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29.12.2023. -
Economic trends in the Republic of Serbia in 2023

The total economic activity of the Republic of Serbia in 2023, measured by the real movements of the Gross domestic product (GDP), was estimated to make the growth of 2.5% when related to 2022.

In 2023 gross fixed capital formation recorded the real growth equalling 3.5% in comparison to 2022.

In 2023 agricultural production made the physical volume growth of 9.0%. In 2023 industrial production expressed the growth of 2.4%, and manufacturing – the growth of 0.5%.

The value of construction works carried out in 2023 expressed the real growth of 8.9% in comparison to 2022. Retail trade turnover recorded real fall equalling 1.8%, while the wholesale trade turnover decreased by 1.0% in nominal terms. When 2023 is related to 2022, external trade in goods expressed in euros indicated the growth of exports by 4.0%, and the fall of imports by 6.0%. Within the section of accommodation and food service activities, in 2023 the real growth of catering industry equalling 8.8% was estimated, while the number of tourist overnight stays increased by 1.9%. When 2023 is related to 2022, transportation expressed physical volume growth of 21.3%, and for telecommunications recorded was physical volume fall of 0.5%.

According to the data of the Labour Force Survey, in the third quarter 2023 the rate of employment equalled 50.7%, while the rate of unemployment equalled 9.0%.

When 2023 is related to 2022, average salaries (wages) taxes and contributions deducted increased by 15.0% in nominal terms, and by 2.6% in real terms.

The estimated annual inflation rate equals 7.6%.