After posting comfortably its strongest real GDP increase for a decade in 2018, the Serbian economy has adjusted back to a more muted growth path, and should expand by just under 3% this year. Growth of 2.5-3% is likely during the rest of the forecast period, with the government set to remain focussed on FDI-driven investment. Political tensions in the region are rising, but would have to get much worse to constitute a significant downside risk to the economy.

map Serbia
Main Economic Indicators201620172018201920202021
Population, 1000 persons705870216983...
GDP, real change in %
GDP per capita (EUR at PPP)114001160012400...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average15.313.512.711.510.810.3
Average gross monthly wages, EUR516544580...
Consumer prices, % p.a.
Fiscal balance in % of GDP-
Public debt in % of GDP67.857.953.7...
Current account in % of GDP-2.9-5.2-5.2-6.0-5.5-5.4
FDI inflow, EUR mn212725483496...
Gross external debt in % of GDP72.165.362.6...

Basic data are continuously updated.

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


SERBIA: Back to reality

Richard Grieveson
in: Braced for Fallout from Global Slowdown
wiiw Forecast Report No. Autumn 2019, November 2019 , pp. 110-113
Details and Buy


Monthly Report No. 6/2019

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Hermine Vidovic and Goran Vuksic
wiiw Monthly Report No. 6, June 2019
27 pages including 24 Tables and 1 Figure