Serbia - Economy
How is the economy of Serbia? Based on the information we have, Serbia has a upper middle-income Balkan economy; current EU accession candidate; hit by COVID-19; pursuing green growth development; manageable public debt; new anticorruption efforts; falling unemployment; historic Russian relations; energy import-dependent. Key agricultural products in this country include: maize, wheat, sugar beets, milk, sunflower seeds, potatoes, plums, apples, barley, soybeans (2022).
More about the economy of Serbia
| Labor force | 3.333 million (2023 est.) |
|---|---|
| Industrial production growth rate | 3.62% (2023 est.) |
| Industries | automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals |
| Population below poverty line | 21.2% (2020 est.) |
| Taxes and other revenues | 25.11% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Serbian dinars (RSD) per US dollar - |
| Exchange rates 2023 | 108.403 (2023 est.) |
| Exchange rates 2022 | 111.662 (2022 est.) |
| Exchange rates 2021 | 99.396 (2021 est.) |
| Exchange rates 2020 | 103.163 (2020 est.) |
| Exchange rates 2019 | 105.25 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $30.927 billion (2019 est.) |
| Debt - external 2018 | $30.618 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $27.569 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $20.68 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $18.617 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$1.954 billion (2023 est.) |
| Current account balance 2022 | -$4.457 billion (2022 est.) |
| Current account balance 2021 | -$2.654 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 62.5% of GDP (2017 est.) |
| Budget | |
| Revenues | $21.858 billion (2020 est.) |
| Expenditures | $25.72 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 7.68% of GDP (2023 est.) |
| Remittances 2022 | 8.97% of GDP (2022 est.) |
| Remittances 2021 | 7.29% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.5% (2021 est.) |
| Highest 10% | 25.9% (2021 est.) |
| Average household expenditures | |
| On food | 24.1% of household expenditures (2021 est.) |
| On alcohol and tobacco | 8.4% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $48.216 billion (2023 est.) |
| Imports 2022 | $47.395 billion (2022 est.) |
| Imports 2021 | $39.476 billion (2021 est.) |
| Imports (partners) | Germany 11%, China 8%, Hungary 8%, Russia 7%, Italy 6% (2022) |
| Comodities Imports force | electricity, crude petroleum, natural gas, plastic products, packaged medicine (2022) |
| Exports | |
| Imports 2023 | $48.216 billion (2023 est.) |
| Imports 2022 | $47.395 billion (2022 est.) |
| Imports 2021 | $39.476 billion (2021 est.) |
| Exports (partners) | Germany 13%, Bosnia and Herzegovina 7%, Italy 7%, Hungary 6%, Romania 4% (2022) |
| Comodities Exports force | insulated wire, copper ore, plastic products, electricity, rubber tires (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $162.213 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $158.214 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $154.28 billion (2021 est.) |
| GDP (official exchange rate) | $75.187 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $24,500 (2023 est.) |
| Real GDP per capita 2022 | $23,700 (2022 est.) |
| Real GDP per capita 2021 | $22,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.8% (2017 est.) |
| Industry | 41.1% (2017 est.) |
| Services | 49.1% (2017 est.) |
| 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.) |
| Unemployment rate | |
| Unemployment rate 2023 | 8.68% (2023 est.) |
| Unemployment rate 2022 | 8.68% (2022 est.) |
| Unemployment rate 2021 | 10.06% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 24.3% (2023 est.) |
| Male | 23.2% (2023 est.) |
| Female | 26.1% (2023 est.) |
All Important Facts about Serbia
Want to know more about Serbia? Check all different factbooks for Serbia below.
