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Economy of Serbia

Economy of Serbia is the 84th or 79th largest in the world at $43.866 billion or $95.492 billion by nominal gross domestic product or purchasing power parity respectively. Its economy is mostly based on various services (51.1% of GDP), industry (38.5% of GDP) and agriculture (10.4% of GDP).

After the ousting of former Yugoslav President Slobodan Miloševic in October 2000, the country went through an economic liberalization process, and experienced fast economic growth. GDP per capita (nominal) went from $1,241 in 2000 to $6,123 in 2014. Furthermore, it became a candidate for the European Union in March 2012. The European Union is Serbia's most important trading partner. After years of economy decline due to world financial crisis, in 2011, the economy GDP growth was 2%. Serbia entered a second recession in 2012, causing GDP to decline 1.5% for that year. In 2013, Serbia was among the top ten of European countries in regard to GDP growth, which amounted to 2.6% year on year. As of 2016 estimations, the unemployment rate was at 19.3%. Estimated GDP (nominal) for 2016 calendar year is $43.866 billion, which is $6,123 per capita, while the estimated GDP (PPP) is $100.18 billion, which is $14,047 per capita.

In recent years, Serbia has seen an increasingly swift foreign direct investment trend, including auto industry (Fiat), metal processing (US Steel), building materials (Lafarge), food and beverages (Carlsberg, Coca Cola, and Nestle), textiles (Golden Lady, Pompea), leather (Progetti Company, Falc East), and ICT (Microsoft and Siemens).

The average growth of Serbia's GDP in the last ten years was 2.45% per year. GDP structure by sector in 2015 was: services 51.1%, industry 38.5%, agriculture 10.4%. GDP structure by components in 2015 was: private consumption 81.0%, public consumption 17.9%, fixed capital investments 17.8%, inventories investments -10.1%, exports 46.0%, imports -52.6%.

Serbia's primary industries include processing of motor vehicles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes and pharmaceuticals.

Sectors

Agriculture

Agriculture in Serbia is still an important section of Serbian economy with an annual potential of EUR 12 billion in exports.

Production Serbia is one of the largest provider of frozen fruit to the EU (largest to the French market, and 2nd largest to the German market). Serbia is world's second largest producer of plums (582,485 tons; second to China), second largest of raspberries (89,602 tons, second to Poland), it is also significant producer of maize (6.48 million tons, ranked 32nd in the world) and wheat (2.07 million tons, ranked 35th in the world). The production of sugar beet (2299770 metric tons) and sunflower seeds (454282 metric tons) meets domestic demand for sugar and vegetable oil and permits export of some 180,000 tons of sugar to the European Union.

Tourism

Tourism in Serbia employs some 75,000 people, about 4% of the country's workforce.

In 2013, total of 2,192,435 tourists visited Serbia. This was an increase of five percent compared to the last year, according to the Tourist Organization of Serbia (TOS).

Energy

Serbia has abundance of one natural fuel (coal) and relatively significant but not sufficient of the others (oil and gas). Serbia's proven reserves of 5.5 billion tons of coal lignite are 5th largest in the world (second in Europe, after Germany.

Electricity The main producer of electricity in Serbia is Elektroprivreda Srbije. Oil and Natural Gas Naftna Industrija Srbije is the only company in Serbia which deals with exploration and production of crude oil and gas, as well as with production of geothermal energy. Renewable Energy is increasingly being used in Serbia. Installed capacity of Wind power is 20 MW (currently being expanded to produce a total of 320 MW), and hydro power plants is 2,835 MW.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Serbia"

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