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Economy of Serbia

Economy of Serbia
Belgrade Waterfront
CurrencySerbian dinar (RSD, дин)
Calendar year
Trade organisations
CEFTA, BSEC, AIIB, Open Balkan, World Bank, IMF, WTO (Observer)
Country group
Statistics
Population6,641,197 (2023)[3]
GDP
  • Increase $81.873 billion (nominal, 2024 est.)[4]
  • Increase $185.014 billion (PPP, 2024 est.)[4]
GDP rank
GDP growth
  • +7.5% (2021)[4]
  • +2.6% (2022)[4]
  • +2.8% (2023)[4]
  • +4.6% (2024f)[4]
GDP per capita
  • Increase $12,385 (nominal, 2024)[4]
  • Increase $27,985 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
  • services: 51.4%
  • industry: 25.0%
  • agriculture: 6.3%
  • (2021)[5]
GDP by component
  • Private consumption: 63.07%
  • Public consumption: 10.1%
  • Investments: 24.20% (2020 CIA Factbook)
7.6% (2023)[4]
Population below poverty line
Positive decrease 20.0% (2021)[6]
Steady 33.3 medium (2021, Eurostat)[7]
Labour force
  • Increase 2,888,500 (Q3, 2023)[10]
  • Increase 50.7% employment rate (Q3, 2023)[11]
Labour force by occupation
  • services: 57.1%
  • industry: 28.9%
  • agriculture: 13.9%
  • (2021)[12]
Unemployment
  • Positive decrease 9.0% (Q3, 2023)[13]
  • Positive decrease 306,600 unemployed (Q2, 2023)[11]
  • Positive decrease 24.7% youth unemployment (Q2, 2022)[14]
Average gross salary
RSD 132,372 / €1,132 / $1,234 monthly
(January 2024)[15]
RSD 95,836 / €820 / $894 monthly
(January 2024)[15]
Main industries
motor vehicle, base metals, food processing, machinery, chemicals, tires, pharmaceuticals
External
ExportsIncrease $29.058 billion (2022)[16]
Export goods
motor vehicles ($2.42bn), electrical machines ($2.033bn), non-ferrous metals ($2.005bn), rubber and plastics products ($1.670bn), chemicals and chemical products ($1.193bn)
Main export partners
ImportsIncrease $41.148 billion (2022)[16]
Import goods
chemicals and chemical products ($2.408bn), general purpose machinery ($2.100bn), petroleum and natural gas ($1.977bn), motor vehicles ($1.818bn), basic metals ($1.740bn),
Main import partners
FDI stock
  • Increase $52.554 billion (2021 est.)
  • Steady Abroad: NA
Increase -913 million (2021)
Increase $34.4 billion (Januar 2023)
Public finances
Positive decrease 47.7% of GDP (Feb 2024)[19]
-3.326 billion (2022 est.)[20]
Revenues21.159 billion (2022 est.)[20][note 1]
Expenses24.485 billion (2022 est.)[20]
Economic aid€2.6 billion of EU IPA (2001–2014)[21]
€1.5 billion of EU IPA (2014–2020)[22]
€14.2 billion of EU IPA III (2021–2027) (Includes Western Balkans and Turkey),[23] €2 billion non-refundable funds €4 billion credit lines (IPA 2021-2027)
Increase $23.1 billion (July 2023)[29]

All values, unless otherwise stated, are in US dollars.
Economy of Serbia
Coat of arms of Serbia
Overview
Sectors
Serbia topics

The economy of Serbia is a service-based upper-middle income economy in the Central Europe, with the tertiary sector accounting for two-thirds of total gross domestic product (GDP). The economy functions on the principles of the free market. Nominal GDP in 2024 is projected to reach $81.873 billion, which is $12,385 per capita, while GDP based on purchasing power parity (PPP) stood at $185.014 billion, which is $27,985 per capita.[4] The strongest sectors of Serbia's economy are energy, the automotive industry, machinery, mining, and agriculture.[30] The country's primary industrial exports are automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, and pharmaceuticals.[20] Trade plays a major role in Serbian economic output. The main trading partners are Germany, Italy, Russia, China, and neighbouring Balkan countries.[20]

Belgrade is the capital and economic heart of Serbia and home to most major Serbian and international companies operating in the country, as well as the National Bank of Serbia and the Belgrade Stock Exchange. Novi Sad and Niš are the second and third largest cities respectively and the most important economic hubs after Belgrade.

  1. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information October 2020". IMF.org. International Monetary Fund. Retrieved 17 October 2020.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Statistical Office of the Republic of Serbia".
  4. ^ a b c d e f g h i j "Report for Selected Countries and Subjects".
  5. ^ "Serbia: Share of economic sectors in the gross domestic product (GDP) from 2011 to 2021". Statista.
  6. ^ "Poverty and Social Inequality, 2022". Statistical Office of the Republic of Serbia. 16 November 2023. Retrieved 27 February 2024.
  7. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 10 September 2023.
  8. ^ "Human Development Index (HDI)" (PDF). hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 13 March 2024.
  9. ^ "Inequality-adjusted HDI (IHDI)" (PDF). hdr.undp.org. UNDP. Retrieved 12 October 2022.
  10. ^ "Labour Force Survey, III quarter 2023" (PDF). SORS.
  11. ^ a b "Labour Force Survey, III quarter 2023, SORS" (PDF). www.stat.gov.rs.
  12. ^ "Employment by economic sector in Serbia 2021". Statista. 2021. Retrieved 10 September 2023.
  13. ^ "Labour Force Survey, III quarter 2023" (PDF).
  14. ^ "Youth unemployment rate by sex, age (15-24)". Statistical Office of the Republic of Serbia. Retrieved 12 May 2022.
  15. ^ a b "Statistical Release".
  16. ^ a b "Спољнотрговинска робна размена, за децембар 2022. | Републички завод за статистику Србије". www.stat.gov.rs.
  17. ^ "Statistics of external trade" (PDF). 31 August 2023.
  18. ^ "Statistics of external trade" (PDF). 31 August 2023.
  19. ^ MEСЕЧНИ ИЗВЕШТАЈ Анализа јавног дуга и дуга опште државе [Monthly Report: Analysis of public debt and general government debt] (in Serbian), 1 February 2024
  20. ^ a b c d e "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 18 August 2019.
  21. ^ "Serbia to get EUR 178.7 million under IPA". b92.net. 24 December 2013. Retrieved 2 August 2014.
  22. ^ "EUR 1.5 billion from IPA funds available until 2020". b92.net. 29 August 2017. Retrieved 29 August 2017.
  23. ^ "Enlargement region: European Commission welcomes final adoption of EU's new €14 billion pre-accession assistance budget for 2021-2027". europa.eu. Retrieved 10 September 2023.
  24. ^ a b [http:www.//https://www.disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3149228 "Republic of Serbia's long-term credit rating"]. www.//https://disclosure.spglobal.com. Retrieved 6 April 2024. {{cite web}}: Check |url= value (help)
  25. ^ a b "Republic of Serbia's long-term credit rating". www.nbs.rs. Retrieved 21 June 2019.
  26. ^ "Fitch — Complete Sovereign Rating History". Retrieved 4 August 2014.
  27. ^ "Fitch Revises Serbia's Outlook to Positive; Affirms at 'B+'". Reuters. 18 December 2015. Retrieved 21 June 2019 – via www.reuters.com.
  28. ^ a b "Scope affirms Serbia's credit ratings at BB+ and maintains the Stable Outlook". www.scoperatings.com. Retrieved 28 October 2023.
  29. ^ NBS: Devizne rezerve na kraju jula najveće od 2000. godine, 11 August 2023
  30. ^ "The World Factbook — Central Intelligence Agency". The World Factbook. Central Intelligence Agency. Retrieved 2 April 2019.


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