Serbia's economy shrank 9.2 percent on quarter in the three months to June 2020, following a 0.5 percent decline in the previous period. It was the sharpest contraction since the second quarter of 1999, as the coronavirus pandemic hit the economy.

GDP Growth Rate in Serbia averaged 0.74 percent from 1996 until 2020, reaching an all time high of 16.10 percent in the third quarter of 1999 and a record low of -19.60 percent in the second quarter of 1999. This page provides - Serbia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Serbia GDP Growth Rate - values, historical data and charts - was last updated on October of 2020.

GDP Growth Rate in Serbia is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Serbia to stand at 1.60 in 12 months time. In the long-term, the Serbia GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 0.70 percent in 2022, according to our econometric models.

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Serbia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.20 -0.50 16.10 -19.60 1996 - 2020 percent Quarterly

Serbia GDP Last Previous Highest Lowest Unit
GDP Growth Rate -9.20 -0.50 16.10 -19.60 percent [+]
GDP Annual Growth Rate -6.40 5.10 26.20 -21.50 percent [+]
GDP 51.41 50.60 52.19 6.88 USD Billion [+]
GDP Constant Prices 893372.80 939205.90 1040556.20 410507.00 RSD Million [+]
Gross Fixed Capital Formation 247610.50 267243.70 377456.50 2729.30 RSD Million [+]
GDP per capita 7213.18 6885.99 7213.18 3064.03 USD [+]
GDP per capita PPP 18179.80 17355.10 18179.80 6319.84 USD [+]
GDP From Agriculture 55544.60 49171.10 76965.90 33699.20 RSD Million [+]
GDP From Construction 46456.80 38069.00 70603.40 6825.60 RSD Million [+]
GDP From Manufacturing 185564.60 210304.10 213202.50 83784.10 RSD Million [+]
GDP From Public Administration 119198.50 118050.00 119198.50 62701.80 RSD Million [+]
GDP From Services 130850.30 146531.50 171639.60 42286.30 RSD Million [+]

Serbia GDP Growth Rate
Serbia's economy depends on manufacturing and exports, driven by foreign direct investments. The FDI are concentrated in a variety of industries including metal processing, building, textile, beverage, electronics and financial. On the expenditure side, household consumption is the main component of GDP and accounts for 76 percent of its total use, followed by gross fixed capital formation (17 percent) and government expenditure (18 percent). Exports of goods and services account for 44 percent of GDP while imports account for 54 percent, subtracting 10 percent of total GDP.