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Serbia Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Serbia Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Serbia has a transitional economy largely dominated by market forces, but the state sector remains significant in certain areas. The economy relies on manufacturing and exports, driven largely by foreign investment. MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, civil war, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left the economy worse off than it was in 1990. In 2015, Serbia’s GDP was 27.5% below where it was in 1989.After former Federal Yugoslav President MILOSEVIC was ousted in September 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on a market reform program. Serbia renewed its membership in the IMF in December 2000 and rejoined the World Bank and the European Bank for Reconstruction and Development. Serbia has made progress in trade liberalization and enterprise restructuring and privatization, but many large enterprises - including the power utilities, telecommunications company, natural gas company, and others - remain state-owned. Serbia has made some progress towards EU membership, gaining candidate status in March 2012. In January 2014, Serbia's EU accession talks officially opened and, as of December 2017, Serbia had opened 12 negotiating chapters including one on foreign trade. Serbia's negotiations with the WTO are advanced, with the country's complete ban on the trade and cultivation of agricultural biotechnology products representing the primary remaining obstacle to accession. Serbia maintains a three-year Stand-by Arrangement with the IMF worth approximately $1.3 billion that is scheduled to end in February 2018. The government has shown progress implementing economic reforms, such as fiscal consolidation, privatization, and reducing public spending.Unemployment in Serbia, while relatively low (16% in 2017) compared with its Balkan neighbors, remains significantly above the European average. Serbia is slowly implementing structural economic reforms needed to ensure the country's long-term prosperity. Serbia reduced its budget deficit to 1.7% of GDP and its public debt to 71% of GDP in 2017. Public debt had more than doubled between 2008 and 2015. Serbia's concerns about inflation and exchange-rate stability preclude the use of expansionary monetary policy.Major economic challenges ahead include: stagnant household incomes; the need for private sector job creation; structural reforms of state-owned companies; strategic public sector reforms; and the need for new foreign direct investment. Other serious longer-term challenges include an inefficient judicial system, high levels of corruption, and an aging population. Factors favorable to Serbia's economic growth include the economic reforms it is undergoing as part of its EU accession process and IMF agreement, its strategic location, a relatively inexpensive and skilled labor force, and free trade agreements with the EU, Russia, Turkey, and countries that are members of the Central European Free Trade Agreement.

GDP (purchasing power parity):
$106.6 billion (2017 est.) $103.5 billion (2016 est.) $100.7 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 83

GDP (official exchange rate):
$39.37 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2017 est.) 2.8% (2016 est.) 0.8% (2015 est.)
country comparison to the world: 119
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,200 (2017 est.) $14,700 (2016 est.) $14,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 108

Gross national saving:
14.5% of GDP (2017 est.) 14% of GDP (2016 est.) 14.1% of GDP (2015 est.)
country comparison to the world: 128
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 78.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 18.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 49.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -56.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 41.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, maize, sunflower, sugar beets, grapes/wine, fruits (raspberries, apples, sour cherries), vegetables (tomatoes, peppers, potatoes), beef, pork, and meat products, milk and dairy products

Industries:
automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals

Industrial production growth rate:
3.3% (2017 est.)
country comparison to the world: 89
[see also: Industrial production growth rate country ranks ]

Labor force:
2.92 million (2017 est.)
country comparison to the world: 106
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 56.6% (2016 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
16% (2017 est.) 15.9% (2016 est.)
country comparison to the world: 174
[see also: Unemployment rate country ranks ]

Population below poverty line:
8.9% (2014 est.)
[see also: Population below poverty line country ranks ]

Distribution of family income - Gini index:
38.7 (2014 est.) 28.2 (2008 est.)
country comparison to the world: 70
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $16.25 billion
[see also: Budget - revenues country ranks ]
expenditures: $16.93 billion
[see also: Budget - expenditures country ranks ]
note: this is the consolidated budget, including both central government and local goverment budgets (2017 est.)

Taxes and other revenues:
41.3% of GDP (2017 est.)
country comparison to the world: 31
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.7% of GDP (2017 est.)
country comparison to the world: 75
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
71% of GDP (2017 est.) 74% of GDP (2016 est.)
country comparison to the world: 50
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
3.4% (2017 est.) 1.1% (2016 est.)
country comparison to the world: 139
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4% (31 December 2016) 7.5% (12 March 2015)
country comparison to the world: 96
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.6% (31 December 2017 est.) 8.45% (31 December 2016 est.)
country comparison to the world: 112
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.161 billion (31 December 2017 est.) $5.189 billion (31 December 2016 est.)
country comparison to the world: 96
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$21.27 billion (31 December 2017 est.) $18.76 billion (31 December 2016 est.)
country comparison to the world: 89
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$22.51 billion (31 December 2017 est.) $20.22 billion (31 December 2016 est.)
country comparison to the world: 86
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$5.064 billion (31 December 2016 est.) $5.841 billion (31 December 2015 est.) $4.525 billion (31 December 2014 est.)
country comparison to the world: 86
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.586 billion (2017 est.) -$1.516 billion (2016 est.)
country comparison to the world: 149
[see also: Current account balance country ranks ]

Exports:
$14.69 billion (2017 est.) $13.99 billion (2016 est.)
country comparison to the world: 76
[see also: Exports country ranks ]

Exports - commodities:
automobiles, iron and steel, rubber, clothes, wheat, fruit and vegetables, nonferrous metals, electric appliances, metal products, weapons and ammunition

Exports - partners:
Italy 14.6%, Germany 13.1%, Bosnia and Herzegovina 8.3%, Romania 5.7%, Russia 5.4% (2016)

Imports:
$19.24 billion (2017 est.) $17.99 billion (2016 est.)
country comparison to the world: 75
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, raw materials

Imports - partners:
Germany 12.9%, Italy 10.4%, China 8.4%, Russia 7.9%, Hungary 4.6%, Poland 4.4% (2016)

Reserves of foreign exchange and gold:
$10.79 billion (31 December 2017 est.) $10.76 billion (31 December 2016 est.)
country comparison to the world: 73
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$30.6 billion (31 December 2017 est.) $30.38 billion (31 December 2016 est.)
country comparison to the world: 80
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$41.52 billion (31 December 2016 est.) $11.95 billion (31 December 2015 est.)
country comparison to the world: 62
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Serbian dinars (RSD) per US dollar - 112.4 (2017 est.) 111.278 (2016 est.) 111.278 (2015 est.) 108.811 (2014 est.) 88.405 (2013 est.)


NOTE: 1) The information regarding Serbia on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Serbia Economy 2018 information contained here. All suggestions for corrections of any errors about Serbia Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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