Skip to Main Navigation

Overview

Country Context

Serbia2023
Population, million6.6
GDP, current $ billion75.6
GDP per capita, current $11,447
Life Expectancy at Birth, years 72.7

The growth of the Serbian economy accelerated in the first half of 2024 leading to an increase in projected GDP growth for the year as whole to 3.8%—higher than the previously projected figure of 3.5% thanks to a better-than-expected performance of the construction and services sectors in the first half of the year. However, a severe drought that hit Serbia this summer had a significant negative impact on agriculture, which may still cause a downward revision of 2024 GDP projections. On the expenditure side, consumption and investment were the main drivers of growth in the first half of 2024 while net exports had a negative contribution. Consumption started to recover because of the continued increase in incomes as well as a steady decline in inflation. Over the medium term, under the baseline scenario, Serbia’s economy is expected to grow at around 4%. The incidence of poverty declined to an estimated 6.9% in 2022 and is estimated to have stayed unchanged in 2023 as private consumption growth was modest, affected by the high inflation and the phasing out of government support programs, which had fueled the strong post-COVID-19 recovery of 2021.

Last Updated: Oct 22, 2024

professors trained to conduct workshops to help students apply what they learn to daily life as a result of a Bank-supported education improvement project.

LENDING

Serbia: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments
Image
PHOTO GALLERY
More Photos

In Depth

Additional Resources

Country Office Contacts

Belgrade, Serbia
Bulevar Kralja Aleksandra 86
11000 Belgrade, Serbia
+381 11 30 23 700