Serbia Economy
Is Serbia a wealthy country?
GDP and Growth: Serbia has a mixed economy, with various sectors contributing to its GDP. In recent years, Serbia has experienced moderate economic growth, with GDP growth rates typically ranging from 3% to 5% annually. The COVID-19 pandemic has had some impact on the economy, causing a temporary contraction in 2020, but the economy has shown signs of recovery since then.
Industry and Services: Serbia's economy is diversified, with key sectors including manufacturing, agriculture, mining, energy, information technology, tourism, and services. The automotive industry, particularly vehicle manufacturing, is a significant contributor to Serbia's exports and industrial output. The services sector, including finance, telecommunications, and tourism, also plays an important role in the economy.
Foreign Trade: Serbia has a relatively open economy and actively engages in foreign trade. The European Union (EU) is Serbia's largest trading partner, with significant exports of manufactured goods, agricultural products, and raw materials. Serbia's trade relations with other countries, including China and Russia, also contribute to its foreign trade.
Investment Climate: Serbia has been working to improve its business environment and attract foreign investment. The government has implemented various reforms to streamline business regulations, reduce bureaucracy, and enhance investor confidence. Foreign direct investment (FDI) has been increasing in sectors such as manufacturing, energy, infrastructure, and services.
Infrastructure Development: Serbia has been investing in infrastructure projects to improve transportation, energy, telecommunications, and other key sectors. Infrastructure development is seen as crucial for economic growth, attracting investment, and enhancing regional connectivity. Projects such as highway construction, railway modernization, and energy infrastructure upgrades are underway.
Challenges: Despite progress, Serbia faces several economic challenges. Unemployment remains relatively high, particularly among youth and long-term unemployed. Income inequality and poverty are also significant issues. Additionally, Serbia's economy is vulnerable to external factors such as global economic trends, geopolitical tensions, and natural disasters.
EU Accession: Serbia has been pursuing closer ties with the European Union and aims to eventually join the EU. Accession to the EU could bring benefits such as increased trade, investment, and access to EU funding programs. However, the accession process also involves implementing reforms, meeting EU standards, and addressing various economic and political criteria.
Serbia Economy Data
What is the GDP of Serbia?
| Currency Name and Code | Serbia Dinar (CSD) |
| GDP - Gross Domestic Product (PPP) | $125,800,000,000 (USD) |
| GDP - official exchange rate | $36,560,000,000 (USD) |
| GDP - real growth rate | 0.5% |
| GDP Per Capita | $13,600.00 (USD) |
| GDP by Sector- agriculture | 10.4% |
| GDP by Sector- Industry | 38.5% |
| GDP by Sector- services | 51.1% |
| GDP - composition, by end use |
household consumption: 81% government consumption: 17.9% investment in fixed capital: 17.8% investment in inventories: -10.1% exports of goods and services: 46% imports of goods and services: -52.6% |
| Population Below Poverty Line | 8.8% |
| Inflation Rate | 10.3% |
| Labor Force | 2,950,000 |
| Labor Force By Occupation- agriculture | 23.9% |
| Labor Force By Occupation- industry | 16.5% |
| Labor Force By Occupation- services | 59.6% |
| Unemployment Rate | 19.2% |
| Annual Budget | $16,470,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -4.9% |
| Public Debt (% of GDP) | 53.1% |
| Taxes and other revenues - percent of GDP | 40% |
| Major Industries | machine building (aircraft, trucks, and automobiles; tanks and weapons; electrical equipment; agricultural machinery); metallurgy (steel, aluminum, copper, lead, zinc, chromium, antimony, bismuth, cadmium); mining (coal, bauxite, nonferrous ore, iron ore, limestone); consumer goods (textiles, footwear, foodstuffs, appliances); electronics, petroleum products, chemicals, and pharmaceuticals |
| Industrial Growth Rate | 3.2% |
| Agriculture Products | cereals, fruits, vegetables, tobacco, olives; cattle, sheep, goats |
| Child Labor - % of children ages 5-14 | 4% |
| Child Labor - # of children ages 5-14 | 36,141 |
| Commercial Bank Prime Lending Rate | 13.85% |