Economy of Serbia
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The economy of Serbia is a service-based upper middle income economy in Central Europe, with the
tertiary sector The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the second ...
accounting for two-thirds of total
gross domestic product Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...
(GDP). The economy functions on the principles of the
free market In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any o ...
. Nominal GDP in 2023 is projected to reach $68.679 billion, which is $10,265 per capita, while GDP based on purchasing power parity (PPP) stood at $175.318 billion, which is $26,205 per capita. The strongest sectors of
Serbia Serbia (, ; Serbian language, Serbian: , , ), officially the Republic of Serbia (Serbian language, Serbian: , , ), is a landlocked country in Southeast Europe, Southeastern and Central Europe, situated at the crossroads of the Pannonian Bas ...
's economy are
energy In physics, energy (from Ancient Greek: ἐνέργεια, ''enérgeia'', “activity”) is the quantitative property that is transferred to a body or to a physical system, recognizable in the performance of work and in the form of heat a ...
, the
automotive industry The automotive industry comprises a wide range of company, companies and organizations involved in the design, Business development, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's largest industry ...
, machinery,
mining Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. The exploitation of these deposits for raw material is based on the economic via ...
, and
agriculture Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to ...
. The country's primary industrial exports are automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, and pharmaceuticals. Trade plays a major role in Serbian economic output. The main trading partners are Germany, Italy, Russia, China, and neighbouring Balkan countries.
Belgrade Belgrade ( , ;, ; Names of European cities in different languages: B, names in other languages) is the Capital city, capital and List of cities in Serbia, largest city in Serbia. It is located at the confluence of the Sava and Danube rivers a ...
is the capital and economic heart of Serbia and home to most major Serbian and international companies operating in the country, as well as the National Bank of Serbia and the
Belgrade Stock Exchange The Belgrade Stock Exchange (abbr. BELEX, sr, Београдска берза, Beogradska berza) is a stock exchange based in Belgrade, Serbia. The Stock exchange was founded in 1894 in the Kingdom of Serbia, after the King proclaimed the ...
.
Novi Sad Novi Sad ( sr-Cyrl, Нови Сад, ; hu, Újvidék, ; german: Neusatz; see below for other names) is the second largest city in Serbia and the capital of the autonomous province of Vojvodina. It is located in the southern portion of the Pan ...
and
Niš Niš (; sr-Cyrl, Ниш, ; names in other languages) is the third largest city in Serbia and the administrative center of the Nišava District. It is located in southern part of Serbia. , the city proper has a population of 183,164, while ...
are the second and third largest cities respectively and the most important economic hubs after Belgrade.


Historical preview

In the decades leading up to World War I, GDP growth in Serbia grew by 0.28% per annum. This was a slower growth rate than north-western Europe, leading to a widening economic divergence between Serbia and Western Europe. Prior to WWI, there was extensive growth in Serbia's dominant agricultural sector. However, industrial and service sectors remained small. In the late 1980s, at the beginning of the process of economic transition from a
planned economy A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, part ...
to a market economy, Serbia's economy had a favourable position in comparison to most of the
Eastern Bloc The Eastern Bloc, also known as the Communist Bloc and the Soviet Bloc, was the group of socialist states of Central and Eastern Europe, East Asia, Southeast Asia, Africa, and Latin America under the influence of the Soviet Union that existed du ...
countries, but it was gravely impacted by poor economic decision making in the 1990s,https://www.oecd.org/newsroom/archives/1840294.pdf the
Yugoslav Wars The Yugoslav Wars were a series of separate but related#Naimark, Naimark (2003), p. xvii. ethnic conflicts, wars of independence, and Insurgency, insurgencies that took place in the Socialist Federal Republic of Yugoslavia, SFR Yugoslavia from ...
, and UN sanctions and trade embargo during the 1990s. At the same time, the country experienced a serious " brain drain". There was a severe recession which continued until 1999. After the overthrow of
Slobodan Milošević Slobodan Milošević (, ; 20 August 1941 – 11 March 2006) was a Yugoslav and Serbian politician who was the president of Serbia within Yugoslavia from 1989 to 1997 (originally the Socialist Republic of Serbia, a constituent republic of ...
in 2000, Serbia went through a process of transition to a
market-based economy A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand, where all suppliers and consumers are ...
and experienced fast economic growth. During that period, the Serbian economy grew 4-5% annually, average wages quadrupled, and economic and social opportunities dramatically improved. During the
Great Recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...
, Serbia marked a decline in its economy of 3.1% in 2009, and following years of economic stagnation pre-crisis level of GDP was reached only in 2016. Since 2014, the country has been in the process of accession negotiations to join the
European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
.


Macroeconomic trends


Economic growth

The average growth of Serbia's GDP in the last five years was 4% per year. GDP structure by sector is: services 67.9%, industry 26.1%, agriculture 6.0%.


Public finances

Serbia's public debt relative to GDP from 2000 to 2008 decreased by 140.1 percentage points, and then started increasing again as the government was fighting effects of worldwide 2008 financial crisis. In 2018, the public debt stood at 53.8% of GDP. Serbian
foreign exchange reserves Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence ...
were highly augmented from 2000 to 2009, when they amounted 10.6 billion
euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
s and have stayed at that level ever since.


Currency and inflation

The official
currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general def ...
in Serbia is the
Serbian dinar The dinar ( sr-Cyrl, динар, ; paucal: dinara / динара; abbreviation: DIN (Latin) and дин (Cyrillic); code: RSD) is the currency of Serbia. One dinar is subdivided into 100 para. The dinar was first used in Serbia in medieval times, ...
and its earliest use dates back to 1214. Serbia historically has battled high inflation, especially during the 1980s and 1990s. In 1992 and 1993, it experienced a period of
hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
which lasted for a total of 25 months. In 1993, the monthly inflation rate stood at a staggering 313 million percent. Since the early 2000s, the inflation rate has stabilized and in the last couple of years a relatively low level of inflation was recorded.


External trade

Serbia has a wide range of free trade agreements with foreign countries and trading blocs. Serbia signed a
free trade agreement A free-trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and multilateral. Bilateral trade agreements occ ...
with the
European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
in 2008 enabling exports of all products originating from Serbia without
customs Customs is an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, transports, personal effects, and hazardous items, into and out of a country. Traditionally, customs ...
and other fees. For a limited number of products (baby beef, sugar, and wine), annual import quotas remain in effect. As of 2016, the EU countries were the largest trading partners of Serbia with 64.4% of country's total foreign trade. Serbia signed the CEFTA enabling exports of all products originating from Serbia without customs and other fees to the neighbouring countries:
Albania Albania ( ; sq, Shqipëri or ), or , also or . officially the Republic of Albania ( sq, Republika e Shqipërisë), is a country in Southeastern Europe. It is located on the Adriatic and Ionian Seas within the Mediterranean Sea and shares ...
,
Bosnia and Herzegovina Bosnia and Herzegovina ( sh, / , ), abbreviated BiH () or B&H, sometimes called Bosnia–Herzegovina and often known informally as Bosnia, is a country at the crossroads of south and southeast Europe, located in the Balkans. Bosnia and H ...
,
North Macedonia North Macedonia, ; sq, Maqedonia e Veriut, (Macedonia before February 2019), officially the Republic of North Macedonia,, is a country in Southeast Europe. It gained independence in 1991 as one of the successor states of Socialist Feder ...
,
Moldova Moldova ( , ; ), officially the Republic of Moldova ( ro, Republica Moldova), is a Landlocked country, landlocked country in Eastern Europe. It is bordered by Romania to the west and Ukraine to the north, east, and south. The List of states ...
,
Montenegro ) , image_map = Europe-Montenegro.svg , map_caption = , image_map2 = , capital = Podgorica , coordinates = , largest_city = capital , official_languages = M ...
and
Kosovo Kosovo ( sq, Kosova or ; sr-Cyrl, Косово ), officially the Republic of Kosovo ( sq, Republika e Kosovës, links=no; sr, Република Косово, Republika Kosovo, links=no), is a partially recognised state in Southeast Euro ...
. In 2016, the CEFTA countries were the second largest trading partners of Serbia. Serbia signed a free-trade agreement with
EFTA The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway and Switzerland. The organization operates in parallel with the European U ...
members (Switzerland, Norway, Iceland) in 2009. The Serbian free-trade agreement with Russia was implemented since 2000; for a limited number of products, annual import quotas remain in effect. Free-trade agreement with Turkey has been implemented since 2010. Trade with the United States is pursued under the Generalized System of Preferences (GSP) with a preferential duty-free entry for approximately 4,650 products.


Foreign direct investments

Attracting foreign direct investments is set as a priority for the government of Serbia, which provides both financial and tax incentives to companies willing to invest. Leading investor nations in Serbia include: Germany, Italy, United States, China, Austria, Norway, and Greece. Majority of FDI went into automotive industry, food and beverage industry, machinery, textile and clothing. Blue-chip corporations making investments in manufacturing sector include:
Fiat Chrysler Automobiles Fiat Chrysler Automobiles N.V. (FCA) was an Italian-American multinational corporation primarily known as a manufacturer of automobiles, commercial vehicles, auto parts and production systems. The Italian holding company Exor was the largest ...
, Bosch,
Michelin Michelin (; ; full name: ) is a French multinational tyre manufacturing company based in Clermont-Ferrand in the Auvergne-Rhône-Alpes ''région'' of France. It is the second largest tyre manufacturer in the world behind Bridgestone and la ...
,
Siemens Siemens AG ( ) is a German multinational conglomerate corporation and the largest industrial manufacturing company in Europe headquartered in Munich with branch offices abroad. The principal divisions of the corporation are ''Industry'', '' ...
,
Panasonic formerly between 1935 and 2008 and the first incarnation of between 2008 and 2022, is a major Japanese multinational corporation, multinational Conglomerate (company), conglomerate corporation, headquartered in Kadoma, Osaka, Kadoma, Osaka P ...
,
Continental Continental may refer to: Places * Continent, the major landmasses of Earth * Continental, Arizona, a small community in Pima County, Arizona, US * Continental, Ohio, a small town in Putnam County, US Arts and entertainment * ''Continental'' ( ...
,
Schneider Electric Schneider Electric SE is a French multinational company that specializes in digital automation and energy management. It addresses homes, buildings, data centers, infrastructure and industries, by combining energy technologies, real-time automatio ...
, Philip Morris,
LafargeHolcim Holcim is a Swiss-based global building materials and aggregates flagship division of the Holcim Group. The original company was merged on 10 July 2015 with Lafarge to form LafargeHolcim as the new company and renamed to Holcim Group in 202 ...
,
PepsiCo PepsiCo, Inc. is an American multinational food, snack, and beverage corporation headquartered in Harrison, New York, in the hamlet of Purchase. PepsiCo's business encompasses all aspects of the food and beverage market. It oversees the manuf ...
,
Coca-Cola Coca-Cola, or Coke, is a carbonated soft drink manufactured by the Coca-Cola Company. Originally marketed as a temperance drink and intended as a patent medicine, it was invented in the late 19th century by John Stith Pemberton in Atlanta ...
, Carlsberg and others. In the energy sector, Russian energy giants,
Lukoil The PJSC Lukoil Oil Company ( stylized as LUKOIL or ЛУКОЙЛ in Cyrillic script) is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petrol ...
and Gazprom have made large investments. In metallurgy sector, Chinese steel and copper giants,
Hesteel Hesteel Group Company Limited is a Chinese iron and steel manufacturing conglomerate, also known as Hesteel Group or its pinyin shortname Hegang. The company was also known as Hebei Iron and Steel Group Co., Ltd. or HBIS until 2016 (). Hesteel Gr ...
and
Zijin Mining Zijin Mining Group Co., Limited is a multi-national mining company headquartered in Mainland China. Background Zijin is a Shanghai Stock Exchange and Hong Kong Stock Exchange listed mining company principally engaged in the prospecting, explor ...
have acquired steel mill in Smederevo and copper mining complex in Bor, respectively. The financial sector has attracted investments from Italian banks such as
Intesa Sanpaolo Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a corporate identity s ...
and
UniCredit UniCredit S.p.A. is an international banking group headquartered in Milan. It is Italy's only systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world's 34th largest by assets. It was for ...
, Crédit Agricole and
Société Générale Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense. Société Générale ...
from France,
Erste Bank Erste Group Bank AG (Erste Group) is an Austrian financial service provider in Central and Eastern Europe serving 15.7 million clients in over 2,700 branches in seven countries. History Erste Group was founded in October 1819 as ''Erste österr ...
and Raiffeisen from Austria, among others. ICT and telecommunications saw investments from likes such as
Microsoft Microsoft Corporation is an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services headquartered at the Microsoft Redmond campus located in Redmond, Washing ...
,
Telenor Telenor ASA ( or ) is a Norwegian majority state-owned multinational telecommunications company headquartered at Fornebu in Bærum, close to Oslo. It is one of the world's largest mobile telecommunications companies with operations worldwide, ...
,
Telekom Austria A1 Telekom Austria Group is a provider of a range of fixed-line, broadband Internet, multimedia services, data, and IT systems, wholesale as well as mobile payment services. It is a subsidiary of Mexican telecommunications conglomerate América M ...
, and NCR. In retail sector, biggest foreign investors are Dutch
Ahold Delhaize Koninklijke Ahold Delhaize N.V. (in Dutch literally "Royal Ahold Delhaize"), commonly known as Ahold Delhaize, is a Dutch multinational retail and wholesaling company. Its name comes from a merger between Ahold (Dutch) and Delhaize Group (Belgia ...
, German Metro AG and
Schwarz Gruppe The Schwarz Group is a family-owned multinational retail group that operates grocery shops under the Lidl and Kaufland brands. It is the largest European retailer and the fourth-largest retailer in the world by revenue. The Schwarz Group store ...
, Greek
Veropoulos Veropoulos ( el, Βερόπουλος) was a large retail group based in Greece until 2016. It held the SPAR retail franchise for Greece, with the franchise still present in the country after Spar's cooperation agreement with the Asteras Group. As ...
, and Croatian Fortenova.


Economic sectors


Agriculture

Serbia has very favourable natural conditions (land and climate) for varied agricultural production. It has 5,056,000 ha of agricultural land (0.7 ha per capita), out of which 3,294,000 ha is arable land (0.45 ha per capita). In 2016, Serbia exported agricultural and food products worth $3.2 billion, and the export-import ratio was 178%. Agricultural exports constitute more than one-fifth of all Serbia's sales on the world market. Serbia is one of the largest provider of frozen fruit to the EU (largest to the French market, and 2nd largest to the German market). Agricultural production is most prominent in
Vojvodina Vojvodina ( sr-Cyrl, Војводина}), officially the Autonomous Province of Vojvodina, is an autonomous province that occupies the northernmost part of Serbia. It lies within the Pannonian Basin, bordered to the south by the national capital ...
on the fertile Pannonian Plain. Other agricultural regions include
Mačva Mačva ( sr-Cyrl, Мачва, ; hu, Macsó) is a geographical and historical region in the northwest of Central Serbia, on a fertile plain between the Sava and Drina rivers. The chief town is Šabac. The modern Mačva District of Serbia is nam ...
, Pomoravlje,
Tamnava The Tamnava (Serbian Cyrillic: Тамнава) is a river in western Serbia. It is a -long left tributary of the Kolubara River and also gives the name to the surrounding region of Tamnava. Origin The Tamnava originates from several small strea ...
, Rasina, and Jablanica. In the structure of the agricultural production 70% is from the crop field production, and 30% is from the livestock production. Serbia is world's second largest producer of
plum A plum is a fruit of some species in ''Prunus'' subg. ''Prunus'.'' Dried plums are called prunes. History Plums may have been one of the first fruits domesticated by humans. Three of the most abundantly cultivated species are not found i ...
s (582,485 tons; second to China) and the third largest of
raspberries The raspberry is the edible fruit of a multitude of plant species in the genus ''Rubus'' of the rose family, most of which are in the subgenus '' Idaeobatus''. The name also applies to these plants themselves. Raspberries are perennial with ...
(127,010 tons, trailing only
Russia Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
and the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
). It is also significant producer of maize (6.48 million tons, ranked 32nd in the world) and wheat (2.07 million tons, ranked 35th in the world).http://pod2.stat.gov.rs/ObjavljenePublikacije/G2012/pdf/G20122007.pdf Other important agricultural products are:
sunflower The common sunflower (''Helianthus annuus'') is a large annual forb of the genus ''Helianthus'' grown as a crop for its edible oily seeds. Apart from cooking oil production, it is also used as livestock forage (as a meal or a silage plant), as ...
,
sugar beet A sugar beet is a plant whose root contains a high concentration of sucrose and which is grown commercially for sugar production. In plant breeding, it is known as the Altissima cultivar group of the common beet (''Beta vulgaris''). Together wi ...
,
soybean The soybean, soy bean, or soya bean (''Glycine max'') is a species of legume native to East Asia, widely grown for its edible bean, which has numerous uses. Traditional unfermented food uses of soybeans include soy milk, from which tofu an ...
, potato, apple, mutton, pork meat, beef,
poultry Poultry () are domesticated birds kept by humans for their eggs, their meat or their feathers. These birds are most typically members of the superorder Galloanserae (fowl), especially the order Galliformes (which includes chickens, quails, a ...
and dairy. There are 56,000 ha of vineyards in Serbia, producing about 230 million litres of wine annually. Most famous viticulture regions are located in Vojvodina and Šumadija.


Energy

The energy sector is one of the largest and most important sectors to the country's economy. Serbia is a net exporter of electricity and importer of key fuels (such as oil and gas). Serbia has an abundance of coal, and significant reserves of oil and gas. Serbia's proven reserves of 5.5 billion tons of coal lignite are the 5th largest in the world (second in Europe, after Germany). Coal is found in two large deposits:
Kolubara The Kolubara ( sr-cyr, Колубара, ) is a long river in western Serbia; it is an eastern, right tributary to the Sava river. General overview Kolubara is formed by the two small rivers Obnica and Jablanica. ''Obnica'' is the river in W ...
(4 billion tons of reserves) and
Kostolac The City municipality of Kostolac ( sr-cyrl, Градска општина Костолац, Gradska opština Kostolac is a town in Serbia and one of two city municipalities which constitute the City of Požarevac. It is situated on the Danube ri ...
(1.5 billion tons). Despite being small on a world scale, Serbia's oil and gas resources (77.4 million tons of oil equivalent and 48.1 billion cubic meters, respectively) have a certain regional importance since they are largest in the region of former Yugoslavia as well as the Balkans (excluding Romania). Almost 90% of the discovered oil and gas are to be found in
Banat Banat (, ; hu, Bánság; sr, Банат, Banat) is a geographical and historical region that straddles Central and Eastern Europe and which is currently divided among three countries: the eastern part lies in western Romania (the counties of T ...
and those oil and gas fields are by size among the largest in the Pannonian basin but are average on a European scale. The production of electricity in 2018 in Serbia was 38.3 billion kilowatt-hours (KWh), while the final electricity consumption amounted to 28.1 billion kilowatt-hours (KWh). Most of the electricity produced comes from thermal-power plants (71% of all electricity) and to a lesser degree from hydroelectric-power plants (24%) and wind energy (3%). There are 6 lignite-operated thermal-power plants with an installed power of 3,936 MW; largest of which are 1,502 MW- Nikola Tesla 1 and 1,160 MW- Nikola Tesla 2, both in Obrenovac. Total installed power of 9 hydroelectric-power plants is 2,831 MW, largest of which is Đerdap 1 with capacity of 1,026 MW. In addition to this, there are mazute and gas-operated thermal-power plants with an installed power of 353 MW. The entire production of electricity is concentrated in Elektroprivreda Srbije (EPS), public electric-utility power company. The current oil production in Serbia amounts to over 1.1 million tons of oil equivalent and satisfies some 43% of country's needs while the rest is imported. National petrol company, Naftna Industrija Srbije (NIS), was acquired in 2008 by
Gazprom Neft Gazprom Neft (russian: Газпром Нефть; formerly Sibneft, russian: Сибнефть, link=no), is the third largest oil producer in Russia and ranked third according to refining throughput. It is a subsidiary of Gazprom, which owns about ...
. The company's refinery in Pančevo (capacity of 4.8 million tons) is one of the most modern oil-refineries in Europe; it also operates network of 334 filling stations in Serbia (74% of domestic market) and additional 36 stations in
Bosnia and Herzegovina Bosnia and Herzegovina ( sh, / , ), abbreviated BiH () or B&H, sometimes called Bosnia–Herzegovina and often known informally as Bosnia, is a country at the crossroads of south and southeast Europe, located in the Balkans. Bosnia and H ...
, 31 in
Bulgaria Bulgaria (; bg, България, Bǎlgariya), officially the Republic of Bulgaria,, ) is a country in Southeast Europe. It is situated on the eastern flank of the Balkans, and is bordered by Romania to the north, Serbia and North Macedon ...
, and 28 in
Romania Romania ( ; ro, România ) is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern, and Southeast Europe, Southeastern Europe. It borders Bulgaria to the south, Ukraine to the north, Hungary to the west, S ...
. There are 155 kilometers of crude oil pipelines connecting Pančevo and Novi Sad refineries as a part of trans-national
Adria oil pipeline Adria oil pipeline ( hr, Jadranski naftovod, hu, Adria-kőolajvezeték, /Јадрански нафтовод; also known as Yugoslav Pipeline and JANAF pipeline) is a crude oil pipeline in Croatia, Serbia, and Hungary with branch lines to S ...
. Serbia is heavily dependent on foreign sources of natural gas, with only 17% coming from domestic production (totalling 491 million cubic meters in 2012) and the rest is imported, mainly from Russia (via gas pipelines that run through Ukraine and Hungary). Srbijagas, public company, operates the natural gas transportation system which comprise 3,177 kilometers of trunk and regional natural gas pipelines and a 450 million cubic meter underground gas storage facility at
Banatski Dvor Banatski Dvor ( sr-cyr, Банатски Двор; hu, Törzsudvarnok) is a village in Serbia. It is situated in the Žitište municipality, in the Central Banat District, Vojvodina province. The village is ethnically mixed and its population n ...
.


Industry

The industry is the economy sector which was hardest hit by the UN sanctions and trade embargo and NATO bombing during the 1990s and transition to market economy during the 2000s. The industrial output saw dramatic downsizing: in 2013 it was expected to be only a half of that of 1989. Main industrial sectors include: automotive, mining, non-ferrous metals, food-processing, electronics, pharmaceuticals, clothes. Serbia has 14 free economic zones as of September 2017, in which many foreign direct investments are realized. Automotive industry (with
Fiat Chrysler Automobiles Fiat Chrysler Automobiles N.V. (FCA) was an Italian-American multinational corporation primarily known as a manufacturer of automobiles, commercial vehicles, auto parts and production systems. The Italian holding company Exor was the largest ...
as a forebearer) is dominated by cluster located in Kragujevac and its vicinity, and contributes to export with about $2 billion. Country is a leading steel producer in the wider region of South Central Europe and had production of nearly 2 million tons of raw steel in 2018, coming entirely from Smederevo steel mill, owned by the Chinese
Hesteel Hesteel Group Company Limited is a Chinese iron and steel manufacturing conglomerate, also known as Hesteel Group or its pinyin shortname Hegang. The company was also known as Hebei Iron and Steel Group Co., Ltd. or HBIS until 2016 (). Hesteel Gr ...
. Serbia's mining industry is comparatively strong: Serbia is the 18th largest producer of coal (7th in the Europe) extracted from large deposits in
Kolubara The Kolubara ( sr-cyr, Колубара, ) is a long river in western Serbia; it is an eastern, right tributary to the Sava river. General overview Kolubara is formed by the two small rivers Obnica and Jablanica. ''Obnica'' is the river in W ...
and
Kostolac The City municipality of Kostolac ( sr-cyrl, Градска општина Костолац, Gradska opština Kostolac is a town in Serbia and one of two city municipalities which constitute the City of Požarevac. It is situated on the Danube ri ...
basins; it is also world's 23rd largest (3rd in Europe) producer of copper which is extracted by Zijin Bor Copper, a large copper mining company, acquired by Chinese Zijin Mining in 2018; significant gold extraction is developed around
Majdanpek Majdanpek ( sr-cyr, Мајданпек; ro, Maidan) is a town and municipality located in the Bor District of the Southern and Eastern Serbia, eastern Serbia, and is not far from the border of Romania. According to 2011 census, the municipality ...
. Serbia notably manufactures
intel Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California. It is the world's largest semiconductor chip manufacturer by revenue, and is one of the developers of the x86 seri ...
smartphones named Tesla smartphones. Food industry is well known both regionally and internationally and is one of the strong points of the economy. Some of the international brand-names established production in Serbia:
PepsiCo PepsiCo, Inc. is an American multinational food, snack, and beverage corporation headquartered in Harrison, New York, in the hamlet of Purchase. PepsiCo's business encompasses all aspects of the food and beverage market. It oversees the manuf ...
and
Nestlé Nestlé S.A. (; ; ) is a Switzerland, Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland. It is the largest publicly held food company in the world, measured by revenue and other me ...
in food-processing sector;
Coca-Cola Coca-Cola, or Coke, is a carbonated soft drink manufactured by the Coca-Cola Company. Originally marketed as a temperance drink and intended as a patent medicine, it was invented in the late 19th century by John Stith Pemberton in Atlanta ...
(Belgrade),
Heineken Heineken Lager Beer ( nl, Heineken Pilsener), or simply Heineken () is a pale lager beer with 5% alcohol by volume produced by the Dutch brewing company Heineken N.V. Heineken beer is sold in a green bottle with a red star. History On 15 Feb ...
(Novi Sad) and Carlsberg (Bačka Palanka) in beverage industry; Nordzucker in sugar industry. Serbia's electronics industry had its peak in the 1980s and the industry today is only a third of what it was back then, but has witnessed a something of revival in last decade with investments of companies such as
Siemens Siemens AG ( ) is a German multinational conglomerate corporation and the largest industrial manufacturing company in Europe headquartered in Munich with branch offices abroad. The principal divisions of the corporation are ''Industry'', '' ...
(wind turbines) in Subotica,
Panasonic formerly between 1935 and 2008 and the first incarnation of between 2008 and 2022, is a major Japanese multinational corporation, multinational Conglomerate (company), conglomerate corporation, headquartered in Kadoma, Osaka, Kadoma, Osaka P ...
(lighting devices) in Svilajnac, and
Gorenje Gorenje (); stylized as ''gorenje''), is a Slovenian major appliance manufacturer, founded in 1950 by Ivan Atelšek. It is based in Velenje, Slovenia. It is the fourth largest manufacturer of household appliances in Europe. Appliances are sold un ...
(electrical home appliances) in Valjevo. The pharmaceutical industry in Serbia comprises a dozen manufacturers of generic drugs, of which Hemofarm in Vršac and Galenika in Belgrade, account for 80% of production volume. Domestic production meets over 60% of the local demand.


Telecommunications and IT industry

Fixed telephone lines connect 89% of households in Serbia, and with about 8.82 million users the number of cellphones surpasses the total population of Serbia by 25%. The largest mobile operator is
Telekom Srbija Telekom Srbija a.d. Beograd is a Serbian state-owned telecommunications operator. It was founded in May 1997 as a joint-stock company, by spinning off the telecommunications business from PTT Srbija (present-day „ Pošta Srbije"). In April 201 ...
with 4.06 million subscribers, followed by
Yettel Serbia Yettel Serbia (known as Telenor Serbia until 2022) is a Serbian mobile, fixed, internet and IPTV provider, owned by the Czech investment group PPF. It is headquartered in Belgrade. As of 2020, it is the second largest mobile telephony operator w ...
with 2.73 million users and
A1 Srbija A1 Srbija d.o.o. (formerly ''Vip mobile'') is a Serbian mobile network operator owned by A1 Telekom Austria Group. As of 2020, it is the third largest mobile telephony operator with market share of 25.67%. History On 1 December 2006, the mobil ...
with about 2.03 million.http://www.ratel.rs/upload/documents/Kvartalni%20pregled%20podatka%20o%20stanju%20trzista%20elektronskih%20komunikacija%20Q3%202017%20-%20ZA%20SAJT.pdf Some 58% of households have fixed-line (non-mobile) broadband Internet connection while 67% are provided with pay television services (i.e. 38% cable television, 17% IPTV, and 10% satellite). Digital television transition has been completed in 2015 with
DVB-T2 DVB-T2 is an abbreviation for "Digital Video Broadcasting – Second Generation Terrestrial"; it is the extension of the television standard DVB-T, issued by the consortium DVB, devised for the broadcast transmission of digital terrestrial tele ...
standard for signal transmission. The Serbian
IT industry Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology system (I ...
is rapidly growing and changing pace. In 2018, IT services exports reached $1.3 billion. With 6,924 companies in the IT sector (), Belgrade is one of the
information technology Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology system (I ...
centers in this part of Europe, with strong growth.
Microsoft Microsoft Corporation is an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services headquartered at the Microsoft Redmond campus located in Redmond, Washing ...
Development Center located in Belgrade was at the time of its establishment fifth such center in the world. Many world IT companies choose Belgrade as regional or European center such as Asus,
Intel Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California. It is the world's largest semiconductor chip manufacturer by revenue, and is one of the developers of the x86 seri ...
,
Dell Dell is an American based technology company. It develops, sells, repairs, and supports computers and related products and services. Dell is owned by its parent company, Dell Technologies. Dell sells personal computers (PCs), servers, data ...
,
Huawei Huawei Technologies Co., Ltd. ( ; ) is a Chinese multinational technology corporation headquartered in Shenzhen, Guangdong, China. It designs, develops, produces and sells telecommunications equipment, consumer electronics and various smar ...
, NCR,
Ubisoft Ubisoft Entertainment SA (; ; formerly Ubi Soft Entertainment SA) is a French video game publisher headquartered in Saint-Mandé with development studios across the world. Its video game franchises include '' Assassin's Creed'', ''Far Cry'', '' ...
etc. These companies have taken advantage of Serbia's large pool of engineers and relatively low wages. Large investments by global tech companies like
Microsoft Microsoft Corporation is an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services headquartered at the Microsoft Redmond campus located in Redmond, Washing ...
, typical of the 2000s, are being eclipsed by a growing number of domestic startups which obtain funding from domestic and international investors. What brought companies like Microsoft in the first place was a large pool of talented engineers and mathematicians. In just the first quarter of 2016, more than US$65 million has been raised by Serbian startups including $45 million for Seven Bridges (a
Bioinformatics Bioinformatics () is an interdisciplinary field that develops methods and software tools for understanding biological data, in particular when the data sets are large and complex. As an interdisciplinary field of science, bioinformatics combi ...
firm) and $14 million for Vast (a
data analysis Data analysis is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making. Data analysis has multiple facets and approaches, enco ...
firm). One of the most successful startups have been
Nordeus Nordeus is a Serbian mobile game developer headquartered in New Belgrade. The studio's debut game is Top Eleven Football Manager, a free-to-play social football management simulation game. In 2013, the game reached the top of the grossing ch ...
which was founded in
Belgrade Belgrade ( , ;, ; Names of European cities in different languages: B, names in other languages) is the Capital city, capital and List of cities in Serbia, largest city in Serbia. It is located at the confluence of the Sava and Danube rivers a ...
in 2010 and is one of Europe's fastest-growing companies in the field of computer games (the developer of
Top Eleven Football Manager ''Top Eleven'' is a football manager simulation developed and published by Nordeus in May 2010, and is available on both Google Play Store and the App Store. Overview The game can also be played on Facebook and it allows players to play agains ...
, a game played by over 20 million people).


Tourism

The touristic sector accounted for 1.4% of
GDP Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...
in 2017 and employs some 75,000 people, about 3% of the country's workforce.Serbia
in: Alain Dupeyras (ed.) (2012). ''OECD tourism trends and policies 2012''. Paris: Organization for Economic Cooperation & Development. .
Foreign exchange earnings from tourism in 2018 were estimated at $1.5 billion. Serbia is not a mass-tourism destination but nevertheless has a diverse range of touristic products. In 2018, total of over 3.4 million tourists were recorded in accommodations, of which half were foreign. Tourism is mainly focused on the mountains and spas of the country, which are mostly visited by domestic tourists, as well as
Belgrade Belgrade ( , ;, ; Names of European cities in different languages: B, names in other languages) is the Capital city, capital and List of cities in Serbia, largest city in Serbia. It is located at the confluence of the Sava and Danube rivers a ...
which is preferred choice of foreign tourists. The most famous mountain resorts are
Kopaonik Kopaonik ( sr-cyr, Копаоник, ; sq, Kopaoniku) is a mountain range located in Serbia and Kosovo. The highest point is the Pančić's Peak with . The central part of the Kopaonik plateau was declared a national park in 1981 which today cove ...
, Stara Planina, and
Zlatibor Zlatibor ( sr-cyr, Златибoр ) is a mountainous region situated in the western part of Serbia. Among the most popular places in Serbia for tourism, Zlatibor's main attractions include health tourism, skiing, and hiking and the longest p ...
. There are also many
spa A spa is a location where mineral-rich spring water (and sometimes seawater) is used to give medicinal baths. Spa towns or spa resorts (including hot springs resorts) typically offer various health treatments, which are also known as balneoth ...
s in Serbia, the biggest of which is
Vrnjačka Banja Vrnjačka Banja ( sr-cyr, Врњачка Бања) is a town and municipality located in the Raška District of central Serbia. The population of the town is 10,065 inhabitants, while the population of the municipality is 27,527 inhabitants. Vrnja ...
,
Soko Banja Sokobanja ( sr-cyr, Сокобања, ) is a spa town and municipality located in the Zaječar District of the eastern Serbia. As of 2011, the population of the town is 7,982, while population of the municipality is 16,021. Geography Sokobanja ...
, and
Banja Koviljača Banja Koviljača ( sr-cyrl, Бања Ковиљача, ) is a popular tourist spot and spa town located in the city of Loznica, Serbia. Situated on the west border of Serbia by the Drina River and from Belgrade, it is the oldest spa town in Ser ...
. City-break and conference tourism is developed in Belgrade (which was visited by 938,448 foreign tourists in 2018, more than a half of all international visits to the country) and to a lesser degree
Novi Sad Novi Sad ( sr-Cyrl, Нови Сад, ; hu, Újvidék, ; german: Neusatz; see below for other names) is the second largest city in Serbia and the capital of the autonomous province of Vojvodina. It is located in the southern portion of the Pan ...
. Other touristic products that Serbia offer are natural wonders like
Đavolja varoš Đavolja varoš ( sr-cyr, Ђавоља варош, lit. "Devil's Town") is a rock formation consisting of about 200 earth pyramids or "towers", located in southern Serbia on the Radan Mountain, in the municipality of Kuršumlija. Geology Đ ...
, Christian pilgrimage to the many Orthodox monasteries across the country and the river cruising along the
Danube The Danube ( ; ) is a river that was once a long-standing frontier of the Roman Empire and today connects 10 European countries, running through their territories or being a border. Originating in Germany, the Danube flows southeast for , pa ...
. There are several internationally popular music festivals held in Serbia, such as
EXIT Exit(s) may refer to: Architecture and engineering * Door * Portal (architecture), an opening in the walls of a structure * Emergency exit * Overwing exit, a type of emergency exit on an airplane * Exit ramp, a feature of a road interchange ...
(with 25–30,000 foreign visitors coming from 60 countries) and the
Guča trumpet festival The Guča Trumpet Festival ( sr, Фестивал трубача у Гучи, Festival trubača u Guči), also known as the Dragačevski Sabor ( sr, Драгачевски сабор or ''Dragačevo Fair (Fete, Gathering or Assembly)'', ), is an an ...
.


Transport

Serbia has a strategic transportation location since the country's backbone,
Morava Valley The Morava Valley ( sr, Поморавље / ''Pomoravlje'', ), is a general term which in its widest sense marks valleys of any of three Morava rivers in Serbia: the West Morava (West Morava Valley), the South Morava ( South Morava Valley) and ...
, represents by far the easiest route of land travel from continental Europe to
Asia Minor Anatolia, tr, Anadolu Yarımadası), and the Anatolian plateau, also known as Asia Minor, is a large peninsula in Western Asia and the westernmost protrusion of the Asian continent. It constitutes the major part of modern-day Turkey. The re ...
and the
Near East The ''Near East''; he, המזרח הקרוב; arc, ܕܢܚܐ ܩܪܒ; fa, خاور نزدیک, Xāvar-e nazdik; tr, Yakın Doğu is a geographical term which roughly encompasses a transcontinental region in Western Asia, that was once the hist ...
. Serbian road network carries the bulk of traffic in the country. Total length of roads is 45,419 km of which 915 km are "class-Ia state roads" (i.e.
motorways A controlled-access highway is a type of highway that has been designed for high-speed vehicular traffic, with all traffic flow—ingress and egress—regulated. Common English terms are freeway, motorway and expressway. Other similar terms i ...
); 4,481 km are "class-Ib state roads" (national roads); 10,941 km are "class-II state roads" (regional roads) and 23,780 km are "municipal roads". The road network, except for the most of class-Ia roads, are of comparatively high quality to the Western European standards because of huge financial investments Serbias has been seeing in the last 10 years. Over 300 kilometers of new motorways has been constructed in the last decade and additional 142 kilometers are currently under construction: A5 motorway (from north of
Kruševac Kruševac ( sr-cyr, Крушевац, , tr, Alacahisar or Kruşevca) is a city and the administrative center of the Rasina District in central Serbia. It is located in the valley of West Morava, on Rasina river. According to the 2011 census, t ...
to
Čačak Čačak ( sr-Cyrl, Чачак, ) is a city and the administrative center of the Moravica District in central Serbia. It is located in the West Morava Valley within the geographical region of Šumadija. , the city proper has 73,331 inhabitants, wh ...
) and 30 km-long segment of A2 (between
Čačak Čačak ( sr-Cyrl, Чачак, ) is a city and the administrative center of the Moravica District in central Serbia. It is located in the West Morava Valley within the geographical region of Šumadija. , the city proper has 73,331 inhabitants, wh ...
and Požega).
Coach Coach may refer to: Guidance/instruction * Coach (sport), a director of athletes' training and activities * Coaching, the practice of guiding an individual through a process ** Acting coach, a teacher who trains performers Transportation * Co ...
transport is very extensive: almost every place in the country is connected by bus, from largest cities to the villages; in addition there are international routes (mainly to countries of Western Europe with small Serb diaspora). Routes, both domestic and international, are served by more than 100 bus companies, biggest of which are
Lasta Lasta (Amharic: ላስታ ''lāstā'') is a historic district in northern Ethiopia. It is the district in which Lalibela is situated, the former capital of Ethiopia during the Zagwe dynasty and home to 11 medieval rock-hewn churches. Its original ...
and Niš-Ekspres. , there were 1,959,584 registered passenger cars or 1 passenger car per 3.5 inhabitants. Serbia has 3,819 kilometers of rail tracks, of which 1,279 are electrified and 283 kilometers are double-track railroad. The major rail hub is Belgrade (and to a lesser degree Niš), while the most important railroads include: Belgrade–Bar (Montenegro), Belgrade–Šid–Zagreb (Croatia)/Belgrade–Niš–Sofia (Bulgaria) (part of Pan-European Corridor X), Belgrade–Subotica–Budapest (Hungary) and Niš–Thessaloniki (Greece). Although still a major mode of freight transportation, railroads face increasing problems with the maintenance of the infrastructure and lowering speeds. The rail services are operated by Srbija Voz (passenger transport) and
Srbija Kargo Srbija Kargo ( sr-cyr, Србија Карго; Anglicized: Serbia Cargo) is the national state-owned cargo railway company of Serbia. History In March 2015, the Government of Serbia announced its plan to establish three new railway companies, ...
(freight transport). There are three airports with regular passenger traffic.
Belgrade Nikola Tesla Airport Belgrade Nikola Tesla Airport ( sr, / ) or Belgrade Airport ( sr, / ) is an international airport serving Belgrade, Serbia. It is the largest and the busiest airport in Serbia, situated west of downtown Belgrade near the suburb of Surč ...
served 5.6 million passengers in 2018 and is a hub of flagship carrier
Air Serbia Air Serbia (stylised as ''AirSERBIA''; sr, / ) is the flag carrier of Serbia. The company's headquarters is located in Belgrade, Serbia, and its main hub is Belgrade Nikola Tesla Airport. The airline was known as Jat Airways until it was r ...
which carried some 2.5 million passengers in 2018.
Niš Constantine the Great Airport Niš Constantine the Great Airport ( sr, Аеродром Константин Велики Ниш, Aerodrom Konstantin Veliki Niš) , located northwest of downtown Niš, in the suburbs of Medoševac and Popovac. It is the second-largest an ...
is mainly catering
low-cost airline A low-cost carrier or low-cost airline (occasionally referred to as '' no-frills'', ''budget'' or '' discount carrier'' or ''airline'', and abbreviated as ''LCC'') is an airline that is operated with an especially high emphasis on minimizing op ...
s.
Morava Airport Morava Airport ( sr, Аеродром Mopaвa, Aerodrom Morava) , also known as Lađevci Airport ( sr, Аеродром Лађевци, Aerodrom Lađevci), is a mixed public and military airport in Lađevci, Serbia - some 15 km (9.5 m ...
is currently only served by Air Serbia. Serbia has a developed inland water transport since there are 1,716 kilometers of navigable inland waterways (1,043 km of navigable rivers and 673 km of navigable canals), which are almost all located in northern third of the country. The most important inland waterway is the
Danube The Danube ( ; ) is a river that was once a long-standing frontier of the Roman Empire and today connects 10 European countries, running through their territories or being a border. Originating in Germany, the Danube flows southeast for , pa ...
(part of Pan-European Corridor VII). Other navigable rivers include
Sava The Sava (; , ; sr-cyr, Сава, hu, Száva) is a river in Central and Southeast Europe, a right-bank and the longest tributary of the Danube. It flows through Slovenia, Croatia and along its border with Bosnia and Herzegovina, and finally th ...
,
Tisza The Tisza, Tysa or Tisa, is one of the major rivers of Central and Eastern Europe. Once, it was called "the most Hungarian river" because it flowed entirely within the Kingdom of Hungary. Today, it crosses several national borders. The Tisza be ...
, Begej and Timiş River, all of which connect Serbia with Northern and Western Europe through the
Rhine–Main–Danube Canal The Rhine–Main–Danube Canal (German: ''Rhein-Main-Donau-Kanal''; also called Main-Danube Canal, RMD Canal or Europa Canal), is a canal in Bavaria, Germany. Connecting the Main and the Danube riv ...
and
North Sea The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian S ...
route, to Central Europe via the Tisza, Begej and Danube Black Sea routes, and to Southern Europe via the Sava river. More than 2 million tons of cargo were transported on Serbian rivers and canals in 2016 while the largest river ports are: Novi Sad, Belgrade, Pančevo,
Smederevo Smederevo ( sr-Cyrl, Смедерево, ) is a city and the administrative center of the Podunavlje District in eastern Serbia. It is situated on the right bank of the Danube, about downstream of the Serbian capital, Belgrade. According to ...
,
Prahovo Prahovo is a village on the river Danube in the municipality of Negotin, Serbia with a population of 1506 people at the 2002 census. The battle of Prahovo took place in 1810 near the village during the First Serbian Uprising (1804-1813). Nearby ...
and Šabac.


Economic indicators

The following table shows the main economic indicators in 2000–2022


Labour

In 2021, the labour force was estimated at  3.201 million and employment stood at 2.848 million persons (formal employment amounted to 2.473 million while informal was at 0.375 million).https://publikacije.stat.gov.rs/G2022/Pdf/G20225682.pdf Employment rate (among population aged 15 and over) is comparatively low and stood at 48.6%; of those employed; of those employed 15.9 worked in agriculture, 28.1% in industry, and 56% in services in 2018. The unemployment rate has been in double digits throughout the post-socialist era, reaching its peak at 25.9% in 2012. Since then, the rate has decreased substantially, with the creation of new jobs in primarily private sector, reaching 9.8% in 2021. According to the latest monthly report of the Statistical Office of the Republic of Serbia, the average monthly salary in January 2022 amounted to 97,877 Serbian dinars (832 euros) gross or 70,920 Serbian dinars (603 euros) net. The median salary amounted to 70,320 Serbian dinars (598 euros) gross or 53,327 (454 euros) net, which means that 50% of the employees had earned a salary up to that amount. The employer is also liable to pay for additional social security contributions which brings the total labour cost for the average salary to 113,685 Serbian dinars (966 euros), thus the total tax ratio amounts to 37.6%. The map below shows average salaries by region in January 2022, expressed in gross terms in order to make the data comparable to the data that is published by Eurostat. Due to the nature of Serbia's economy, the majority of people working in Serbia work under the so-called "entrepreneurship" salary. This category of worker is seen in local markets, for examples, plumbers, and a variety of occupations. The majority of people working in the IT are also entrepreneurs, and entrepreneurs' tax contribution will not exceed the maximum amount of 10% of their salary. The average tax contribution is from €80 to €250 a month (depending on the location registered in Serbia), which is between 0.0042% to 2% of tax when compared to the max amount of income allowed under the entrepreneurship bracket. This makes Serbia one of the best countries for entrepreneurship in Europe, with lowest income tax rate in Europe.


Regional economies

The list includes statistical regions of Serbia by GDP, share of total GDP and GDP per capita & average gross salary in 2019:


Companies

The list includes ten largest Serbian companies by revenue in 2020 (revenue and employees figures without subsidiaries): The list includes ten largest Serbian companies by net income in 2018 (net income and employees figures without subsidiaries):


See also

* National Bank of Serbia *
List of banks in Serbia This is a list of banks in Serbia. Central bank * National Bank of Serbia Commercial banks As of 4 May 2022, there are 22 licensed commercial banks in Serbia. For each of them, there is a balance sheet total and number of employees as of 31 D ...
* List of companies of Serbia *
Belgrade Stock Exchange The Belgrade Stock Exchange (abbr. BELEX, sr, Београдска берза, Beogradska berza) is a stock exchange based in Belgrade, Serbia. The Stock exchange was founded in 1894 in the Kingdom of Serbia, after the King proclaimed the ...


References


Further reading

*


External links


Serbia Investment and Export Promotion Agency

Serbian Chamber of Commerce

National Bank of Serbia

Belgrade Stock Exchange
{{Economy of Europe
Serbia Serbia (, ; Serbian language, Serbian: , , ), officially the Republic of Serbia (Serbian language, Serbian: , , ), is a landlocked country in Southeast Europe, Southeastern and Central Europe, situated at the crossroads of the Pannonian Bas ...
Serbia Serbia (, ; Serbian language, Serbian: , , ), officially the Republic of Serbia (Serbian language, Serbian: , , ), is a landlocked country in Southeast Europe, Southeastern and Central Europe, situated at the crossroads of the Pannonian Bas ...