Serbian town in the winter

Serbia Economy

Serbia's economy in numbers:

Nominal GDP of USD 63.5 billion in 2022.

GDP per capita of USD 9,532 compared to the global average of USD 10,589.

Average real GDP growth of 2.4% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 69% of overall GDP, manufacturing 13%, other industrial activity 11%, and agriculture 7%. Looking at GDP by expenditure, private consumption accounted for 65% of GDP in 2021, government consumption 17%, fixed investment 26%, and net exports -8%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2007, manufactured products made up 66% of total merchandise exports, mineral fuels 3%, food 19%, ores and metals 10% and agricultural raw materials 2%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 69% of total merchandise imports, mineral fuels 17%, food 6%, ores and metals 6% and agricultural raw materials 2%, with other goods accounting for 0% of the total. Total exports were worth USD 28 billion in 2022, while total imports were USD 38 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.3% in the decade to 2022. To read more about GDP growth in Serbia, go to our dedicated page.

Fiscal policy:

Serbia's fiscal deficit averaged 3.3% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 15.3% in the decade to 2022. For more information on Serbia's unemployment click here.

Inflation:

Inflation averaged 4.0% in the decade to 2022. Go to our Serbia inflation page for extra insight.

Monetary Policy:

Serbia's monetary policy rate ended 2022 at 5.00%, down from 11.25% a decade earlier. See our Serbia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the dinar weakened by 22.5% vs the U.S. dollar. For more info on the dinar, click here.
Preliminary national accounts data revealed that GDP growth accelerated to 3.8% year on year in Q4 from 3.6% in Q3. The statistical office did not release a detailed breakdown, but monthly data suggests that private consumption spearheaded the improvement: In Q4, retail sales rebounded strongly amid receding inflation. On the flip side, trade data points to a softer contribution of the external sector. Our panelists project healthy-albeit-slower growth in Q1, with early data showing that economic sentiment ticked down but remained upbeat in January. In other news, in late January, the country signed a memorandum of understanding with two Chinese companies for solar, wind and hydrogen projects worth EUR 2 billion. Construction is set to start in 2025 and be fully operational by 2028. This bodes well for investment, the green transition and energy security.
Projections out to 2033.

49 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 24 expert analysts.

Want to get insight on the economic outlook for Serbia in the coming years? FocusEconomics collects projections out to 2033 on 49 economic indicators for Serbia from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Serbia economy. To download a sample report on the Serbia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Serbia Economic Data

2018 2019 2020 2021 2022
Population (million) 7.0 6.9 6.9 6.8 6.7
GDP (USD bn) 50.6 51.5 53.4 63.1 63.5
GDP per capita (USD) 7,249 7,416 7,736 9,227 9,532
GDP (EUR bn) 42.9 46.0 46.8 53.3 60.4
GDP per capita (EUR) 6,144 6,625 6,786 7,806 9,068
GDP (RSD bn) 5,073 5,422 5,504 6,272 7,098
Economic Growth (Nominal GDP, ann. var. %) 6.6 6.9 1.5 13.9 13.2
Economic Growth (GDP, ann. var. %) 4.5 4.3 -0.9 7.7 2.5
Domestic Demand (ann. var. %) 6.5 6.3 -0.9 7.7 3.6
Private Consumption (ann. var. %) 3.1 3.7 -1.9 7.9 3.9
Government Consumption (ann. var. %) 3.7 1.9 2.8 4.1 0.4
Fixed Investment (ann. var. %) 17.5 17.2 -1.9 15.7 1.9
Exports (G&S, ann. var. %) 7.5 7.7 -4.2 20.5 16.6
Imports (G&S, ann. var. %) 10.8 10.7 -3.6 18.3 16.1
Industrial Production (ann. var. %) 1.5 0.2 0.4 6.1 1.6
Retail Sales (ann. var. %) 4.1 9.7 4.9 10.8 6.1
Unemployment (% of active population, aop) 13.7 11.2 9.7 11.2 9.6
Fiscal Balance (% of GDP) 0.6 -0.2 -8.0 -4.1 -3.2
Public Debt (% of GDP) 53.6 51.9 57.0 56.5 55.1
Money (ann. var. of M2 %) 16.7 16.6 30.9 13.8 6.1
Inflation (CPI, ann. var. %, eop) 2.0 1.8 1.3 7.9 15.1
Inflation (CPI, ann. var. %, aop) 2.0 1.8 1.6 4.1 12.0
Inflation (Core, ann. var. %, aop) 1.0 1.3 1.6 2.3 7.1
Key Policy Rate (%, eop) 3.00 2.25 1.00 1.00 5.00
3-Month BELIBOR (%, eop) 3.03 1.64 0.90 0.94 4.95
Exchange Rate (RSD per USD, eop) 103.49 104.75 96.08 103.39 109.93
Exchange Rate (RSD per USD, aop) 100.21 105.27 103.14 99.46 111.74
Exchange Rate (RSD per EUR, eop) 118 118 118 118 117
Exchange Rate (RSD per EUR, aop) 118 118 118 118 117
Current Account Balance (EUR bn) -2.1 -3.2 -1.9 -2.2 -4.3
Current Account Balance (% of GDP) -4.9 -6.9 -4.1 -4.2 -7.1
Merchandise Trade Balance (EUR bn) -5.1 -5.6 -5.2 -6.0 -9.5
Merchandise Exports (EUR bn) 15.1 16.4 16.1 21.0 27.0
Merchandise Imports (EUR bn) 20.2 22.0 21.3 27.0 36.4
Merchandise Exports (ann. var. %) 7.4 8.5 -1.8 30.3 28.3
Merchandise Imports (ann. var. %) 11.6 9.1 -3.2 26.7 34.8
Foreign Direct Investment (EUR bn) 3.9 4.1 3.2 4.5 5.1
International Reserves (EUR bn) 11.3 13.4 13.5 16.5 19.4
International Reserves (months of imports) 6.7 7.3 7.6 7.3 6.4
External Debt (EUR bn) 26.7 28.3 30.8 36.5 41.9
External Debt (% of GDP) 62.1 61.4 65.8 68.4 69.3

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