Economy of Serbia

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Economy of Serbia
New Belgrade.jpg
Rank 74th (PPP) / 80th (nominal)
Currency Serbian dinar (RSD)
Calendar year
Trade organisations
CEFTA, BSEC
Statistics
GDP

Increase$85.17 billion (2014, PPP)[1]

Increase$44.356 billion (2014, Nominal) [1]
GDP growth
Increase3.8% (Q3 2013)[2]
GDP per capita
Increase$11,553 (2014, PPP)[1]
GDP by sector
agriculture: 7.6%
industry: 31.7%
services: 60.7% (2012 est.)[3]
positive decrease2.2% (2013)[4]
Population below poverty line
9.1% (2013)[5]
28.2 (2009)[6]
Labour force
2.96 million (2012) (Excluding Kosovo)[5]
Labour force by occupation
agriculture: 19.5%
industry: 21.9%
services: 58.6% (2010)[5]
Unemployment positive decrease20.1% (November 2013)[7]
Average gross salary
Increase60,966 RSD monthly (May 2014)[8]
$719 monthly (May 2014)[8]
Increase44,184 RSD monthly (May 2014),[8]
$521 monthly (May 2014)[8]
Main industries
motor vehicle, oil refinery, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals
93rd (2014)[9]
External
Exports Increase$14.61 billion (2013)[10]
Export goods
motor vehicles ($2.18bn), electrical machines ($1.12bn), fruit and vegetables ($0.67bn), cereals ($0.66bn)and non-ferrous metals ($0.65bn),
Main export partners
 Italy $2.38bn
 Germany $1.74bn
 Bosnia and Herzegovina $1.18bn
 Russia $1.06bn
 Montenegro $0.83bn (2013)[10]
Imports Increase$20.54 billion (2013)[10]
Import goods
vehicles ($2.49bn), oil ($1.94bn), natural gas ($0.92bn), electrical machines ($0.87bn) medical products ($0.75bn)
Main import partners
 Italy $2.36bn
 Germany $2.25bn
 Russia $1.9bn
 China $1.51bn
 Hungary $1.01bn (2013)[10]
FDI stock
Increase$34.02 billion (From 2000-2013)[5]
positive decrease$33.28 billion (February 2014)[11]
Public finances
$26.31 bn (November 2013)
59.8% of GDP (2013) [12]
$1.98 billion (2014 Republic Budget)
4.6% of GDP[13]
Revenues $11.28 bn (2014 Republic Budget)[13]
Expenses $13.26 bn (2014 Republic Budget)[13]
Economic aid $3.21 billion of EU IPA funding (2001-14)[14]
Standard & Poor's:[15]
BB (Domestic)
BB (Foreign)
BB (T&C Assessment)
Outlook: Stable[16]
Moody's:[17]
B1 (Foreign)
Baa3 (Local)
Outlook: Stable
Dun & Bradstreet:[18]
DB4d
Foreign reserves
Increase$15.91 billion (December 2013)[5]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Serbia's economy is based mostly on various services (63.8% of GDP),[3] industry (23.5% of GDP),[3] and agriculture (12.7% of GDP).[3] In the late 1980s, at the beginning of the process of economic transition from a planned economy to a market economy, Serbia's economy had a favorable position, but it was gravely impacted by economic sanctions from 1992 to 1995.[19]

After the ousting of former Yugoslav President Slobodan Milošević in October 2000, the country went through an economic liberalization process, and experienced fast economic growth. GDP per capita (nominal) went from $1,160 in 2000 to $6,485 in 2008.[20] Furthermore, it was made a candidate for the European Union in March 2012. The European Union is Serbia's most important trading partner. In 2011, the economy grew at 3.7% (Q1 2011) 2.5% (Q2 2011) 0.5% (Q3 2011) 0.8% (Q4 2011), resulting in nearly 2% GDP growth for 2011.[21] Serbia entered a second recession in 2012, causing GDP to decline 1.6% for that year. In 2013, Serbia was among the top ten of European countries in regard to GDP growth, which amounted to 2.5% year on year. Real year-on-year GDP growth has been revised upwards for three quarters of the year: 3.0% in the first quarter, 0.6% in the second quarter and 3.7% in the third quarter. During 2013, the unemployment rate fell from a high of 25% to 20% and incomes increased as well.[22] Estimated GDP (nominal) of Serbia for 2013 is $53.1 billion,[20] which is $7,136 per capita.[20] Estimated GDP (PPP) of Serbia for 2013 is Intl. $96.8 billion,[20] which is Intl. $13,004 per capita.[20] Since the 1990s, Serbia has experienced a serious "brain drain". Despite the loss, the Serbian diaspora's transfers account for 15% of Serbia's GDP and significantly increase living standards in some parts of the country.

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).[23] By countries, most cash investments in the 2000–2012 period came from Austria ($2.68 billion),[24] Greece ($1.62 billion),[25] Norway ($1.55 billion),[25] Germany ($1.30 billion),[25] and Italy ($0.95 billion),[25] while major investor countries also include Slovenia,[25] Netherlands,[25] Russia[25] and France.[25] The actual amount of investments from countries such as the United States and Israel is significantly higher than the official figure due to their companies investing primarily through European affiliates.[25]

Macroeconomic trends[edit]

The average growth of Serbia's GDP in the last ten years was 4.45% per year.[26] GDP structure by sector in 2009 was: services 63.8%, industry 23.5%, agriculture 12.7%.[3] GDP structure by components in 2008 was: private consumption 74.3%, public consumption 20.6%, investments 28.6%, exports 30,7%, imports 54,2%.[27]

GDP
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
GDP (USD Billions) 8.7 11.4 15.2 19.6 23.6 25.1 29.3 39.2 47.7 40.2 36.7 43.8 38.5 43.7 44.8
GDP growth rate 5.3% 5.6% 3.9% 2.4% 9.3% 5.4% 5.2% 6.9% 5.5% -3.0% 1.0% 1.6% -1.5% 2.4% 1.0%
GDP Per Capita (USD) 1152 1524 2013 2630 3177 3400 3957 5304 6485 5497 5030 6030 5309 5907 6161
GDP (PPP) per capita (Geary-Khamis $) 5661 6108 6474 6786 7598 8315 8911 9677 10288 10044 10309 10761 10835 11269 11553
Source: IMF [28]

Serbia's primary industries include processing of base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes and pharmaceuticals.[3] The main export products of Serbia in 2009 were: iron and steel ($0.64bn), clothes ($0.53bn), cereals ($0.47bn), vegetables ($0.45bn), non-ferrous metals ($0.44bn).[29] The main Serbian agriculture products are wheat, maize, sugar beets, sunflower, raspberries, beef, pork and milk.[3] Agriculture accounts for 10% of Serbia's GDP and almost one forth of the country's total exports, with around 20% of the population working in the industry.[30] The average growth of Serbian industry total from 2000 to 2008 were 3.07% per year.[31] Economic worries are said for the first time in years to trump tensions over Kosovo and relations with the West among voter concerns when Serbians head to the polls in presidential, parliamentary and local elections on Sunday, 6 May 2012.[32]

Industrial production growth rate
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Mining and quarrying 8.1 -12.8 1.6 0.8 -0.7 2.1 3.5 -0.6 3.6 -3.8 5.8 10.4
Manufacturing 14.5 0.7 2.7 -4.6 9.6 -0.7 5.4 4.3 0.8 -16.1 4 -0.4
Electricity, gas and water supply 2.1 1,2 -1.7 2,3 0.1 6.6 2.2 2.8 1.8 0.8 -4.4 9.7
Industry total 11.4 0.1 1.8 -3.0 7.1 0.8 4.7 3.7 1.1 -12.6 2.5 2.1
Source 1: Development Bureau of Serbia
Source 2: Statistical Office of Serbia

Public finances[edit]

The Serbian Ministry of Finance performs tasks related to the state budget, public revenue, public spending and public debt in the country. Serbia's public debt relative to GDP from 2000 to 2008 decreased by 140.1 percentage points, and then started increasing again as the government was fighting effects of world-wide 2008 financial crisis.

Public debt (year-end)
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Debt (Billion EUR) 14.17 13.43 11.53 11.02 9.68 10.28 9.35 8,88 8.78 9.85 12.16 14.78 17.72 20.14
Debt (Percent of GDP) 169.3% 105.2% 72.9% 66.9% 53.3% 52.2% 37.7% 30.9% 29.2% 34.8% 44.5% 48.2% 60.2% 63.8%
Source: Ministry of Finance of Serbia

The National Bank of Serbia is the central bank of Serbia and as such its main responsibilities are the protection of price stability, the dinar exchange rate policy, management of the foreign currency reserves and maintenance of efficient payment and financial systems. Serbian foreign exchange reserves were highly augmented from 2000 to 2007, when they amounted 10.86 billion euros. After that they started to decrease, and in 2008 they amounted 9.08 billion euros. As of December 2013, Serbia's budget deficit is 4.6 percent and the public debt is 63.8 percent of GDP.[33]

Foreign exchange reserves (year-end)
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
National bank (Billion EUR) 0.55 1.32 2,19 2.84 3.10 4.92 9.02 9.63 8.16 10.60 10.00 12.06 10.91 11.19
Domestic banks (Billion EUR) 0.39 0.72 0.68 0.67 0.59 0.55 0.52 1.22 0.92 1.42 1.68 0.80 1.06 0.91
Total (Billion EUR) 0.95 2.05 2.86 3.50 3.70 5.47 9.54 10.86 9.08 12.03 11.69 12.87 11.97 12.10
Source: National Bank of Serbia

External trade[edit]

Serbian exports in 2009
Serbian imports in 2009
Graphical depiction of Serbia's product exports in 28 color-coded categories.
Fiat 500L – Motor vehicles are the leading export product of Serbia

Serbia signed Free Trade Agreement (FTA) with the EU enabling exports of all products originating from Serbia without customs and other fees.[34] For a limited number of products (baby beef, sugar, and wine), annual import quotas remain in effect. In 2009, the EU countries was the largest export partners (54.2%) and the largest import partners (52.9%) of Serbia.[29] The value of bilateral trade between Serbia and Germany reached a total of €2.78 billion in 2003, a historical record for the two nations.[35]

Serbia signed the CEFTA enabling exports of all products originating from Serbia without customs and other fees in the region: Albania, Bosnia and Herzegovina, Croatia, Macedonia, Moldova, Montenegro and UNMIK-Kosovo.[34] In 2009, the CEFTA countries were the second largest export destinations (33%) and third largest import destinations (7.8%) of Serbia.[29]

Serbia signed a FTA with Russia.[34] For a limited number of products, annual import quotas remain in effect. The list of products, excluded from the Free Trade Agreement with Russia, is revised annually. In 2009. the CIS countries (Russia is a participating country of CIS) was the third largest export partners (7.3%) and the second largest import partners (18.5%) of Serbia.[29]

Serbia signed a FTA with EFTA members, Norway, Switzerland, Iceland and Liechtenstein (active as of April 2010) and with Turkey that took effect in May 2010.[34] Trade with the U.S. is pursued under the Generalized System of Preferences (GSP). U.S. trade benefits provide for a preferential duty-free entry for app. 4,650 products.[34]

External trade
Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Exports (mil. USD): 2,074 2,756 3,523 4,480 6,431 8,823 10,974 8,345 9,794 11,780 11,353 14,614
Imports (mil. USD): 5,614 7,477 10,755 10,461 13,174 19,165 24,332 15,808 16,471 19,862 19,014 20,543
Trade Balance (mil. USD): -3,540 -4,721 -7,232 -5,981 -6,743 -10,342 -13,358 -7,463 -6,677 -8,082 -7,661 -5,929
Exports/Imports (%): 36.9 36.9 32.8 42.1 48.8 46.0 45.1 52.8 59.5 59.3 59.7 71.1
Source: Statistical Office of Serbia


Top 5 export partners of Serbia in 2013:[10][36][37]

Top 5 import partners of Serbia in 2013:[10][36][37]

Top 5 export goods of Serbia in 2013:[10][36]

Top 5 import goods of Serbia in 2013:[10][36]

Foreign direct investments[edit]

Leading investor nations in Serbia as of Jan 2013:

Serbia is open to foreign direct investment, and attracting FDI is set as a priority for the government of Serbia, which provides both financial and tax incentives to companies willing to invest.[38] Serbia has a long history of international commerce, even under communism, and it once attracted a sizeable foreign company presence, mainly due to its access to Comecon, and Non-Aligned Movement markets. Today, leading investor nations in Serbia include: Italy ($2.69bn), Austria ($2.65bn), Norway ($2.17bn), Belgium ($2.00bn) and Greece ($1.66n).[24] In a recent poll for investors, conducted by the German Chamber of Commerce, Serbia came on top as an investment destination in South-Eastern Europe, with 97% of companies being pleased with business conditions.[39] During the first 3 quarters of 2011 foreign direct investment topped USD$ 1.2 billion up about USD$ 560 million from the same period in 2010.[40] A total of $3.02 billion of foreign direct investment was received in 2011.[41]

Foreign direct investments
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Cash investments (USD Billions) 0.05 0.17 0.50 1.38 0.98 1.61 4.47 3.56 3.36 2.40 n/a n/a
Total investments (USD Billions) 0.05 0.16 0.55 1.41 1.03 2.09 5.12 3.98 2.99 1.92 1.01 3.01
Total per capita (USD) 6.7 21 73.3 189.3 138.8 282.4 693.8 541.5 412.4 266.7 141.3 422.7
Cash investments source: Serbia Investment and Export Promotion Agency, Total investments source: UN Conference on trade and development


Inward FDI by Industries (2005–2009):

Blue-chip corporations making investments in Serbia include: US Steel, Philip Morris, Microsoft, Fiat, Coca-Cola, Lafarge, Siemens, Carlsberg and others.[23][43] In the energy sector, Russian energy giants, Lukoil and Gazprom have made large investments.[44] The banking sector has attracted investments from Banca Intesa (Italy), Crédit Agricole and Société Générale (France), HVB Bank (Germany), Erste Bank, Raiffeisen Zentralbank and Hypo Group Alpe Adria (Austria), Eurobank EFG and Piraeus Bank (Greece), and others.[45] United States based Citibank, opened a representative office in Belgrade in December 2006.[46] In the trade sector, biggest foreign investors are France's Intermarché, German Metro Cash and Carry, Greek Veropoulos, and Slovenian Mercator.

Although most investments in previous years came primarily from the EU, greater interest is being shown from countries like India and Russia. On September 25, 2007, the Government of Serbia and Indian firm Embassy Group signed a memorandum of understanding on information technology park construction. Embassy Group plans to build their first technological park in Europe at an area of 280ha in the town of Indjija near Belgrade. The five-year plan predicts building a business area of 250,000 square meters and employing around 25,000 people. This is planned as the largest Greenfield investment in Serbia, accounting for a minimum of $600 million.[47] On December 24, 2008, presidents of Serbia and Russia, Boris Tadic and Dmitry Medvedev have signed oil and natural gas deal under which Gazprom's oil arm Gazprom Neft gets a 51% stake in state-owned Petroleum Industry of Serbia for 400 million euros in cash and 550 million euros in investments. As a part of the deal, a 400 km (250 mi) leg of the South Stream gas pipeline will be built through Serbia, an investment valued at another 2 billion euros.[48] There are several architectural projects in Belgrade with foreign investment.

Domestic currency[edit]

Main article: Serbian dinar
1000 Serbian dinar banknote

The official currency in Serbia is the Serbian dinar - RSD (1 dinar is lowest unit), RSD = 0.0095 Euro = 0.0121 USD (08/31/2010 Interbank exchange rate).

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
USD exchange 67.67 RSD 58.98 RSD 54.64 RSD 57.94 RSD 72.22 RSD 59.98 RSD 53.73 RSD 62.90 RSD 66.73 RSD 82.30 RSD 69.85 RSD
Source: Ministry of Finance of Serbia

Transport in Serbia[edit]

Main article: Transport in Serbia
A1/E75 motorway in Serbia

Roads in Serbia are the backbone of its transportation system and constitute important transit roads in Europe. They are categorized as: state highways, class I; state highways, class II; local roads; municipal roads. Total length of public roads in Serbia is 40,845 km, of which 5,525 km are state highways, class I (including 643 km of motorways and expressways); 11,540 km are state highways, class II, and 23,780 km are local roads.

Serbia has 3,819 kilometers of rail tracks, of which 1,279 are electrified and 283 kilometers are double-track railroad.[49] All rail services are operated by public rail company, Serbian Railways.[50]

There are two cities in Serbia (excluding Kosovo) served by international airports with regular passenger traffic: Belgrade and Niš. Belgrade Nikola Tesla Airport served 3.54 million passengers in 2013, and is a hub of flagship carrier Air Serbia.[51]

Tourism in Serbia[edit]

Main article: Tourism in Serbia
Belgrade NightLife

Serbia stretches across two geographic and cultural regions of Europe: Central Europe and Southeast Europe. This boundary splits Serbia roughly in a ratio of 1:2 alongside the Danube and Sava rivers. The northern parts of the country are Central-European lowlands while the southern and central parts are mostly mountainous. There are more than 15 mountain peaks rising to over 2,000 metres above sea level. The navigable rivers are the Danube, Sava and Tisa. A moderate continental climate predominates, with a more Mediterranean climate in the south.

Nightlife Belgrade has a reputation for offering a vibrant nightlife, and many clubs that are open until dawn can be found throughout the city. The most recognizable nightlife features of Belgrade are the barges (сплавови, splavovi) spread along the banks of the Sava and Danube Rivers.[52][53][54]

In the first nine months of 2013, 1,710,484 tourists visited Serbia. This is an increase of six percent compared with the same period last year, said the Tourist Organization of Serbia (TOS).

Energy in Serbia[edit]

Main article: Energy in Serbia
NIS headquarters in Novi Sad
NIS refinery in Pančevo

Electricity The main producer of electricity in Serbia is Elektroprivreda Srbije.The company has an installed capacity of 8,379 MW and generates 38.9 TWh of electricity per year. Its installed capacity in lignite-fired thermal power plant is 5,171 MW, gas-fired and liquid fuel-fired combined heat and power plants is 353 MW, wind power is 320 MW, and hydro power plants is 2,835 MW.[55] EPS is also the largest producer of lignite in Serbia operating in the Kolubara and Kostolac basins, producing around 37 million tonnes per year.[56]

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.[57] The company disposes with all necessary equipment for the performance of a whole range of complex activities such as geophysical exploration, control of production of crude oil, gas and geothermal energy. The majority of NIS oil fields are located on the territory of Serbia, in the province of Vojvodina, but upstream has business operations both in Serbia and abroad. In 2011 NIS started to expand business in south-east Europe: in Bosnia and Herzegovina, Romania and Hungary.[58][59][60]

Srbijagas, public gas company, operates the natural gas transportation system which comprise 3,177 kilometers of trunk and regional natural gas pipelines and a 450 million cubic meter underground gas storage facility at Banatski Dvor.[61] Major European transit gas pipeline, South Stream pipeline, will pass through Serbia in length of 422 kilometers and will have capacity of 40.5 billion cubic meters.[62] Start of the construction of Serbian portion of the pipeline is scheduled for the end of 2013 and will be financed with $2.6 billion by the Russian energy giant Gazprom.[63]

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.[55] Serbia also makes use of geothermal and solar energy, currently 33% of Serbia's electricity comes from hydro while 4% comes from other renewables.[64] In June 2013 the Serbian government announced an action plan to meet 27 per cent of gross final energy consumption from renewable sources by 2020.[65][66]

Telecommunications in Serbia[edit]

205 meters-high Avala Tower

Fixed telephone lines have 89% of households in Serbia, and with about 9.8 million users the number of cellphones surpasses the number of total population of Serbia itself by 35%. The largest cellphone provider is Telekom Srbija with 5.65 million subscribers, followed by Telenor with 3.1 million users and Vip mobile with just over 1 million. 59.9% of households have computers and 55.8% have internet connection (43.4% have a broadband connection). Some 58% of households have cable TV, which is one of the highest rates in Europe. Digital television transition is set to be completed by the end of 2014.

National statistics[edit]

Government budget (December 2011)
Revenues: 1989.5 Billion RSD
Expenditures: 2007.9 Billion RSD

Source: Ministry of Finance of Serbia

Employment by sector (December 2011)
Tertiary: 49.7%
Secondary: 26.2%
Primary: 24.1%
Total labor force: 2.87 Million
Unemployment rate: 23.7% (November 2011)[67]

Source: Statistical Office of Serbia

External debt (December 2011)
Public sector: $6.50 bn
Private sector: $7.00 bn
Total: $13.50bn

Source: National Bank of Serbia

Energy (December 2012)

Electricity - production: 37.86 billion kWh

Electricity - production by source:
fossil fuel: 62%
hydro: 34%
nuclear: 0%
other: 4%

Electricity - consumption: 37.37 billion kWh (2012)

Electricity - exports: 1.42 billion kWh (2012)

Electricity - imports: 1.15 billion kWh (2012)

Oil - production: 23,160 barrels per day (3,682 m3/d)

Oil - consumption: 81,540 barrels per day (12,964 m3/d) (2011)

Oil - proved reserves: 77.5 million barrels (12.32×10^6 m3) (1 January 2006)

Refined Petroleum products - production: 65,540 barrels per day (10,420 m3/d) (2011)

Refined Petroleum products - Exports: 9,863 barrels per day (1,568.1 m3/d) (2011)

Natural gas - production: 557 million cubic metres (2012)

Natural gas - consumption: 2.84 billion cubic metres (2012)

Natural gas - exports: 0 cubic metres (2012)

Natural gas - imports: 2.61 billion cubic metres (2012)

Natural gas - proved reserves: 48.14 billion cu m (1 January 2012 est.)

Source: [20]

See also[edit]

References[edit]

  1. ^ a b c IMF World Economic Outlook April 2014
  2. ^ [1]
  3. ^ a b c d e f g CIA Factbook Serbian GDP
  4. ^ [2]
  5. ^ a b c d e CIA
  6. ^ [3]
  7. ^ [4]
  8. ^ a b c d [5]
  9. ^ "Doing Business in Serbia 2012". World Bank. Retrieved 2011-11-21. 
  10. ^ a b c d e f g h [6]
  11. ^ [7]
  12. ^ [8]
  13. ^ a b c [9]
  14. ^ [10]
  15. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011. 
  16. ^ Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian (London). Retrieved 28 May 2011. 
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  18. ^ "Serbia maintains rating, recovery slower". 3 August 2010. Retrieved 2011-05-23. 
  19. ^ "NATO's Latest Target: Yugoslavia's Economy". 
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  21. ^ Filipovic, Gordana (10 February 2012). "IMF Sees Serbian 2012 GDP Up 0.5%, Jobless Rate ‘a Concern'". Bloomberg. 
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  23. ^ a b "Success stories". 
  24. ^ a b "B92 News Agency: 12-year FDI inflow worth EUR 16bn; Italy tops list". 
  25. ^ a b c d e f g h i "Serbia Investment and Export Promotion Agency: Strong FDI Figures". 
  26. ^ Report for Selected Countries and Subjects
  27. ^ Use of Gross Domestic Product (GDP)
  28. ^ [14]
  29. ^ a b c d http://webrzs.stat.gov.rs/axd/en/index1.php?SifraVesti=391&Link=
  30. ^ Balkans
  31. ^ Industrial production indices
  32. ^ Europe Online Magazine
  33. ^ "Macroeconomic Data". javnidug.gov.rs. Retrieved 2 May 2014. 
  34. ^ a b c d e Liberalized Trade
  35. ^ In Serbia
  36. ^ a b c d [15]
  37. ^ a b [16]
  38. ^ "SIEPA: Investment incentives". 
  39. ^ "Serbia ranked first in investors' poll". 
  40. ^ "Serbia Reaps High Foreign Investment". 
  41. ^ Filipovic, Gordana (12 January 2012). "Serbian 2012 Elections May Hamper Foreign Investment Inflows". Bloomberg. 
  42. ^ [17]
  43. ^ "US embassy: private sector investments". 
  44. ^ "Ministry of economic relations, Russian Federation". 
  45. ^ "National Bank of Serbia: List of banks". 
  46. ^ "Citibank to open office in Serbia". 
  47. ^ "AFP: Indians agree deal for Serbia's first IT park". 
  48. ^ "RIA Novosti: Russia, Serbia sign oil and gas deal". 
  49. ^ http://pod2.stat.gov.rs/ObjavljenePublikacije/G2012/pdf/G20122007.pdf
  50. ^ "General Information". Serbian Railways. 
  51. ^ "Aerodrom Nikola Tesla | 2012 Traffic Figures". Beg.aero. 
  52. ^ Eve-Ann Prentice (2003-08-10). "Why I love battereBelgrade". The Guardian Travel (London). Retrieved 2007-05-19. 
  53. ^ Seth Sherwood (2005-10-16). "Belgrade Rocks". The New York Times. Retrieved 2007-05-19. 
  54. ^ Barbara Gruber (2006-08-22). "Belgrade's Nightlife Floats on the Danube". Deutsche Welle. Retrieved 2007-05-19. 
  55. ^ a b "Electric Power Industry of Serbia 2004". RENEUER. Retrieved 15 June 2013. 
  56. ^ "EPS". Energy Fundamentals. Retrieved 15 June 2013. 
  57. ^ "Cooperation of Vojvodina and NIS in the field of geothermal energy". 
  58. ^ "Serbia's NIS to expand in four E. European states". Reuters. 2 September 2011. 
  59. ^ "NIS plans to invest into Romania several hundred million euros". 
  60. ^ "NIS and RAGF signed an Agreement on Exploration in Hungary". 
  61. ^ http://www.srbijagas.com/o-preduzecu/delatnost/transport/transport-prirodnog-gasa.67.html
  62. ^ http://wire.seenews.com/news/gazprom-mulls-funding-srbijagass-share-of-south-stream-pipeline-construction-costs-382868
  63. ^ http://voiceofrussia.com/2013_04_10/Russia-to-invest-1-7-million-euro-to-the-South-Stream-gas-pipeline-with-Serbia-241/
  64. ^ [18]
  65. ^ Financial Times
  66. ^ Bloomberg
  67. ^ [19] Statistical Office of Serbia

External links[edit]