Markets Actual Q1 Q2 Q3 Q4 2021
Stock Market (points) 809.59 802 796 789 783 771
Currency 108.31 106 107 107 108 109

Overview Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) 2.20 0.4 0.5 0.5 0.6 0.6
GDP Annual Growth Rate (%) 4.80 3.6 3.8 3.7 3.9 3.9
Unemployment Rate (%) 9.50 11.6 10.9 9.6 10 10
Inflation Rate (%) 2.00 2.6 2.7 2.8 2.9 3.1
Interest Rate (%) 2.25 2.25 2.25 2 2 3
Balance of Trade (USD Million) -1052.30 -580 -560 -490 -390 -390
Current Account (USD Million) -586.50 -390 -280 -250 -400 -420
Current Account to GDP (%) -5.20 -5.1 -5.1 -5.1 -5.1 -4.7
Government Debt to GDP (%) 54.50 47.5 47.5 47.5 47.5 45
Government Budget (% of GDP) 0.60 -0.4 -0.4 -0.4 -0.4 -0.3
Corporate Tax Rate (%) 15.00 15 15 15 15 15
Personal Income Tax Rate (%) 10.00 10 10 10 10 10

GDP Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) 2.20 0.4 0.5 0.5 0.6 0.6
GDP Annual Growth Rate (%) 4.80 3.6 3.8 3.7 3.9 3.9
GDP (USD Billion) 50.51 55 55 55 55 60
GDP Constant Prices (RSD Million) 1004135.60 908698 971549 1022712 1043297 1083985
Gross Fixed Capital Formation (RSD Million) 317781.80 225768 266274 323661 330175 343052
GDP per capita (USD) 6880.50 7700 7700 7700 7700 8200
GDP per capita PPP (USD) 16035.36 17000 17000 17000 17000 17500
GDP From Agriculture (RSD Million) 76886.70 49467 55442 78309 79885 83001
GDP From Construction (RSD Million) 61499.60 32604 47023 62637 63898 66390
GDP From Manufacturing (RSD Million) 203136.40 205583 204806 206894 211059 219290
GDP From Public Administration (RSD Million) 112424.40 108041 114027 114504 116809 121365
GDP From Services (RSD Million) 163612.50 144499 158564 166639 169993 176623

Labour Actual Q1 Q2 Q3 Q4 2021
Unemployment Rate (%) 9.50 11.6 10.9 9.6 10 10
Wages (RSD/Month) 56331.00 58179 57280 57027 58094 61114
Minimum Wages (EUR/Month) 307.67 340 340 340 340 410
Population (Million) 7.00 6.92 6.92 6.92 6.92 6.88
Retirement Age Women 62.00 63 63 63 63 63
Retirement Age Men 65.00 65 65 65 65 65
Wage Growth (%) 10.30 7.2 6.8 6.2 5.5 5.2

Prices Actual Q1 Q2 Q3 Q4 2021
Inflation Rate (%) 2.00 2.6 2.7 2.8 2.9 3.1
Consumer Price Index CPI (points) 199.70 203 204 202 204 211
Inflation Rate Mom (%) 0.60 0.4 -0.1 0.2 0.2 0.2
Food Inflation (%) 2.00 2.5 2.6 2.7 3.3 3.3
CPI Transportation (points) 178.40 182 184 182 183 189

Money Actual Q1 Q2 Q3 Q4 2021
Interest Rate (%) 2.25 2.25 2.25 2 2 3
Interbank Rate (%) 1.62 1.64 1.64 1.64 1.64 1.64
Deposit Interest Rate (%) 1.00 1 1 1 2.25 1
Lending Rate (%) 3.50 3.5 3.5 3.5 3.5 3.5

Trade Actual Q1 Q2 Q3 Q4 2021
Balance of Trade (USD Million) -1052.30 -580 -560 -490 -390 -390
Current Account (USD Million) -586.50 -390 -280 -250 -400 -420
Current Account to GDP (%) -5.20 -5.1 -5.1 -5.1 -5.1 -4.7
Imports (USD Million) 2543.90 2490 2350 2420 2500 2500
Exports (USD Million) 1491.60 1810 1790 1930 1650 1820

Government Actual Q1 Q2 Q3 Q4 2021
Government Debt to GDP (%) 54.50 47.5 47.5 47.5 47.5 45
Government Budget (% of GDP) 0.60 -0.4 -0.4 -0.4 -0.4 -0.3
Government Spending (RSD Million) 231803.80 211632 232839 236092 240844 250237

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

Business Actual Q1 Q2 Q3 Q4 2021
Industrial Production (%) 8.30 2 2.2 2.3 2.4 2.5

Consumer Actual Q1 Q2 Q3 Q4 2021
Retail Sales YoY (%) 13.10 3.2 3.5 3.8 4.5 4.9
Consumer Credit (SRB Million) 1112071.00 1055846 1071995 1102168 1155442 1200504
Gasoline Prices (USD/Liter) 1.42 1.27 1.3 1.33 1.38 1.38
Consumer Spending (RSD Million) 936773.90 835879 945466 954104 973308 1011267


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.