Herzegovina has a peculiar Mediterranean style of houses typical for the southern regions.

对于持有不同世界观的人来说,波斯尼亚和黑塞哥维那都是他们朝拜的圣地。

Bosnia and Herzegovina offers a chance to visit various religious monuments with holy values for people with different worldviews.

波斯尼亚和黑塞哥维那已被鉴定出的有花植物多达3000种以上。

There are more than three thousand identified species of flowering plants in Bosnia and Herzegovina.

波斯尼亚和黑塞哥维那建筑风格为许多欧洲著名风格所影响。

Architecture of Bosnia and Herzegovina was influenced by many European prominent styles.

波斯尼亚和黑塞哥维那温泉旅游潜力巨大。

Bosnia and Herzegovina has a huge potential for spa tourism.

踏进波斯尼亚和黑塞哥维那的深山地区,您就会发现那里空气异常清新,人民过着悠闲自得的生活。

Deep in the mountains of Bosnia and Herzegovina you may find the rural communities enjoying the life in pure and fresh air environment.

Overview

 

The economy of Bosnia and Herzegovina represented the basis of the development for former Yugoslav due to the fact that the majority of huge industrial complexes as well as rich natural resources are located on its land. From hydro and thermal energy to intensive exploitation of various metals followed by heavy industry, wood processing, chemical, and electrical engineering to electronics, car industry and IT development, the economy of Bosnia and Herzegovina was largely diversified demanding a highly skilled labor force and a capable entrepreneurial class. About half of the output and employment were generated by large scale industry. Furthermore, almost 500 engineering and construction companies from Bosnia and Herzegovina operated at the international market, generating roughly 7 percent of the Yugoslav GDP.

When Bosnia and Herzegovina was to make for an independent and democratic European state, it was forced to undergo the process of transition of market economy based on private property ownership, though the attack on its sovereignty and territorial integrity in the period of 1992-1995 brutally halted those processes. The war destroyed the economy and devastated all human and physical resources. The industrial production dropped more than 90 percent while employment losses were huge. Estimations have been made in year 1996 by the Council of Ministers of Bosnia and Herzegovina that the overall war damages were more than US$ 80 billion including the destroyed productive capacity ranging from US$20 to US$ 25 billion while indirect damages were uncountable.

Taking this into consideration, the simultaneous processes of reconstruction of a war-torn country, the transition from socialist to market driven economy, the adjustment to the new market and technological realities as well as the integration of the society of Bosnia and Herzegovina and the nation building process, Bosnia and Herzegovina has performed remarkably. Right after the war, the economy of Bosnia and Herzegovina has been experiencing strong growth as a transition and reconstruction economy.

The general economic indicators of Bosnia and Herzegovina for period between 2004 and 2011 are given in table below.

Bosnia and Herzegovina General Economic Indicators *
in million of EUR 2004 2005 2006 2007 2008 2009 2010 2011**
Nominal GDP 8200 8800 9900 11100 12600 12300 12650 13200
GDP per capita in EUR 2122 2283 2564 2898 3289 3194 3293 3426
Real Growth Rate 6.30% 3.90% 6% 6.20% 5.70% -0.29% 0.70% 1.80%
Industrial Production Growth Rate 9% 10% 11% 10% 9.20% -3.30% 1.6% 6.10%
Average Inflation on Annual Level 0.40% 3.80% 6.10% 1.50% 7.40% -0.40% 3.10% 3.80%
B&H Unemployment Rate 43.20% 43% 31% 29% 23.40% 24.10% 27.10% 27.60%
Average Net Wages in EUR 258 275 300 322 385 404 408 416
Foreign Debt 2.061 2.218 2.081 2.025 2.168 2.658 3.195 3.323
Foreign Debt/GDP 25.1% 25.2% 21.0% 18.2% 17.2% 21.6% 25.3% 25.2%
Current Account Deficit -1443.17 -1499.67 -769.65 -1156.18 -1797.7 -761.57 -761.82 -1073.71
CAD/GDP 17.60% 17.04% 7.77% 10.41% 14.27% 6.19% 6.02% 8.13%
Exports 1676.94 2087.25 2687.24 3091.54 3522 2920.25 3761.93 4333.81
Export Growth 28.70% 24.10% 28.70% 15.04% 13.92% -17.08% 28.82% 15.20%
Imports 5354.50 6092.92 6093.07 7233.58 8344.63 6330.11 7020.81 8006.46
Imports Coverage 30.29% 32.15% 45.34% 42.72% 42.21% 44.80% 52.10% 54.12%
FDI 412 282 442 1329 684 180 174 240###
Foreign Reserves 1779 2160 2787 3425 3219 3176 3301 3118.9
*Source:Central Bank of Bosnia and Herzegovina
**Preliminary Figures
***Preliminary Figure for First three quarters of 2011

Bosnia and Herzegovina has been recorded on a steady 6% growth rate of GDP over the period prior to the 2009 crisis. The economic growth in Bosnia and Herzegovina has been determined by solid export-driven industrial output growth, boom in the real estate sector, strengthening of the financial sector as well as the government expenditure in the reconstruction of the public infrastructure. Relatively low levels of GDP per capita compared with the regional markets coupled with high rate of unemployment of highly skilled labor force, available natural resources, stable currency and low rate of inflation make industrial corporations in Bosnia and Herzegovina competitive especially within the European markets.

As it can be noticed in table below major exports markets for Bosnia and Herzegovina for period between 2007 and 2011 are: Croatia (16%); Germany (14%); Serbia (13%); Italy (12%); Slovenia (9%); Austria (7%), and Montenegro (4%).

Exports of Bosnia and Herzegovina ( in thousand of EUR )
Year Germany Croatia Serbia Italy Slovenia Austria Montenegro Others Total
2007 389691 557370 394061 398349 329972 188978 79612 697296 3035327
2008 467059 591481 481779 431052 314381 212301 118335 815246 3431633
2009 416248 482733 379093 359109 236794 166359 117345 670377 2828057
2010 555230 547402 457491 440745 312780 240606 158593 915027 3627874
2011 621709 615820 512253 492653 361390 316511 153607 1129956 4203899
Total 2449937 2794806 2224676 2121908 1555317 1124754 627492 4227902 17126790
% 14% 16% 13% 12% 9% 7% 4% 25% 100%
Source: Central Bank of Bosnia and Herzegovina

In table below are shown major imports sources for Bosnia and Herzegovina for period between 2007 and 2011 namely: Croatia (16%); Germany (11%); Serbia (10%); Italy (9%); Russia (6%); Slovenia (6%); China (5%); Austria (4%), and USA (3%).

Imports of Bosnia and Herzegovina ( In thousand of EUR )
Year Croatia Serbia Germany Italy Russia Slovenia China Others Total
2007 1252255 720200 891120 642173 142089 452278 305717 2700226 7106058
2008 1412354 882589 978935 777631 175887 492546 382761 3218528 8330231
2009 948516 655991 713613 635655 442617 388047 284844 2247821 6317103
2010 1052722 730880 728581 618863 607980 413559 335172 2474114 6961872
2011 1138395 749372 842815 706445 836009 423638 396190 2845160 7938025
Total 5813242 3739032 4155064 3380768 2204582 2170068 1704683 13485849 36653289
% 16% 10% 11% 9% 6% 6% 5% 37% 100%
Source: Central Bank of Bosnia and Herzegovina

Even though, there is a strong trend to narrow the gap of imbalance between imports and exports, the economy of Bosnia and Herzegovina is very open and heavily relies on imports in the domestic consumption as well as in capital goods reflected by 8.13% current account deficit over GDP in year 2011.

Due to its historical circumstances, the financial institutions in Bosnia and Herzegovina were not directly exposed to a financial crisis and the level of public debt to foreign creditors is kept at a reasonable level accounting for 25.2% of country’s GDP at the end of 2011.

However, the export-driven economy of Bosnia and Herzegovina is affected by the decrease of demand in its traditional export markets namely European Union, affected by sovereign debt crisis, and the Middle East affected by the Arab Spring.

International macroeconomic determinants and the end of global bullish investors’ sentiment era have significantly affected inflow of foreign capital to Bosnia and Herzegovina. However, the signs of recovery and building up of investors’ confidence are already put in place.

Macroeconomic stability reflected by low inflation rate, pegged domestic currency to Euro and substantial foreign reserves as well as the banking system that is well capitalized and resistant to shocks created a conducive environment for economic recovery.

The banking sector dominates the financial system in Bosnia and Herzegovina. It is the principal source for financing of the corporate sector and households making up 84% of the total assets of the financial sector.

The banking sector in Bosnia and Herzegovina is dominated by foreign banking groups where 95% of total assets and 82% of equity is concentrated in banks with the majority of foreign ownership. It is characterized by high liquidity and capital adequacy.

A 2011 preliminary figure of the GDP growth rate is estimated at 1.8% for Bosnia and Herzegovina. What is encouraging is the growth rate of industrial output and exports over 6% and 15% respectively in 2011. Taking into consideration relatively low external debt that is equivalent to EUR 3.23 billion and accounts for 25.2% of GDP, stable foreign reserves and low inflation rate, Bosnia and Herzegovina has fundamental macroeconomic stability as well as distinguished competitive advantages already recognized by traditional foreign investors from the region.

In order to make the economy to achieve the sustainable economic development, authorities in Bosnia and Herzegovina have engaged multiple policy approaches in order to:

  • support domestic production, especially for exporters;
  • work to induce consumption of domestic goods;
  • work on the development of unused potential of the energy sector;
  • intensify the speed of infrastructural projects in development such as highway, railway, port and airport;
  • development of the significant potential in the domain of food production;
  • work on the restoring and building of new touristic capacities;
  • continuation of the privatization process;
  • work on developing the competitiveness of the state and the elimination of administrative barriers for investors.

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