Serbian town in the winter

Serbia GDP

Serbia GDP

Economic Growth in Serbia

The Serbian economy recorded an average growth rate of 2.6% in the decade to 2022, slightly above the 2.5% average for Eastern Europe. In 2022, Serbia's real GDP growth was 2.3%. For more GDP information, visit our dedicated page.

Serbia GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Serbia from 2014 to 2023.
Source: Statistical Office Serbia.

Serbia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 4.5 4.3 -0.9 7.7 2.5
GDP (USD bn) 50.6 51.5 53.4 63.1 63.5
GDP (EUR bn) 42.9 46.0 46.8 53.3 60.4
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

Economy gains traction in Q1

According to a preliminary release, annual GDP growth accelerated to 4.6% in Q1 2024 from 3.8% in Q4 2023. The outturn was markedly above market expectations.

The statistical office did not provide a comprehensive breakdown, but monthly data hints that private spending was in the driver’s seat: Retail sales rose at a faster pace in Q1 than in Q4 as inflation cooled throughout the quarter. Moreover, industrial output gathered steam, and a narrowing trade deficit suggests that the external sector was less of a drag. A detailed breakdown is scheduled to be published on 31 May.

Alen Kovac, analyst at Erste Bank, commented on the outlook: “Consumption is expected to be the main driver of GDP growth in 2024. Disinflation and double-digit wage growth are expected to boost real disposable income, while credit conditions are set to improve throughout the year. Despite earlier estimates predicting sluggish growth due to weak performance in key EU partners, industry is showing promising level of activity.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Serbian GDP projections for the next ten years 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Serbian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Serbian GDP projections.

Want to get access to the full dataset of Serbian GDP forecasts? Send an email to

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