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.
Basic Information
Government Type: Parliamentary republic
Capital City: Belgrade (Beograd)
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank | National Bank of Serbia |
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Currency | Serbian dinars (RSD) |
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 |
GDP (Purchasing Power Parity) |
USD 146.55 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP Data
Real GDP growth |
2017 2.1% 2018 4.5% 2019 4.2% 2020* -1% 2021* 6.5% *Estimate |
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GDP per capita – current prices |
USD 8,793.84 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP per capita – PPP |
USD 21,242.55 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (PPP) – share of world total |
0.10% (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP – composition by sector |
agriculture: 6.5% industry: 24.8% services: 51.5% (2016 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | N/A |
Inflation |
2017 3.1% 2018 2% 2019 1.9% 2020* 1.6% 2021* 3% *Estimate |
Serbia
Inflation & Debt
Inflation |
2017 3.1% 2018 2% 2019 1.9% 2020* 1.6% 2021* 3% *Estimate |
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Government Bond Ratings |
Standard & Poor’s: BB+ Moody’s: Ba2 Standard & Poor’s / Moody’s (Updated January 2017) |
Unemployment rate |
2017 14.1% 2018 13.3% 2019 10.9% 2020* 9.5% 2021* 9.3% *Estimate |
Household saving rates | N/A |
Public debt (General government gross debt as a % of GDP) |
2017 58.6% 2018 54.4% 2019 52.8% 2020* 58.4% 2021* 59.9% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2017 3.9% 2018 3% 2019 2% 2020* -5.3% 2021* -4.6% *Estimate |
Market value of publicly traded shares |
USD 4.1 billion (2011) World Bank / Market capitalization |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
48.2% (2020) World Bank – World Development Indicators (updated Feb 2022) |
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Shares in world total merchandising export |
0.11% (2020) |
Shares in world total commercial services export | 0.1% (2020) |
Total exports | USD 26.6 billion (2020 estimate) |
Export commodities | Insulated wiring, tires, corn, cars, iron products, copper (2019) |
Total imports | USD 30.8 billion (2020 estimate) |
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) |
Competitiveness & Trade
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 |
FDI inflows |
2019 USD 4.1 billion 2020 USD 4.3 billion 2021 USD 3.4 billion |
FDI Outflows |
2019 USD 4.1 billion 2020 USD 4.3 billion 2021 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 |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
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 |
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 |
Population & Geographic Data
Total Area | 77,474 sq |
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Total Population |
1990 7.6 Million 2000 7.5 Million 2010 7.3 Million 2015 7.1 Million 2020 6.9 Million |
Urban population as % of total population |
1960 29.1% 1980 46.1% 2000 52.8% 2020 56.4% |
Population median age | 43.4 (2021 estimate) |
Population growth rate | -0.75% (2022 est.) |
Life expectancy |
74.2 years (2020 estimate) CIA World Factbook / Life expectancy |
% 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) |
Freedom House rating |
Total score: 62/100 Status: Partly Free Political Rights: 21/40 Civil Liberties: 41/60 (2022) |
Total telephone subscribers as % of population |
Fixed: 37.4% Mobile: 120.2% (2020) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population | 78.4% (2020) |
Language & Religon
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.) |
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Literacy |
Total population: 99.5% Male: 99.9% Female: 99.1% (2019) Definition: age 15 and over can read and write |
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.) |
World Rankings
Population | 6.9 million |
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Mercer Cost of living index | N/A |
C02 Emissions per capita |
6.5 metric tons per capita (2018) World Bank / CO2 emissions |
Global Finance Rankings & Awards: Serbia
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000