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Economic Growth in Serbia
The Serbian economy recorded an average growth rate of 2.6% in the decade to 2022, slightly above the 2.5% average for Eastern Europe. In 2022, Serbia's real GDP growth was 2.3%. For more GDP information, visit our dedicated page.
Serbia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Serbia from 2014 to 2023.
Source: Macrobond.
Serbia GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 4.3 | -0.9 | 7.7 | 2.5 | 2.5 |
| GDP (USD bn) | 51.5 | 53.4 | 63.1 | 63.5 | 75.2 |
| GDP (EUR bn) | 46.0 | 46.8 | 53.3 | 60.4 | 69.5 |
| GDP (RSD bn) | 5,422 | 5,504 | 6,272 | 7,098 | 8,150 |
| Economic Growth (Nominal GDP, ann. var. %) | 6.9 | 1.5 | 13.9 | 13.2 | 14.8 |
GDP growth softens in the third quarter
GDP reading: According to a preliminary estimate, economic growth slowed to 3.1% year on year in the third quarter from 4.0% in the second quarter. The reading was slightly below market expectations.
Drivers: The statistical office did not provide a comprehensive breakdown, but monthly data suggests that private consumption dragged on the reading: Retail sales growth slowed in Q3 compared with Q2. The external sector was likely another culprit behind the deceleration, as the merchandise trade deficit widened in Q3 from Q2. A detailed breakdown is scheduled to be published on 2 December.
Panelist insight: Mate Jelic, analyst at Erste Bank, said: “Consumption is expected to remain the main driver of GDP growth over our forecast horizon. Investment activity also looks promising, as suggest by strong FDI inflow, and should continue in a similar fashion after the recent credit rating upgrade to investment grade.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Serbian GDP projections for the next ten years from a panel of 26 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Serbian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Serbian GDP projections.
Want to get access to the full dataset of Serbian GDP forecasts? Send an email to info@focus-economics.com.
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