GDP (Million $) – 75.015
GDP Per Capita ($) – 11.301
Growth Rate (%) – 2,0
Population – 6.638.000
Total Area (km2) – 77.474
Capital – Belgrade
The economy of Serbia is a service-based upper middle income economy in Central Europe, with the tertiary sector accounting for two-thirds of total gross domestic product (GDP). The economy functions on the principles of the free market. Nominal GDP in 2022 is projected to reach $62.721 billion, which is $9,164 per capita, while GDP based on purchasing power parity (PPP) stood at $164.835 billion, which is $24,084 per capita. The strongest sectors of Serbia's economy are energy, the automotive industry, machinery, mining, and agriculture. The country's primary industrial exports are automobile parts, base metals, furniture, food processing, machinery, sugar, tires, clothes. Trade plays a major role in Serbian economic output. The main trading partners are Germany, Italy, Russia, China, and neighboring Balkan countries.
Serbia’s economic freedom score is 63.5, making its economy the 58th freest in the 2023 Index. Its score is 1.7 points lower than last year. Serbia is ranked 34th out of 44 countries in the Europe region, and its overall score is above the world average and below the regional average.
Automotive
Over the past ten years, Serbia was one of leading European destinations for foreign investments in the automotive industry. Currently the major product groups in Serbian automotive industry are: Tires, Wiring harness, Wipers, Hoses, Various metal components. Given the current investment trends, these will be replaced in the future by products such as electric motors, turbochargers, radar and optical sensors, electronics and power converters.
Foreign Trade
The country's main trade partners are Germany, Italy, China, Bosnia-Herzegovina, Romania Russian Federation, Turkey. Serbia is the largest Western Balkan trade partner of the European Union.
Serbia has a wide range of free trade agreements with foreign countries and trading blocs.
Metal
Industry’s long tradition dates back to 1853 when the newly-built foundry successfully casted its first cannon, marking the start of the Serbian metals/machine building industry’s development, but also of the manufacturing in Serbia. Nowadays, it is still one of the most important sectors of the Serbian economy, accounting for 6% of national GDP, with highly skilled workers, trained to meet European standards.
Companies within the sector vary in size and structure, as the metal processing sector is relatively diverse. Large companies dominate the first part of the value chain, with significant economies of scale (production of primary metals, primary processing of metals), while the companies operating in the processing and manufacture of metal products subsectors are more specialized and customer-oriented SME's. In the secondary processing such as casting, pressing, processing and coating of metals, the share of SME's is 90%.
Metal-processing accounts for 20% of the Serbian exports as it has always been very export oriented and opened to collaboration with foreign companies. Italy, Germany and Bosnia and Herzegovina are the most important markets, while thanks to the FTA with Russia Serbia has a growth of export to Russian market.
