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Coordinates: 44°N 21°E / 44°N 21°E / 44; 21

NIS headquarters in Novi Sad

Serbia has an emerging market economy in upper-middle income range.[258] According to the International Monetary Fund, Serbian nominal GDP in 2018 is officially estimated at $50.651 billion or $7,243 per capita while purchasing power parity GDP stood at $122.759 billion or $17,555 per capita.[259] The economy is dominated by services which accounts for 67.9% of GDP, followed by industry with 26.1% of GDP, and agriculture at 6% of GDP.[260] The official currency of Serbia is Serbian dinar (ISO code: RSD), and the central bank is National Bank of Serbia. The Belgrade Stock Exchange is the only stock exchange in the country, with market capitalisation of $8.65 billion and BELEX15 as the main index representing the 15 most liquid stocks.[261]

The economy has been affected by the global economic crisis. After almost a decade of strong economic growth (average of 4.45% per year), Serbia entered the recession in 2009 with negative growth of −3% and again in 2012 and 2014 with −1% and −1.8%, respectively.[262] As the government was fighting effects of crisis the public debt has more than doubled: from pre-crisis level of just under 30% to about 70% of GDP and trending downwards recently to around 50%.[263][264] Labour force stands at 3.2 million, with 56% employed in services sector, 28.1% in industry and 15.9% in the agriculture.[265] The average monthly net salary in May 2019 stood at 47,575 dinars or $525.[266] The unemployment remains an acute problem, with rate of 12.7% as of 2018.[265]

Since 2000, Serbia has attracted over $40 billion in foreign direct investment (FDI).[267] Blue-chip corporations making investments include: Fiat Chrysler Automobiles, Siemens, Bosch, Roman Catholics number 356,957 in Serbia, or roughly 6% of the population, mostly in northern Vojvodina which is home to minority ethnic groups such as Hungarians, Croats, Bunjevci, as well as to some Slovaks and Czechs.[251]

Protestantism accounts for about 1% of the country's population, chiefly Lutheranism among Slovaks in Vojvodina as well as Calvinism among Reformed Hungarians. Greek Catholic Church is adhered by around 25,000 citizens (0.37% of the population), mostly Rusyns in Vojvodina.[252]

Muslims, with 222,282 or 3% of the population, form the third largest religious group. Islam has a strong historic following in the southern regions of Serbia, primarily in southern Raška. Bosniaks are the largest Islamic community in Serbia; estimates are that around a third of the country's Roma people are Muslim.

There are only 578 Jews in Serbia.[253] Atheists numbered 80,053 or 1.1% of the population and an additional 4,070 declared themselves to be agnostics.[253]

The official language is Serbian, native to 88% of the population.[253] Serbian is the only European language with active digraphia, using both Cyrillic and Latin alphabets. Serbian Cyrillic is designated in the Constitution as the "official script" and was devised in 1814 by Serbian philologist Vuk Karadžić, who based it on phonemic principles.[254] A survey from 2014 showed that 47% of Serbians favour the Latin alphabet, 36% favour the Cyrillic one and 17% have no preference.[255]

Standard Serbian is based on the most widespread Shtokavian dialect (more specifically on the dialects of Šumadija-Vojvodina and Eastern Herzegovina[256]).

Recognised minority languages are: Hungarian, Bosnian, Slovak, Croatian, Albanian, Romanian, Bulgarian, Rusyn, and Macedonian. All these languages are in official use in municipalities or cities where the ethnic minority exceeds 15% of the total population.[2

Standard Serbian is based on the most widespread Shtokavian dialect (more specifically on the dialects of Šumadija-Vojvodina and Eastern Herzegovina[256]).

Recognised minority languages are: Hungarian, Bosnian, Slovak, Croatian, Albanian, Romanian, Bulgarian, Rusyn, and Macedonian. All these languages are in official use in municipalities or cities where the ethnic minority exceeds 15% of the total population.[257] In Vojvodina, the provincial administration uses, besides Serbian, five other languages (Hungarian, Slovak, Croatian, Romanian and Rusyn).

Serbia has an emerging market economy in upper-middle income range.[258] According to the International Monetary Fund, Serbian nominal GDP in 2018 is officially estimated at $50.651 billion or $7,243 per capita while purchasing power parity GDP stood at $122.759 billion or $17,555 per capita.[259] The economy is dominated by services which accounts for 67.9% of GDP, followed by industry with 26.1% of GDP, and agriculture at 6% of GDP.[260] The official currency of Serbia is Serbian dinar (ISO code: RSD), and the central bank is National Bank of Serbia. The Belgrade Stock Exchange is the only stock exchange in the country, with market capitalisation of $8.65 billion and BELEX15 as the main index representing the 15 most liquid stocks.[261]

The economy has been affected by the global economic crisis. After almost a decade of strong economic growth (average of 4.45% per year), Serbia entered the recession in 2009 with negative growth of −3% and again in 2012 and 2014 with −1% and −1.8%, respectively.[262] As the government was fighting effects of crisis the public debt has more than doubled: from pre-crisis level of just under 30% to about 70% of GDP and trending downwards recently to around 50%.[263][264] Labour force stands at 3.2 million, with 56% employed in services sector, 28.1% in industry and 15.9% in the agriculture.[265] The average monthly net salary in May 2019 stood at 47,575 dinars or $525.[266] The unemployment remains an acute problem, with rate of 12.7% as of 2018global economic crisis. After almost a decade of strong economic growth (average of 4.45% per year), Serbia entered the recession in 2009 with negative growth of −3% and again in 2012 and 2014 with −1% and −1.8%, respectively.[262] As the government was fighting effects of crisis the public debt has more than doubled: from pre-crisis level of just under 30% to about 70% of GDP and trending downwards recently to around 50%.[263][264] Labour force stands at 3.2 million, with 56% employed in services sector, 28.1% in industry and 15.9% in the agriculture.[265] The average monthly net salary in May 2019 stood at 47,575 dinars or $525.[266] The unemployment remains an acute problem, with rate of 12.7% as of 2018.[265]

Since 2000, Serbia has attracted over $40 billion in foreign direct investment (FDI).[267] Blue-chip corporations making investments include: Fiat Chrysler Automobiles, Siemens, Bosch, Philip Morris, Michelin, Coca-Cola, Carlsberg and others.[268] In the energy sector, Russian energy giants, Gazprom and Lukoil have made large investments.[269] In metallurgy sector, Chinese steel and copper giants, Hesteel and Zijin Mining have acquired key complexes.[270]

Serbia has an unfavourable trade balance: imports exceed exports by 25%. Serbia's exports, however, recorded a steady growth in last couple of years reaching $19.2 billion in 2018.[271] The country has free trade agreements with the EFTA and CEFTA, a preferential trade regime with the European Union, a Generalised System of Preferences with the United States, and individual free trade agreements with Russia, Belarus, Kazakhstan, and Turkey.[272]

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).[275] In 2016, Serbia exported agricultural and food products worth $3.2 billion, and the export-import ratio was 178%.[276] 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).[277]

Agricultural production is most prominent in Vojvodina on the fertile Pannonian Plain. Other agricultural regions include Mačva, Pomoravlje, Tamnava, Rasina, and Jablanica.[278]

In the structure of the agricultural production, 70% is from the crop field production and 30% is from the livestock production.[278] Serbia is world's second largest producer of plums (582,485 tonnes; second to China), second largest of raspberries (89,602 tonnes, second to Poland), it is also a significant producer of maize (6.48 million tonnes, ranked 32nd in the world) and wheat (2.07

Agricultural production is most prominent in Vojvodina on the fertile Pannonian Plain. Other agricultural regions include Mačva, Pomoravlje, Tamnava, Rasina, and Jablanica.[278]

In the structure of the agricultural production, 70% is from the crop field production and 30% is from the livestock production.[278] Serbia is world's second largest producer of plums (582,485 tonnes; second to China), second largest of raspberries (89,602 tonnes, second to Poland), it is also a significant producer of maize (6.48 million tonnes, ranked 32nd in the world) and wheat (2.07 million tonnes, ranked 35th in the world).[175][279] Other important agricultural products are: sunflower, sugar beet, soybean, potato, apple, pork meat, beef, poultry and dairy.

There are 56,000 ha of vineyards in Serbia, producing about 230 million litres of wine annually.[175][275] Most famous viticulture regions are located in Vojvodina and Šumadija.

The industry was the economic sector hardest hit by the UN sanctions and trade embargo and NATO bombing during the 1990s and transition to market economy during the 2000s.[280] The industrial output saw dramatic downsizing: in 2013 it was expected to be only a half of that of 1989.[281] Main industrial sectors include: automotive, mining, non-ferrous metals, food-processing, electronics, pharmaceuticals, clothes. Serbia has 14 free economic zones as of September 2017,[282] in which many foreign direct investments are realised.

Automotive industry (with Fiat Chrysler Automobiles as a forebearer) is dominated by cluster located in Kragujevac and its vicinity, and contributes to export with about $2 billion.[283] Country is a leading steel producer in the wider region of Southeast Europe and had production of nearly 2 million tonnes of raw steel in 2018, coming entirely from Smederevo steel mill, owned by the Chinese Hesteel.[284] 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 and Kostolac 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; signifi

Automotive industry (with Fiat Chrysler Automobiles as a forebearer) is dominated by cluster located in Kragujevac and its vicinity, and contributes to export with about $2 billion.[283] Country is a leading steel producer in the wider region of Southeast Europe and had production of nearly 2 million tonnes of raw steel in 2018, coming entirely from Smederevo steel mill, owned by the Chinese Hesteel.[284] 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 and Kostolac 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. Serbia notably manufactures intel smartphones named Tesla smartphones.[285]

Food industry is well known both regionally and internationally and is one of the strong points of the economy.[286] Some of the international brand-names established production in Serbia: PepsiCo and Nestlé in food-processing sector; Coca-Cola (Belgrade), Heineken (Novi Sad) and Carlsberg (Bačka Palanka) in beverage industry; Nordzucker in sugar industry.[277] 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 (wind turbines) in Subotica, Panasonic (lighting devices) in Svilajnac, and Gorenje (electrical home appliances) in Valjevo.[287] 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.[288]

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 tonnes of coal lignite are the 5th largest in the world (second in Europe, after Germany).[290][291] Coal is found in two large deposits: Kolubara (4 billion tonnes of reserves) and Kostolac (1.5 billion tonnes).[290] Despite being small on a world scale, Serbia's oil and gas resources (77.4 million tonnes of oil equivalent and 48.1 billion cubic metres, respectively) have a certain regional importance since they are largest in the region of former Yugoslavia as well as the Balkans (excluding Romania).[292] Almost 90% of the discovered oil and gas are to be found in Banat and those oil and gas fields are by