Markets Actual Q4 Q1 Q2 Q3 2021
Currency 98.25 98.63 99.02 99.4 99.79 101
Stock Market (points) 715.55 704 693 683 673 652

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -9.20 -1.6 1.4 1.9 1.5 0.9
GDP Annual Growth Rate (%) -6.40 -1.5 0.8 4.5 5 1.2
Unemployment Rate (%) 7.30 16.2 15.9 15.1 14.3 13.4
Inflation Rate (%) 1.80 1.5 1.3 1.7 2.3 2.9
Interest Rate (%) 1.25 1 1 1 1 1.25
Balance of Trade (USD Million) -560.10 -1000 -900 -530 -400 -850
Current Account (USD Million) -192.70 -420 -470 -350 -220 -390
Current Account to GDP (%) -6.90 -4.7 -5.1 -5.1 -5.1 -5.1
Government Debt to GDP (%) 52.00 62 60 60 60 60
Government Budget (% of GDP) 0.20 -4.3 -3.4 -3.4 -3.4 -3.4
Corporate Tax Rate (%) 15.00 15 15 15 15 15
Personal Income Tax Rate (%) 10.00 15 10 10 10 15

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -9.20 -1.6 1.4 1.9 1.5 0.9
GDP Annual Growth Rate (%) -6.40 -1.5 0.8 4.5 5 1.2
GDP (USD Billion) 51.41 41.2 45 45 45 45
GDP Constant Prices (RSD Million) 893372.80 1050001 1024948 946720 933575 1088851
Gross Fixed Capital Formation (RSD Million) 247610.50 284100 371795 269382 258753 294612
GDP per capita (USD) 7213.18 6900 7100 7100 7100 7100
GDP per capita PPP (USD) 18179.80 17200 18000 18000 18000 18000
GDP From Agriculture (RSD Million) 55544.60 76099 69928 49564 58044 78915
GDP From Construction (RSD Million) 46456.80 51016 69544 38374 48547 52903
GDP From Manufacturing (RSD Million) 185564.60 221469 210004 211987 193915 229663
GDP From Public Administration (RSD Million) 119198.50 123075 115903 118994 124562 127629
GDP From Services (RSD Million) 130850.30 168988 169065 147704 136739 175241

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 7.30 16.2 15.9 15.1 14.3 13.4
Wages (RSD/Month) 59698.00 60000 63059 62963 63026 66339
Minimum Wages (EUR/Month) 307.67 340 410 410 410 410
Population (Million) 6.96 6.92 6.88 6.88 6.88 6.88
Retirement Age Women 62.00 63 63 63 63 63
Retirement Age Men 65.00 65 65 65 65 65
Wage Growth (%) 8.10 5.5 5.5 5.5 5.5 5.2

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 1.80 1.5 1.3 1.7 2.3 2.9
Consumer Price Index CPI (points) 200.90 202 203 205 205 207
Inflation Rate Mom (%) 0.10 0.2 0.2 0.2 0.1 0.2
Food Inflation (%) 3.40 4.1 4 4.1 4.5 5.5
CPI Transportation (points) 168.50 180 177 166 173 186
Producer Prices Change (%) -2.20 0.2 1 2.5 2.7 3.1

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 1.25 1 1 1 1 1.25
Interbank Rate (%) 1.02 2.95 1.02 1.02 1.02 2.95
Deposit Interest Rate (%) 0.25 2.25 1.25 1.25 1.25 1.5
Lending Rate (%) 2.25 4.25 2.25 2.25 2.25 4.25

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (USD Million) -560.10 -1000 -900 -530 -400 -850
Current Account (USD Million) -192.70 -420 -470 -350 -220 -390
Current Account to GDP (%) -6.90 -4.7 -5.1 -5.1 -5.1 -5.1
Imports (USD Million) 2416.70 2450 2350 2200 2150 2500
Exports (USD Million) 1856.60 1450 1450 1670 1750 1650

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 52.00 62 60 60 60 60
Government Budget (% of GDP) 0.20 -4.3 -3.4 -3.4 -3.4 -3.4
Government Spending (RSD Million) 265997.60 248648 253944 247653 277967 257848

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 15.00 15 15 15 15 15
Personal Income Tax Rate (%) 10.00 15 10 10 10 15
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 37.05 37.8 37.05 37.05 37.05 37.8
Social Security Rate For Companies (%) 17.15 17.9 17.15 17.15 17.15 17.9
Social Security Rate For Employees (%) 19.90 19.9 19.9 19.9 19.9 19.9

Business Actual Q4 Q1 Q2 Q3 2021
Industrial Production (%) 4.60 1.2 2.5 3.5 3.3 3.2

Consumer Actual Q4 Q1 Q2 Q3 2021
Retail Sales YoY (%) 7.70 1.8 2 5.4 4.5 5
Consumer Credit (SRB Million) 1238550.00 1091576 1095390 1139972 1237672 1131964
Gasoline Prices (USD/Liter) 1.37 1.27 1.21 1.15 1.09 1.2
Consumer Spending (RSD Million) 852956.50 992318 942276 862259 891340 1029034


This page has economic forecasts for Serbia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Serbia economy.