Markets Actual Q2 Q3 Q4 Q1 2022
Currency 97.30 97.17 97.54 97.92 98.31 99.08
Stock Market (points) 762.24 745 733 722 712 690

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 2.20 1.9 1.5 0.9 0.9 0.9
GDP Annual Growth Rate (%) 1.20 6.5 3 2.2 2.2 3.7
Unemployment Rate (%) 9.90 10.9 10.3 9.5 9.2 8.8
Inflation Rate (%) 2.80 1.7 2.3 2.9 2.4 2.2
Interest Rate (%) 1.00 1 1 1 1.25 1.5
Balance of Trade (USD Million) -591.30 -390 -900 -390 -390 -390
Current Account (USD Million) -58.70 -350 -220 -390 -390 -390
Current Account to GDP (%) -6.90 -5.7 -5.7 -5.7 -5.5 -5.5
Government Debt to GDP (%) 52.00 60 60 60 56.7 56.7
Government Budget (% of GDP) 0.20 -4.4 -4.4 -4.4 -1.2 -1.2
Corporate Tax Rate (%) 15.00 15 15 15 15 15
Personal Income Tax Rate (%) 10.00 15 10 15 15 15

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 2.20 1.9 1.5 0.9 0.9 0.9
GDP Annual Growth Rate (%) 1.20 6.5 3 2.2 2.2 3.7
GDP (USD Billion) 51.41 60.38 60.38 60.38 65.08 65.08
GDP Constant Prices (RSD Million) 1311669.10 1213504 1298080 1340526 1340526 1390125
Gross Fixed Capital Formation (RSD Million) 355562.30 263422 310499 363385 363385 376830
GDP per capita (USD) 7213.18 7100 7100 7100 7100 7250
GDP per capita PPP (USD) 18179.80 18000 18000 18000 18000 18500
GDP From Agriculture (RSD Million) 91921.90 75556 102843 93944 93944 97420
GDP From Construction (RSD Million) 82934.00 62593 68832 84759 84759 87895
GDP From Manufacturing (RSD Million) 266550.60 243484 265985 272415 272415 282494
GDP From Public Administration (RSD Million) 136698.10 141785 127991 139705 139705 144875
GDP From Services (RSD Million) 221769.80 189105 217989 226649 226649 235035

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 9.90 10.9 10.3 9.5 9.2 8.8
Wages (RSD/Month) 62280.00 60000 63059 62963 63026 66339
Minimum Wages (EUR/Month) 366.04 366 366 366 380 380
Population (Million) 6.93 6.88 6.88 6.88 6.88 6.84
Retirement Age Women 63.17 63.17 63.17 63.17 63.33 63.33
Retirement Age Men 65.00 65 65 65 65 65
Wage Growth (%) 5.30 5.5 5.5 5.2 5.2 5.2

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 2.80 1.7 2.3 2.9 2.4 2.2
Consumer Price Index CPI (points) 206.40 205 205 207 209 211
CPI Transportation (points) 178.30 166 173 173 181 177
Food Inflation (%) 1.70 3.1 4.5 3.5 3 4.7
Inflation Rate Mom (%) 1.10 0.2 0.1 0.1 0.1 0.2
Producer Prices Change (%) 7.20 5.5 5.1 4.8 3.1 2.5

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 1.00 1 1 1 1.25 1.5
Interbank Rate (%) 0.88 0.88 0.88 2.95 0.88 1.13
Deposit Interest Rate (%) 0.10 0.1 0.1 0.1 0.1 0.35
Lending Rate (%) 1.90 1.9 1.9 4.25 1.9 2.15

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (USD Million) -591.30 -390 -900 -390 -390 -390
Current Account (USD Million) -58.70 -350 -220 -390 -390 -390
Current Account to GDP (%) -6.90 -5.7 -5.7 -5.7 -5.5 -5.5
Imports (USD Million) 2843.30 2200 2150 2150 2150 2500
Exports (USD Million) 2251.90 1670 1750 1650 1650 1720

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 52.00 60 60 60 56.7 56.7
Government Budget (% of GDP) 0.20 -4.4 -4.4 -4.4 -1.2 -1.2
Government Spending (RSD Million) 278896.90 274069 250277 285033 285033 295579

Taxes Actual Q2 Q3 Q4 Q1 2022
Corporate Tax Rate (%) 15.00 15 15 15 15 15
Personal Income Tax Rate (%) 10.00 15 10 15 15 15
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 37.05 37.8 37.05 37.8 37.8 37.8
Social Security Rate For Companies (%) 17.15 17.9 17.15 17.9 17.9 17.9
Social Security Rate For Employees (%) 19.90 19.9 19.9 19.9 19.9 19.9

Business Actual Q2 Q3 Q4 Q1 2022
Industrial Production (%) 6.10 3.5 2.1 1.3 1.1 2.1

Consumer Actual Q2 Q3 Q4 Q1 2022
Retail Sales YoY (%) 5.50 5.4 4.5 5 5 3.5
Consumer Credit (SRB Million) 1265592.00 1261359 1273840 1270986 1293435 1318012
Consumer Spending (RSD Million) 948574.40 908536 973720 969443 969443 1005312
Gasoline Prices (USD/Liter) 1.53 1.36 1.29 1.2 1.16 1.11


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.