Serbian town in the winter

Serbia Investment

Serbia Investment

Fixed Investment in Serbia

The Serbian economy recorded an average growth rate of 5.1% in fixed investment in the decade to 2022, above the 2.0% average for Eastern Europe. In 2022, fixed investment growth was -0.6%. For more investment information, visit our dedicated page.

Serbia Investment Chart

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

Serbia Investment Data

2018 2019 2020 2021 2022
Fixed Investment (ann. var. %) 17.5 17.2 -1.9 15.7 1.9

GDP growth ticks up in Q4

According to a flash estimate, GDP growth accelerated to 3.8% year on year in Q4 2023 from 3.6% in the third quarter. The print was broadly in line with market expectations.

Absent a detailed breakdown, monthly data suggests that private consumption led the improvement, as retail sales rebounded in the quarter amid lower price pressures. On the flip side, softer growth in industrial output likely capped the overall improvement. Lastly, trade data hints at a weaker contribution from the external sector: Merchandise exports fell at a faster clip, while the downturn in imports softened. A full breakdown is set to be published on 29 February.

Mate Jelic, analyst at Erste Bank, commented on the outlook: “Consumption should become the main driver of GDP growth in 2024, as disinflation and wage growth boosts real disposable income and credit conditions improve. Moderate boost to growth is expected from the investment side as well. The new EU growth plan for the Western Balkans represents a unique and lucrative opportunity for Serbia to make decisive steps towards EU accession and frontload some of the benefits of EU membership.”

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 investment projections for the next ten years from a panel of 9 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 investment forecast available for Serbian investment.

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

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

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