Economy of Serbia explained

Country:	Serbia
Currency:	Serbian dinar (RSD, дин)
Year:	Calendar year
Organs:	CEFTA, BSEC, AIIB, Open Balkan, World Bank, IMF, WTO (Observer)
Group:	Developing/Emerging^[1] Upper-middle income economy^[2]
Population:	6,641,197 (2023)^[3]
Gdp:	$81.873 billion (nominal, 2024 est.) $185.014 billion (PPP, 2024 est.)
Gdp Rank:	81st (nominal, 2023 est.) 80th (PPP, 2023 est.)
Growth:	(2023)  (2024)  (2025)
Per Capita:	$12,384 (nominal, 2024)^[4] $27,985 (PPP, 2024)
Per Capita Rank:	77th (nominal, 2023 est.) 67th (PPP, 2023 est.)
Sectors:	services: 52.0% industry: 25.6% agriculture: 6.5% (2022)^[5]
Components:	Private consumption: 63.07% Public consumption: 10.1% Investments: 24.20% (2020)
Inflation:	5% (2024)^[6]
Poverty:	20.0% (2021)^[7] 28.1% at risk of poverty or social exclusion (AROPE, 2022)^[8]
Gini:	32.0 (2022)^[9]
Hdi:	0.805 (2022, 56th)^[10] 0.740 (2022, IHDI 45th)^[11]
Cpi:	36 out of 100 points (2023, 104th rank)
Edbr:	44th (very easy, 2020)^[12]
Labor:	2,888,500 (Q3, 2023)^[13] 69.6% employment rate (2023)^[14]
Occupations:	services: 57.1% industry: 28.9% agriculture: 13.9% (2021)^[15]
Unemployment:	9.0% (Q3, 2023)^[16] 306,600 unemployed (Q2, 2023)^[17] 24.7% youth unemployment (Q2, 2022)^[18]
Average Gross Salary:	RSD 140,532 / €1,200 / $1,303 monthly (May 2024)^[19]
Average Net Salary:	RSD 100,170 / €856 / $931 monthly (May 2024)
Industries:	motor vehicle, base metals, food processing, machinery, chemicals, tires, pharmaceuticals
Exports:	$30.934 billion (2023)^[20]
Export-Goods:	motor vehicles ($2.42bn), electrical machines ($2.033bn), non-ferrous metals ($2.005bn), rubber and plastics products ($1.670bn), chemicals and chemical products ($1.193bn)
Export-Partners:	63.2% Bosnia and Herzegovina 6.9% Montenegro 4.3% China 4.0% 3.9% (January–December, 2023)^[21]
Imports:	$39.837 billion (2023)^[22]
Import-Goods:	chemicals and chemical products ($2.408bn), general purpose machinery ($2.100bn), petroleum and natural gas ($1.977bn), motor vehicles ($1.818bn), basic metals ($1.740bn),
Import-Partners:	57.0% China 12.2% Turkey 4.7% 4.3% Bosnia and Herzegovina 2.8% (January–December, 2023)
Current Account:	-913 million (2021)
Fdi:	$52.554 billion (2021 est.) Abroad: NA
Gross External Debt:	$34.4 billion (Januar 2023)
Debt:	47.7% of GDP (Feb 2024)
Revenue:	21.159 billion (2022 est.)
Expenses:	24.485 billion (2022 est.)
Balance:	-3.326 billion (2022 est.)^[23]
Reserves:	$23.1 billion (July 2023)
Aid:	€2.6 billion of EU IPA (2001–2014)^[24] €1.5 billion of EU IPA (2014–2020)^[25] €14.2 billion of EU IPA III (2021–2027) (Includes Western Balkans and Turkey),^[26] €2 billion non-refundable funds €4 billion credit lines (IPA 2021-2027)
Credit:	Standard & Poor's BB+/B (Domestic) BB+/B (Foreign) BBB-(T&C Assessment) Outlook: Positive]^[27] Moody's Ba2 (Domestic) B1 (Foreign) Outlook: Positive^[28] Fitch BB+^[29] Outlook: Positive^[30] Scope Ratings:^[31] BB+ (Local-currency) BB+ (Foreign-currency) Outlook: Positive
Gdp - Composition, By End Use:	household consumption: 78.2% (2017 est.) government consumption: 10.1% (2017 est.) investment in fixed capital: 18.5% (2017 est.) investment in inventories: 2% (2017 est.) exports of goods and services: 52.5% (2017 est.) imports of goods and services: -61.3% (2017 est.)Web site: https://www.cia.gov/the-world-factbook/countries/serbia/#economy .

Notes and References

1. Web site: World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information October 2020 . . IMF.org . 17 October 2020.
2. Web site: World Bank Country and Lending Groups . . datahelpdesk.worldbank.org . 29 September 2019.
3. Web site: Statistical Office of the Republic of Serbia .
4. Web site: World Economic Outlook database: April 2024 . International Monetary Fund.
5. Web site: Serbia: Share of economic sectors in the gross domestic product (GDP) from 2011 to 2021. Statista.
6. Web site: Uvoz/Izvoz 2021: Ovo su rezultati za prvih 10 meseci! . 2 December 2021 .
7. Web site: Poverty and Social Inequality, 2022 . . . 16 November 2023. 27 February 2024.
8. Web site: Persons at risk of poverty or social exclusion by age and sex . . ec.europa.eu . 10 September 2023.
9. Web site: Gini coefficient of equivalised disposable income - EU-SILC survey . . ec.europa.eu . 10 September 2023.
10. Web site: Human Development Index (HDI) . . hdr.undp.org . 13 March 2024.
11. Web site: Inequality-adjusted HDI (IHDI) . hdr.undp.org . . 12 October 2022.
12. Web site: Rankings. World Bank. 21 June 2019.
13. Web site: Labour Force Survey, III quarter 2023. SORS.
14. Web site: Employment rate by sex, age group 20-64 . . ec.europa.eu/eurostat . 20 July 2024.
15. Web site: Employment by economic sector in Serbia 2021 . 2021. 2023-09-10. Statista.
16. Web site: Labour Force Survey, III quarter 2023 .
17. Web site: Labour Force Survey, III quarter 2023, SORS. www.stat.gov.rs.
18. Web site: Youth unemployment rate by sex, age (15-24) . . 12 May 2022.
19. Web site: Statistical Release .
20. Web site: Спољнотрговински робни промет – децембар 2023.; Републички завод за статистику Србије. www.stat.gov.rs.
21. Web site: Statistics of external trade. 31 December 2023.
22. Web site: Спољнотрговински робни промет – децембар 2023.; Републички завод за статистику Србије. www.stat.gov.rs.
23. Web site: The World Factbook . . CIA.gov . 18 August 2019.
24. Web site: Serbia to get EUR 178.7 million under IPA. b92.net. 24 December 2013 . 2 August 2014.
25. Web site: EUR 1.5 billion from IPA funds available until 2020. b92.net. 29 August 2017 . 29 August 2017.
26. Web site: Enlargement region: European Commission welcomes final adoption of EU's new €14 billion pre-accession assistance budget for 2021-2027 . europa.eu. 10 September 2023.
27. Web site: Republic of Serbia's long-term credit rating. www.//https://disclosure.spglobal.com. 6 April 2024.
28. Web site: Republic of Serbia's long-term credit rating. www.nbs.rs. 21 June 2019.
29. Web site: Fitch — Complete Sovereign Rating History. 4 August 2014.
30. News: Fitch Revises Serbia's Outlook to Positive; Affirms at 'B+'. Reuters . 18 December 2015. 21 June 2019. www.reuters.com.
31. Web site: Scope affirms Serbia's BB+ ratings and revises Outlook to Positive. www.scoperatings.com. 26 July 2024.