Economy of Serbia
New Belgrade, financial center of Serbia.
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| Currency | Serbian dinar (RSD) |
|---|---|
| Calendar year | |
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Trade organisations
|
CEFTA, BSEC |
| Statistics | |
| GDP |
 $107.131 billion (2017, PPP)$37.739 billion (2017, Nominal) |
| GDP rank | 58th (nominal) / 79th (PPP) |
|
GDP growth
|
+2.75% (real 2016)3-4% (expect 2017) |
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GDP per capita
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$15,320 (2017, PPP) $5,396 (2017, Nominal) |
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GDP by sector
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services: 51.1% industry: 38.5% agriculture: 10.4% (2015 est.) |
 1.9% (2015) |
|
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Population below poverty line
|
6.2% (2014) |
| 31.7 (2014) | |
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Labour force
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2.9 million (2015 est.) |
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Labour force by occupation
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services: 62.5% agriculture: 21.9% industry: 15.6% (2014 est.) |
| Unemployment |
13.8% (2017) |
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Average gross salary
|
67,464 RSD monthly (April 2016) $612 monthly (April 2016) |
|
49,249 RSD monthly (April 2016) $447 monthly (April 2016) |
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Main industries
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motor vehicle, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals |
|
59th (2016) 47th (2017) |
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| External | |
| Exports |
$14.883 billion (2016) |
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Main export partners
|
 Italy $2.169bn Germany $1.940bn Bosnia and Herzegovina $1.241bn Romania $0.852bn Russia $0.795bn (2016) |
| Imports |
$19.246 billion (2016) |
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Import goods
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motor vehicles ($2.163bn), oil ($1.808bn), electrical machines ($0.813bn), natural gas ($0.807bn), medical products ($0.700bn) |
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Main import partners
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Germany $2.476bn Italy $1.986bn China $1.604bn Russia $1.511bn Hungary $0.882bn (2016) |
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FDI stock
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$29.8 billion (From 2000-2013) |
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Gross external debt
|
$36.09 billion (31 December 2014 est.)
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| Public finances | |
|
65.7% of GDP (27 July 2017 est.) |
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| Revenues |
$14.91 bn (2015 est.) |
| Expenses |
$16.40 bn (2015 est.) |
| Economic aid | $3.49 billion of EU IPA funding (2001–2014) |
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|
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Foreign reserves
|
$11.68 billion (December 2015)
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The economy of Serbia is the 84th or 79th largest in the world at $37.739 billion or $107.131 billion by nominal gross domestic product or purchasing power parity respectively. Its economy is mostly based on various services (51.1% of GDP), industry (38.5% of GDP) and agriculture (10.4% of GDP). In the late 1980s, at the beginning of the process of economic transition from a planned economy to a market economy, Serbia's economy had a favorable position, but it was gravely impacted by economic sanctions from 1992 to 1995.
After the ousting of former Yugoslav President Slobodan Milošević in October 2000, the country went through an economic liberalization process, and experienced fast economic growth. GDP per capita (nominal) went from $1,241 in 2000 to $6,123 in 2014. In March 2012, it became a candidate for the European Union. After years of economy decline due to world financial crisis, in 2011, the economy GDP growth was 2%. Serbia entered a second recession in 2012, causing GDP to decline 1.5% for that year. In 2013, Serbia was among the top ten of European countries in regard to GDP growth, which amounted to 2.6% year on year. As of 2016 estimations, the unemployment rate was at 19.3%. Estimated GDP (nominal) for 2016 calendar year is $43.866 billion, which is $6,123 per capita, while the estimated GDP (PPP) is $100.18 billion, which is $14,047 per capita. Since the 1990s, Serbia has experienced a serious "brain drain", especially during the wars at that time; each year, more than 32,000 people emigrate. Despite the loss, the Serbian diaspora's transfers account between 10% and 15% of Serbia's GDP and significantly increase living standards in some parts of the country.
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