Formally known as the Socialist Republic of Bosnia and Herzegovina, the country constituted Yugoslavia together with other five socialist republics: today's Croatia, Macedonia, Montenegro, Serbia, and Slovenia. The end of the Socialist Federal Republic of Yugoslavia began in June 1991, when Croatia and Slovenia declared their independence, and was shortly followed by Macedonia’s independence. Nearly a year later, Bosnia and Herzegovina became an independent state, too. It subsequently suffered a three-year war, which resulted from this break-up of Yugoslavia and claimed thousands of casualties. Nowadays, Bosnia-Herzegovina is a presidential republic, divided into 3 administrative divisions: the ethnically mixed Brcko District, the predominantly Bosniak-Croat Federation of Bosnia and Herzegovina, and the predominantly Serb Republic of Srpska. The official languages are Bosnian, Serbian, and Croatian. In September 2007, Bosnia-Herzegovina became a member of the Central European Free Trade Agreement.
The country’s economy has been struggling since the start of the economic crisis, and only after 2013 did it manage to show economic stability and a positive economic growth. One factor in its economy regaining momentum is certainly tourism, which contributed a significant share to the country's GDP generation, as visitor numbers increased over the years. In 2015, gross domestic product of Bosnia and Herzegovina increased by around 3.07 percent compared to the previous year, and it is expected to increase even more over the next few years. Apart from tourism contributing to GDP, manufacturing and mining are among the most developed industries, which produce the country's most exported commodities. Bosnia-Herzegovina's most important trade partner is Germany with a share of more than 12 percent in imports and almost 17 percent in all exports.