After a desperately weak post-crisis performance even by CESEE standards, the Serbian economy finally had a good year in 2018. Growth will weaken a bit in 2019, but remain fairly robust in the context of the last decade. A bigger slowdown is likely in 2020-2021. Domestic and international political risks have risen, which is an issue for an economy that relies so much on FDI. The EU reform process will continue to provide an important policy anchor, but accession is still many years away.

map Serbia
Main Economic Indicators201620172018201920202021
Population, 1000 persons705870216986...
GDP, real change in %
GDP per capita (EUR at PPP)114001160012200...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average15.313.512.713.011.410.9
Average gross monthly wages, EUR516544580...
Consumer prices, % p.a.
Fiscal balance in % of GDP-
Public debt in % of GDP67.857.958.5...
Current account in % of GDP-2.9-5.2-5.2-5.1-4.8-4.6
FDI inflow, EUR mn212725483496...
Gross external debt in % of GDP72.165.362.9...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


SERBIA: Slowdown ahead after a strong 2018

Richard Grieveson
in: Moving Into the Slow Lane
wiiw Forecast Report No. Spring 2019, March 2019 , pp. 132-135
Details and Buy


Monthly Report No. 6/2018

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 6, June 2018
27 pages including 1 Table and 1 Figure