Balkan Spring
Even with investor and public worries about corruption, the dynamic Balkan economies offer opportunities with the promise of EU membership.
Serbia GDP and Economic Data
Includes Serbia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Serbia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Serbia best banks and safest banks are also available.
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International Reserves
USD 16.59 billion (2020)
World Bank, last updated 12/16/2021
Gross Domestic Product - GDP
USD 60.67 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
GDP (Purchasing Power Parity)
USD 146.55 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
Real GDP growth
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 2.1% | 4.5% | 4.2% | –1% | 6.5% |
*Estimate
Source
GDP per capita - current prices
USD 8,793.84 (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
GDP per capita - PPP
USD 21,242.55 (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
GDP (PPP) - share of world total
0.10% (2021 estimate)
IMF - World Economic Outlook, October 2021
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GDP - composition by sector
- agriculture: 6.5%
- industry: 24.8%
- services: 51.5%
(2016 estimate)
Inflation
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 3.1% | 2% | 1.9% | 1.6% | 3% |
*Estimate
Source
Unemployment rate
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 14.1% | 13.3% | 10.9% | 9.5% | 9.3% |
*Estimate
Source
Public debt (General government gross debt as a % of GDP)
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 58.6% | 54.4% | 52.8% | 58.4% | 59.9% |
*Estimate
Source
Public deficit (General government net lending/borrowing as a % of GDP)
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 3.9% | 3% | 2% | –5.3% | –4.6% |
*Estimate
Source
Government bond ratings
Standard & Poor's: BB+
Moody's: Ba2
Standard & Poor's / Moody's (Updated January 2017)
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Market value of publicly traded shares
USD 4.1 billion (2011)
World Bank / Market capitalization
Source
Current account balance
USD -2.5 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
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Current account balance by percentage of GDP
-4.1% (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
Exports as percent of GDP (Exports of goods and services)
48.2% (2020)
World Bank - World Development Indicators (updated Feb 2022)
Shares in world total merchandising export
0.11% (2020)
Shares in world total commercial services export
0.1% (2020)
Export commodities
Insulated wiring, tires, corn, cars, iron products, copper (2019)
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Import commodities
Crude petroleum, cars, packaged medicines, natural gas, refined petroleum (2019)
Exports - major partners
Germany 12%, Italy 10%, Bosnia and Herzegovina 7%, Romania 6%, Russia 5% (2019)
Imports - major partners
Germany 13%, Russia 9%, Italy 8%, Hungary 6%, China 5%, Turkey 5% (2019)
FDI inflows
| 2019 | 2020 | 2021 |
| USD 4.1 billion | USD 4.3 billion | USD 3.4 billion |
FDI outflows
| 2019 | 2020 | 2021 |
| USD 4.1 billion | USD 4.3 billion | USD 3.4 billion |
Value of cross-border M&A, by country of purchaser
N/A
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
(for a monthly update on M&A; click here )
Cross-border M&A deals worth over $3 billion completed in 2015
N/A
(for a monthly update on M&A; click here )
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 44 out of 190 countries (2020)
Subcategories:
Starting a Business: 73 out of 190 countries
Dealing with Construction Permits: 9 out of 190 countries
Getting Electricity: 94 out of 190 countries
Registering Property: 58 out of 190 countries
Getting Credit: 67 out of 190 countries
Protecting Minority Investors: 37 out of 190 countries
Paying Taxes: 85 out of 190 countries
Trading across Borders: 23 out of 190 countries
Enforcing Contracts: 65 out of 190 countries
Resolving Insolvency: 41 out of 190 countries
World Bank - Doing Business 2020
Source
Global competitiveness ranking
Overall ranking: 76 out of 141 countries (2019)
Index of Economic Freedom
Ranking: 59 / Score: 65.2 (Moderately Free)
The Heritage Foundation - 2022 Index of Economic Freedom
Source
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Languages
Serbian (official) 88.1%, Hungarian 3.4%, Bosnian 1.9%, Romani 1.4%, other 3.4%, undeclared or unknown 1.8%; note - Serbian, Hungarian, Slovak, Romanian, Croatian, and Ruthenian (Rusyn) are official in the Autonomous Province of Vojvodina; most ethnic Albanians boycotted the 2011 census (2011 est.)
Religions
Orthodox 84.6%, Catholic 5%, Muslim 3.1%, Protestant 1%, atheist 1.1%, other 0.8% (includes agnostics, other Christians, Eastern, Jewish), undeclared or unknown 4.5% (2011 est.)
Total population
| 1990 | 2000 | 2010 | 2015 | 2020 |
| 7.6 million | 7.5 million | 7.3 million | 7.1 million | 6.9 million |
Source
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2020 |
| 29.1% | 46.1% | 52.8% | 56.4% |
Literacy
Total population: 99.5%
Male: 99.9%
Female: 99.1% (2019)
Definition: age 15 and over can read and write
% of population living on less than $3.10 a day
4% (last available estimate, 2019)
Inequality of wealth distribution (Gini index)
34.5 (last available estimate, 2019)
(0=perfect equality, 100=absolute inequality)
Source
Freedom House rating
Total score: 62/100
Status: Partly Free
Political Rights: 21/40
Civil Liberties: 41/60 (2022)
Source
Total telephone subscribers as % of population
Fixed: 37.4% Mobile: 120.2% (2020)
(fixed-telephone subscribers and mobile-cellular subscribers)
CO2 emissions
6.5 metric tons per capita (2018)
World Bank / CO2 emissions
Source