Page 27 - SE Outlook Regions 2024

The manufacture of food products accounted for 11.5% of total sales in 2022, down from 11.8% in the 2021. The extraction of crude petroleum contributed 11.2% of total sales in 2022, an increase from the 9.8% share observed in 2021.
2.2 Macroeconomy - Bosnia & Herzegovina
Bosnia & Herzegovina key economic figures and forecasts
2016 2017 2018 2019 2020 2021 2022
Nominal GDP (EUR bn) 15.2 16.0 17.0 18.0 17.4 18.8 19.7
Real GDP (% y/y) 3.1 3.2 3.7 2.8 -3.1 7.5 2.4
Industrial output (% y/y) 4.3 3.1 1.6 -5.5 -6.2 10.7 1.7
Unemployment rate (avg, %) 40.9 38.7 34.7 32.6 33.7 31 29.5
Consumer prices (avg, % y/y) -1.6 0.8 1.4 0.6 -1.1 2.0 10.5
Consumer prices (eop, % y/y) -0.3 0.7 1.6 -0.1 -1.6 6.3 9.5
General budget balance (% of GDP) 1.2 2.6 2.2 1.9 -5.3 -0.3 -0.5
Public debt (% of GDP) 20.2 26.0 24.5 23.1 25.5 24.8 22.8
Current account balance (% of GDP) -4.8 -4.8 -3.3 -2.6 -3.3 -2.3 -2.5 Source: Agency for statistics of Bosnia & Herzegovina, IMF, CBBH
2.2.1 GDP growth
Bosnia’s economic growth slowed down significantly in 2023 compared to the previous year with preliminary estimations setting it at between 1.5% and 2%. According to the European Commission, the economic growth in 2023 was negatively affected by the weaker external demand and softer private consumption due to high inflation.
At the same time, Bosnia’s gross fixed investment increased by 12% in the first half of 2023, although largely due to inventories and statistical discrepancies.
In 2024, the European Commission expects Bosnia’s economy to grow by 2% and in 2025 it should pick up to 2.3%.
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