Countries
Serbia
Key Economic Indicators
$216.25 billion
$32,832
3.95%
4.67%
7.12%
$89.084 billion (2024 est.)
73.1% of GDP (2016 est.)
$-4,104,883,017
Economic Overview
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
All Economic Data
Agricultural products
maize, wheat, sugar beets, milk, sunflower seeds, soybeans, potatoes, barley, apples, plums (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
7.8% of household expenditures (2023 est.)
On food:
24.1% of household expenditures (2023 est.)
Budget
Expenditures:
$28.12 billion (2022 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$26.077 billion (2022 est.)
Currency
code:
RSD
name:
Serbian dinar (RSD) [дин.]
Current account balance
$-4,104,883,017
Current account balance 2021:
-$2.654 billion (2021 est.)
Current account balance 2022:
-$4.457 billion (2022 est.)
Current account balance 2023:
-$1.947 billion (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$51.98 billion
Debt - external 2023:
$21.726 billion (2023 est.)
Note:
<strong>note:</strong> present value of external debt in current US dollars
Exchange rates
Currency:
Serbian dinars (RSD) per US dollar -
Exchange rates 2020:
103.163 (2020 est.)
Exchange rates 2021:
99.396 (2021 est.)
Exchange rates 2022:
111.662 (2022 est.)
Exchange rates 2023:
108.403 (2023 est.)
Exchange rates 2024:
108.208 (2024 est.)
Exports
$48.28 billion
Exports 2021:
$34.035 billion (2021 est.)
Exports 2022:
$39.905 billion (2022 est.)
Exports 2023:
$44.352 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
insulated wire, electricity, copper ore, plastic products, electric motors (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Germany 15%, Hungary 7%, Bosnia & Herzegovina 5%, Italy 5%, Romania 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$5.59 billion
GDP - composition, by end use
Exports of goods and services:
52.7% (2024 est.)
Government consumption:
17.8% (2024 est.)
Household consumption:
62.7% (2024 est.)
Imports of goods and services:
-58.8% (2024 est.)
Investment in fixed capital:
23.6% (2024 est.)
Investment in inventories:
2% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
3.1% (2024 est.)
Industry:
23.3% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
58.5% (2024 est.)
GDP (official exchange rate)
$89.084 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$13,679
Gini Index coefficient - distribution of family income
36.2 (2017)
Gini Index coefficient - distribution of family income 2022:
32.8 (2022 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$84.45 billion
GNI per capita
$11,610
Gross domestic investment
25 % of GDP
Household income or consumption by percentage share
Highest 10%:
24.7% (2022 est.)
Lowest 10%:
2.4% (2022 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$52.38 billion
Imports 2021:
$39.476 billion (2021 est.)
Imports 2022:
$47.395 billion (2022 est.)
Imports 2023:
$48.158 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
crude petroleum, natural gas, packaged medicine, plastic products, cars (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Germany 12%, China 10%, Italy 7%, Turkey 5%, Hungary 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.9% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals
Inflation rate (consumer prices)
4.67%
Inflation rate (consumer prices) 2022:
12% (2022 est.)
Inflation rate (consumer prices) 2023:
12.4% (2023 est.)
Inflation rate (consumer prices) 2024:
4.7% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
3.23 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3.31 million persons
Labor force - by occupation
agriculture:
18.03%
industry:
27.07%
services:
54.9%
Population below poverty line
20% (2021 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
73.1% of GDP (2016 est.)
Real GDP (purchasing power parity)
$216.25 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$164.166 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$170.482 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$177.093 billion (2024 est.)
Real GDP growth rate
3.95%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
2.6% (2022 est.)
Real GDP growth rate 2023:
3.8% (2023 est.)
Real GDP growth rate 2024:
3.9% (2024 est.)
Real GDP per capita
$32,832
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$24,600 (2022 est.)
Real GDP per capita 2023:
$25,700 (2023 est.)
Real GDP per capita 2024:
$26,900 (2024 est.)
Remittances
$5.76 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
6.9% of GDP (2021 est.)
Remittances 2022:
8.5% of GDP (2022 est.)
Remittances 2023:
7.1% of GDP (2023 est.)
Reserves of foreign exchange and gold
$30.48 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$20.68 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$27.569 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$30.484 billion (2024 est.)
Revenue (excl grants)
39 % of GDP
Tax revenue
24 % of GDP
Taxes and other revenues
23.9% (of GDP) (2022 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
7.12%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
8.5% (2022 est.)
Unemployment rate 2023:
8.3% (2023 est.)
Unemployment rate 2024:
7.4% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
24.1% (2024 est.)
Male:
21.8% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
22.7% (2024 est.)
Economic Rankings
External Debt
#29
Inflation Rate
#53
Unemployment Rate
#57
Reserves
#57
Imports
#64
GDP per Capita
#66
Exports
#67
GDP (Nominal)
#74
GDP (PPP)
#77
Gini Index
#96
GDP Growth Rate
#135
Quick Facts
Industries
automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals
Agricultural products
maize, wheat, sugar beets, milk, sunflower seeds, soybeans, potatoes, barley, apples, plums (2023)
Labor force
3.23 million (2024 est.)
Exports - partners
Germany 15%, Hungary 7%, Bosnia & Herzegovina 5%, Italy 5%, Romania 5% (2023)
Imports - partners
Germany 12%, China 10%, Italy 7%, Turkey 5%, Hungary 5% (2023)
Exchange rates
Serbian dinars (RSD) per US dollar -
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