Skip to Main Navigation

Overview

Country Context

Serbia2021
Population, million6.9
GDP, current US$ billion63
GDP per capita, current US$9175
Life Expectancy at Birth, years (2018)75.7

The Serbian economy recovered well from a mild recession in 2020 that was related to the impacts of COVID-19. The economy grew by 7.4 percent in 2021, mainly driven by private consumption, thanks to a strong increase in salary levels and consumer loans. The economic recovery in 2021 was broad based except for the agriculture sector, where output declined by 5.4 percent in real terms. 

Growth is expected to decelerate in 2022, and the risks to the growth outlook are tilted to the downside.

The Serbian economy was projected to grow at around 4–4.5 percent annually. However, the war in Ukraine and resulting sanctions imposed on Russia will have an impact on Serbia’s exports, foreign direct investment (FDI), remittances, and tourism revenues. As such, economic growth for 2022 has been revised downward to 3.2 percent. Over the medium term, the economy is expected to grow steadily at around 3 percent annually. Poverty reduction is expected to stagnate in 2022 as higher inflation is eroding income gains. 

Last Updated: Apr 18, 2022

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