Markets Actual Q1 Q2 Q3 Q4 2023
Currency 104.05 104 105 105 106 107
Stock Market (points) 828.50 848 835 821 809 783

Overview Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) 1.60 0.9 1.2 0.7 0.5 0.5
GDP Annual Growth Rate (%) 7.70 4.1 3.2 3.5 3.7 3.7
Unemployment Rate (%) 10.50 11.3 11 10.6 10.2 8.2
Inflation Rate (%) 7.90 6.4 5.8 4.2 3.3 2.4
Interest Rate (%) 1.00 1.25 1.5 1.5 1.75 2.5
Balance of Trade (USD Million) -793.30 -650 -500 -500 -500 -780
Current Account (USD Million) -193.50 -390 -390 -390 -390 -390
Current Account to GDP (% of GDP) -4.30 -5.5 -5.5 -5.5 -5.5 -5.3
Government Debt to GDP (% of GDP) 57.40 56.7 56.7 56.7 56.7 54.1
Government Budget (% of GDP) -8.40 -1.2 -1.2 -1.2 -1.2 -0.7
Corporate Tax Rate (%) 15.00 15 15 15 15 15
Personal Income Tax Rate (%) 10.00 15 15 15 15 15

GDP Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) 1.60 0.9 1.2 0.7 0.5 0.5
GDP Annual Growth Rate (%) 7.70 4.1 3.2 3.5 3.7 3.7
GDP (USD Billion) 52.96 65.08 65.08 65.08 65.08 69.38
GDP Constant Prices (RSD Million) 1359443.40 1088851 1269621 1338318 1407024 1427914
Gross Fixed Capital Formation (RSD Million) 367142.10 372629 304894 329161 379992 386417
GDP per capita (USD) 6533.19 7100 7100 7100 7250 7250
GDP per capita PPP (USD) 18210.00 18000 18000 18000 18500 18500
GDP From Agriculture (RSD Million) 93162.10 78915 64176 68579 96423 99899
GDP From Construction (RSD Million) 78973.50 52903 60992 70468 81738 91374
GDP From Manufacturing (RSD Million) 264493.30 229663 280396 270942 273751 289207
GDP From Public Administration (RSD Million) 132691.30 127629 136632 133664 137335 147504
GDP From Services (RSD Million) 247176.10 175241 216402 244018 255827 240455

Labour Actual Q1 Q2 Q3 Q4 2023
Unemployment Rate (%) 10.50 11.3 11 10.6 10.2 8.2
Wages (RSD/Month) 66048.00 69529 68684 68454 68971 73144
Minimum Wages (EUR/Month) 366.04 380 380 380 380 380
Population (Million) 6.93 6.88 6.88 6.88 6.84 6.84
Retirement Age Women 63.17 63.33 63.33 63.33 63.33 63.5
Retirement Age Men 65.00 65 65 65 65 65
Wage Growth (%) 10.50 5.2 5.2 5.2 5.2 5.2

Prices Actual Q1 Q2 Q3 Q4 2023
Inflation Rate (%) 7.90 6.4 5.8 4.2 3.3 2.4
Consumer Price Index CPI (points) 216.90 217 220 221 224 229
Inflation Rate Mom (%) 0.40 0.1 0.1 0.1 0.1 0.2
Food Inflation (%) 12.10 3 3 3 4.7 4.7
CPI Transportation (points) 190.70 191 191 191 192 192
Producer Prices Change (%) 14.70 12.3 8.7 6.4 4.8 3.3

Money Actual Q1 Q2 Q3 Q4 2023
Interest Rate (%) 1.00 1.25 1.5 1.5 1.75 2.5
Interbank Rate (%) 1.00 1.25 1.5 1.5 1.75 1.75
Deposit Interest Rate (%) 0.10 0.35 0.6 0.6 0.85 0.85
Lending Rate (%) 1.90 2.15 2.4 2.4 2.65 2.65

Trade Actual Q1 Q2 Q3 Q4 2023
Balance of Trade (USD Million) -793.30 -650 -500 -500 -500 -780
Current Account (USD Million) -193.50 -390 -390 -390 -390 -390
Current Account to GDP (% of GDP) -4.30 -5.5 -5.5 -5.5 -5.5 -5.3
Imports (USD Million) 3105.80 2150 2150 2150 2150 2500
Exports (USD Million) 2312.50 1650 1650 1650 1720 1720

Government Actual Q1 Q2 Q3 Q4 2023
Government Debt to GDP (% of GDP) 57.40 56.7 56.7 56.7 56.7 54.1
Government Budget (% of GDP) -8.40 -1.2 -1.2 -1.2 -1.2 -0.7
Government Spending (RSD Million) 264399.90 292285 266015 276269 273654 303099

Taxes Actual Q1 Q2 Q3 Q4 2023
Corporate Tax Rate (%) 15.00 15 15 15 15 15
Personal Income Tax Rate (%) 10.00 15 15 15 15 15
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 36.55 37.8 37.8 37.8 37.8 37.8
Social Security Rate For Companies (%) 16.65 17.9 17.9 17.9 17.9 17.9
Social Security Rate For Employees (%) 19.90 19.9 19.9 19.9 19.9 19.9

Business Actual Q1 Q2 Q3 Q4 2023
Industrial Production (%) 7.00 1.1 1.5 1.5 2.1 2.1

Consumer Actual Q1 Q2 Q3 Q4 2023
Retail Sales YoY (%) 10.00 7 5.2 5.2 5.5 4.8
Consumer Credit (SRB Million) 1367723.00 1303320 1317481 1351841 1394114 1351543
Gasoline Prices (USD/Liter) 1.56 1.48 1.41 1.34 1.27 1.21
Consumer Spending (RSD Million) 1063078.20 995253 888001 1070237 1100286 1032078


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Serbia Forecast - was last updated on Monday, January 24, 2022.