Serbian town in the winter

Serbia Economic Data & Projections

Serbia's Macroeconomic Analysis:

Nominal GDP of USD 75.2 billion in 2023.

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.

GDP per capita of USD 11,322 compared to the global average of USD 10,589.

Average real GDP growth of 2.7% over the last decade.

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

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

Sector Analysis

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

Main Economic Indicators

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.

Economic situation in Serbia

A flash estimate revealed that annual GDP growth slowed to 3.1% in Q3 from 4.0% in Q2. Absent a detailed breakdown, high-frequency data hints that private spending caused the deceleration; retail sales growth slowed in the quarter. Additionally, the external sector seemingly dented the reading, as the merchandise trade deficit widened in Q3. Shifting to Q4, our panelists expect the economy to regain some momentum. That said, in October economic sentiment dipped below Q3’s average, calling for caution. In other news, on 1 November, a train station roof caved in, causing over a dozen fatalities and spurring anti-government protests. Shortly after, the construction and trade ministers resigned, though the government as a whole is unlikely to collapse. Meanwhile, in early November, the government unveiled the 2025 budget, which envisages a fiscal deficit of 3.0% of GDP.

Serbia Economic Forecasts

Projections out to 2034.

52 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 27 expert analysts.

Want to get insight on the economic outlook for Serbia in the coming years? FocusEconomics collects projections out to 2034 on 52 economic indicators for Serbia from a panel of 27 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 Indicators

2019 2020 2021 2022 2023
Population (million) 6.9 6.9 6.8 6.7 6.6
GDP (USD bn) 53.9 55.9 66.1 66.8 81.3
GDP per capita (USD) 7,754 8,101 9,674 10,017 12,276
GDP (EUR bn) 48.1 49.0 55.9 63.5 75.2
GDP per capita (EUR) 6,928 7,106 8,184 9,529 11,354
GDP (RSD bn) 5,669 5,764 6,576 7,459 8,818
Economic Growth (Nominal GDP, ann. var. %) 7.2 1.7 14.1 13.4 18.2
Economic Growth (GDP, ann. var. %) 4.8 -1.0 7.9 2.6 3.8
Domestic Demand (ann. var. %) 6.2 -0.9 7.5 3.2 1.0
Private Consumption (ann. var. %) 3.6 -2.0 7.6 3.5 0.6
Government Consumption (ann. var. %) 3.7 3.2 4.2 1.3 -2.4
Fixed Investment (ann. var. %) 16.9 -1.4 14.7 2.2 9.7
Exports (G&S, ann. var. %) 7.3 -4.6 20.4 17.0 2.7
Imports (G&S, ann. var. %) 9.8 -4.0 17.7 16.2 -1.6
Industrial Production (ann. var. %) 0.2 0.4 6.1 1.6 2.4
Retail Sales (ann. var. %) 9.7 4.9 10.8 6.1 -2.0
Unemployment (% of active population, aop) 10.4 9.0 11.1 9.6 9.4
Fiscal Balance (% of GDP) -0.2 -7.7 -3.9 -3.0 -2.1
Public Debt (% of GDP) 49.7 54.4 53.9 52.4 48.0
Money (ann. var. of M2 %) 16.6 30.9 13.8 6.1 21.6
Inflation (CPI, ann. var. %, eop) 1.8 1.3 7.9 15.1 7.6
Inflation (CPI, ann. var. %, aop) 1.8 1.6 4.1 12.0 12.4
Inflation (Core, ann. var. %, aop) 1.3 1.6 2.3 7.1 9.3
Key Policy Rate (%, eop) 2.25 1.00 1.00 5.00 6.50
3-Month BELIBOR (%, eop) 1.64 0.90 0.94 4.95 5.71
Exchange Rate (RSD per USD, eop) 104.75 96.08 103.39 109.93 106.13
Exchange Rate (RSD per USD, aop) 105.27 103.14 99.46 111.74 108.45
Exchange Rate (RSD per EUR, eop) 118 118 118 117 117
Exchange Rate (RSD per EUR, aop) 118 118 118 117 117
Current Account Balance (EUR bn) -3.2 -1.9 -2.2 -4.3 -1.8
Current Account Balance (% of GDP) -6.6 -3.9 -4.0 -6.7 -2.4
Merchandise Trade Balance (EUR bn) -5.6 -5.2 -6.0 -9.5 -6.6
Merchandise Exports (EUR bn) 16.4 16.1 21.0 27.0 27.9
Merchandise Imports (EUR bn) 22.0 21.3 27.0 36.4 34.5
Merchandise Exports (ann. var. %) 8.5 -1.8 30.3 28.3 3.5
Merchandise Imports (ann. var. %) 9.1 -3.2 26.7 34.8 -5.2
Foreign Direct Investment (EUR bn) 3.8 2.8 4.0 4.3 4.4
International Reserves (EUR bn) 13.4 13.5 16.5 19.4 24.9
International Reserves (months of imports) 7.3 7.6 7.3 6.4 8.7
External Debt (EUR bn) 28.3 30.8 36.5 41.9 45.4
External Debt (% of GDP) 58.7 62.8 65.2 66.0 60.4
Free Sample Report

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