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Economy of Serbia

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This is an old revision of this page, as edited by Mohammed Al-Keesh (talk | contribs) at 05:35, 18 December 2023 (the figures cited were dinar, despite using the the dollar sign, so I adjusted them according to the source). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Economy of Serbia
File:Dandrzavnosti.jpg
Belgrade Waterfront
CurrencySerbian dinar (RSD, дин)
Calendar year
Trade organisations
CEFTA, BSEC, AIIB, Open Balkan, World Bank, IMF, WTO (Observer)
Country group
Statistics
Population6,641,197 (2023)[3]
GDP
  • Increase $75.015 billion (nominal, 2023 est.)[4]
  • Increase $173.075 billion (PPP, 2023 est.)[4]
GDP rank
GDP growth
  • +7.5% (2021)[4]
  • +2.3% (2022)[4]
  • +2% (2023)[4]
GDP per capita
  • Increase $9,528.432 (nominal, 2022)[4]
  • Increase $24,564.198 (PPP, 2022)[4]
GDP per capita rank
GDP by sector
  • services: 51.4%
  • industry: 25.0%
  • agriculture: 6.3%
  • (2021)[5]
GDP by component
  • Private consumption: 63.07%
  • Public consumption: 10.1%
  • Investments: 24.20% (2020 CIA Factbook)
8.0% (2023)[4]
Population below poverty line
Positive decrease 21.2% (2021)[6]
Steady 33.3 medium (2021, Eurostat)[7]
(46th)
Labour force
  • Decrease 2,876,600 (Q2, 2023)[10]
  • Increase 50.4% employment rate (Q2, 2023)[11]
Labour force by occupation
  • services: 57.1%
  • industry: 28.9%
  • agriculture: 13.9%
  • (2021)[12]
Unemployment
  • Positive decrease 9.6% (Q2, 2023)[13]
  • Positive decrease 306,600 unemployed (Q2, 2023)[11]
  • Positive decrease 24.7% youth unemployment (Q2, 2022)[14]
Average gross salary
RSD 118,025 / €1,004 / $1,076 monthly
(June 2023)[15]
RSD 85,539 / €727 / $780 monthly
(June 2023)[15]
Main industries
motor vehicle, base metals, food processing, machinery, chemicals, tires, pharmaceuticals
External
ExportsIncrease $29.058 billion (2022)[16]
Export goods
motor vehicles ($2.42bn), electrical machines ($2.033bn), non-ferrous metals ($2.005bn), rubber and plastics products ($1.670bn), chemicals and chemical products ($1.193bn)
Main export partners
ImportsIncrease $41.148 billion (2022)[16]
Import goods
chemicals and chemical products ($2.408bn), general purpose machinery ($2.100bn), petroleum and natural gas ($1.977bn), motor vehicles ($1.818bn), basic metals ($1.740bn),
Main import partners
FDI stock
  • Increase $52.554 billion (2021 est.)
  • Steady Abroad: NA
Increase -913 million (2021)
Increase $34.4 billion (Januar 2023)
Public finances
Positive decrease 51.4% of GDP (May 2023)[19]
-3.326 billion (2022 est.)[20]
Revenues21.159 billion (2022 est.)[20][note 1]
Expenses24.485 billion (2022 est.)[20]
Economic aid€2.6 billion of EU IPA (2001–2014)[21]
€1.5 billion of EU IPA (2014–2020)[22]
€14.2 billion of EU IPA III (2021–2027) (Includes Western Balkans and Turkey)[23]
Increase $23.1 billion (July 2023)[28]
All values, unless otherwise stated, are in US dollars.


Economy of Serbia
Coat of arms of Serbia
Overview
Sectors
Serbia topics

The economy of Serbia is a service-based upper-middle income economy in the Central Europe, with the tertiary sector accounting for two-thirds of total gross domestic product (GDP). The economy functions on the principles of the free market. Nominal GDP in 2023 is projected to reach $75.015 billion, which is $11,301 per capita, while GDP based on purchasing power parity (PPP) stood at $173.075 billion, which is $26,074 per capita.[4] The strongest sectors of Serbia's economy are energy, the automotive industry, machinery, mining, and agriculture.[29] The country's primary industrial exports are automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, and pharmaceuticals.[20] Trade plays a major role in Serbian economic output. The main trading partners are Germany, Italy, Russia, China, and neighbouring Balkan countries.[20]

Belgrade is the capital and economic heart of Serbia and home to most major Serbian and international companies operating in the country, as well as the National Bank of Serbia and the Belgrade Stock Exchange. Novi Sad and Niš are the second and third largest cities respectively and the most important economic hubs after Belgrade.

Historical preview

In the decades leading up to World War I, GDP growth in Serbia grew by 0.28% per annum.[30] This was a slower growth rate than north-western Europe, leading to a widening economic divergence between Serbia and Western Europe. Prior to WWI, there was extensive growth in Serbia's dominant agricultural sector. However, industrial and service sectors remained small.[30]

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 favourable position in comparison to most of the Eastern Bloc countries, but it was gravely impacted by poor economic decision making in the 1990s,[31] the Yugoslav Wars, and UN sanctions and trade embargo during the 1990s.[32] At the same time, the country experienced a serious "brain drain".[33] There was a severe recession which continued until 1999.[31] After the overthrow of Slobodan Milošević in 2000, Serbia went through a process of transition to a market-based economy and experienced fast economic growth. During that period, the Serbian economy grew 4-5% annually, average wages quadrupled, and economic and social opportunities dramatically improved. During the Great Recession, Serbia marked a decline in its economy of 3.1% in 2009, and following years of economic stagnation pre-crisis level of GDP was reached only in 2016.

Since 2014, the country has been in the process of accession negotiations to join the European Union.[34]

Economic growth

The average growth of Serbia's GDP in the last five years was 4% per year. GDP structure by sector is: services 67.9%, industry 26.1%, agriculture 6.0%.[5]

GDP - composition, by end use

household consumption: 78.2% (2017 est.)

Increasegovernment consumption: 10.1% (2017 est.)

investment in fixed capital: 18.5% (2017 est.)

investment in inventories: 2% (2017 est.)

exports of goods and services: 52.5% (2017 est.)

imports of goods and services: -61.3% (2017 est.) [35]

GDP Growth
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Rate 7.8% 5.0% 7.1% 4.4% 9.0% 5.5% 9.7% 6.4% 5.7% -2.7% 0.7% 2.0% -0.7% 2.9% -1.6% 1.8% 3.3% 2.0% 4.4% 4.2% -0.9% 7.5% 2.3%
Source: World Bank[5]

Public finances

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 worldwide 2008 financial crisis. In 2018, the public debt stood at 53.8% of GDP.[36]

Public debt
Year 2000 2002 2004 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2021 2022
Billions EUR 14.17 13.43 11.02 9.35 8.78 9.85 12.16 14.78 17.72 20.14 22.76 24.81 24.71 23.21 23.01 29.60 30.56
Share of GDP 201.2% 68.3% 52.6% 35.9% 28.3% 32.8% 41.8% 45.4% 56.2% 59.6% 70.4% 74.7% 71.9% 61.5% 53.8% 56.5% 52.1%
Source: Ministry of Finance of Serbia Public debt Administration

Serbian foreign exchange reserves were highly augmented from 2000 to 2009, when they amounted 10.6 billion euros and have stayed at that level ever since.

Foreign exchange reserves
Year 2000 2002 2004 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2021 2022
Central bank (bln. EUR) 0.55 2.19 3.10 9.02 8.16 10.60 10.00 12.06 10.91 11.19 9.91 10.38 10.20 9.96 11.26 13.90 14.22
Comm. banks (bln. EUR) 0.39 0.68 0.59 0.52 0.92 1.42 1.68 0.80 1.06 0.91 1.73 1.43 1.56 1.11 1.63 2.55 3.05
Total (bln. EUR) 0.95 2.86 3.70 9.54 9.08 12.03 11.69 12.87 11.97 12.10 11.64 11.81 11.76 11.07 12.89 16.45 17.27
Source: National Bank of Serbia

Currency and inflation

Main article: Serbian dinar
1000 Serbian dinar banknote

The official currency in Serbia is the Serbian dinar and its earliest use dates back to 1214.

Serbia historically has battled high inflation, especially during the 1980s and 1990s. In 1992 and 1993, it experienced a period of hyperinflation which lasted for a total of 25 months.[37] In 1993, the monthly inflation rate stood at a staggering 313 million percent.[37] Since the early 2000s, the inflation rate has stabilized and in the last couple of years a relatively low level of inflation was recorded.

Inflation and Serbian dinar Exchange Rates
Year 2002 2004 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Inflation rate 19.5% 11.0% 11.7% 12.4% 8.1% 6.1% 11.1% 7.3% 7.7% 2.1% 1.4% 1.1% 3% 2% 1.9% 1.1% 4.2% 15.0%
USD/RSD 58.98 57.94 59.98 62.90 66.73 79.28 80.87 86.18 83.13 99.46 111.25 117.13 99.11 103.39 104.92 101.92 103.61 110.48
EUR/RSD 61.51 78.89 79.00 88.60 95.89 105.50 104.64 113.72 114.64 120.96 121.63 123.47 118.45 118.19 117.59 117.45 117.22 117.67
Source: World Bank,National Bank of Serbia;
Note: All exchange data retrieved each year on December 31

External trade

Graphical depiction of Serbia's product exports in 28 color-coded categories
Fiat 500L – motor vehicles are the leading export product of Serbia

Serbia has a wide range of free trade agreements with foreign countries and trading blocs.

Serbia signed a free trade agreement with the European Union in 2008 enabling exports of all products originating from Serbia without customs and other fees.[38] For a limited number of products (baby beef, sugar, and wine), annual import quotas remain in effect. As of 2016, the EU countries were the largest trading partners of Serbia with 64.4% of country's total foreign trade.[39]

Serbia signed the CEFTA enabling exports of all products originating from Serbia without customs and other fees to the neighbouring countries: Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro and Kosovo.[38] In 2016, the CEFTA countries were the second largest trading partners of Serbia.[40]

Serbia signed a free-trade agreement with EFTA members (Switzerland, Norway, Iceland) in 2009.[41]

The Serbian free-trade agreement with Russia was implemented since 2000; for a limited number of products, annual import quotas remain in effect.[38][42] Free-trade agreement with Turkey has been implemented since 2010.[42] Trade with the United States is pursued under the Generalized System of Preferences (GSP) with a preferential duty-free entry for approximately 4,650 products.[43]

Serbia signed a free trade agreement with China in October 2023, after six years of negotiations. [44]

External trade
Year 2000 2002 2004 2006 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Exports (mil. USD): 1,558 2,074 3,523 6,431 10,974 9,794 11,780 11,353 14,614 14,843 13,379 14,883 16,992 19,227 19,630 19,501 25,563 26,120
Imports (mil. USD): 5,614 5,614 10,755 13,174 24,332 16,471 19,862 19,014 20,543 20,650 18,218 19,247 21,946 25,883 26,730 26,233 33,797 36,332
Balance (mil. USD): -1,772 -3,540 -7,232 -6,743 -13,358 -6,677 -8,082 -7,661 -5,929 -5,806 -4,839 -4,363 -4,954 -6,657 -7,101 -6,733 -8,234 -10,212
Exports/Imports (%): 46.8 36.9 32.8 48.8 45.1 59.5 59.3 59.7 71.1 71.9 73.4 78.8 77.4 74.3 73.4 74.3 76.4 71.9
Source: Statistical Office of Serbia

Foreign direct investments

Attracting foreign direct investments is set as a priority for the government of Serbia, which provides both financial and tax incentives to companies willing to invest.[45] Leading investor nations in Serbia include: Germany, Italy, United States, China, Austria, Norway, and Greece.[46] Majority of FDI went into automotive industry, food and beverage industry, machinery, textile and clothing.[46] Foreign direct investments (FDI) coming from the EU accounted for more than 63% of total FDI coming to Serbia from the period of 2010 until 2021.[47]

Blue-chip corporations making investments in manufacturing sector include: Fiat Chrysler Automobiles, Bosch, Michelin, Siemens, Panasonic, Continental, Schneider Electric, Philip Morris, LafargeHolcim, PepsiCo, Coca-Cola, Carlsberg and others.[48] In the energy sector, Russian energy giants, Lukoil and Gazprom have made large investments.[49] In metallurgy sector, Chinese steel and copper giants, Hesteel and Zijin Mining have acquired steel mill in Smederevo and copper mining complex in Bor, respectively.[50] The financial sector has attracted investments from Italian banks such as Intesa Sanpaolo and UniCredit, Crédit Agricole and Société Générale from France, Erste Bank and Raiffeisen from Austria, among others.[51] ICT and telecommunications saw investments from likes such as Microsoft, Telenor, Telekom Austria, and NCR. In retail sector, biggest foreign investors are Dutch Ahold Delhaize, German Metro AG and Schwarz Gruppe, Greek Veropoulos, and Croatian Fortenova.

Foreign direct investments
Year 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total (mil. USD) 54 546 1,511 1,077 1,579 5,663 4,389 3,407 2,729 1,549 3,018 2,629 1,518 1,550 2,114 2,080 2,867 3,984 4,605 3,638 4,433 4,709
Per capita (USD) 7.2 72.8 202.0 144.3 212.2 764.0 594.6 461.5 372.8 212.5 415.8 365.2 211.9 216.7 297.7 292.9 320.6 569.1 602.3 552.3 644.6 703.8
Source: Development Agency of Serbia National Bank of Serbia

Economic sectors

In 2022, the sector with the highest number of companies registered in Serbia is Services with 125,511 companies followed by Wholesale Trade and Manufacturing with 28,699 and 21,865 companies respectively.[52]

Agriculture

Main article: Agriculture in Serbia
Map of motorways in Serbia.
Vineyards in Fruška Gora; Serbia was the 11th largest wine producer in Europe and 19th in the world in 2014.

Serbia has very favourable natural conditions (land and climate) for varied agricultural production. It has 5,056,000 ha of agricultural land (0.7 ha per capita), out of which 3,294,000 ha is arable land (0.45 ha per capita).[53] In 2016, Serbia exported agricultural and food products worth $3.2 billion, and the export-import ratio was 178%.[54] Agricultural exports constitute more than one-fifth of all Serbia's sales on the world market. 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).[55] Agricultural production is most prominent in Vojvodina on the fertile Pannonian Plain. Other agricultural regions include Mačva, Pomoravlje, Tamnava, Rasina, and Jablanica.[56] In the structure of the agricultural production 70% is from the crop field production, and 30% is from the livestock production.[56] Serbia is world's second largest producer of plums (582,485 tons; second to China) and the third largest of raspberries (127,010 tons, trailing only Russia and the United States).[57] 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).[58][59] Other important agricultural products are: sunflower, sugar beet, soybean, potato, apple, mutton, pork meat, beef, poultry and dairy.

There are 56,000 ha of vineyards in Serbia, producing about 230 million litres of wine annually.[58][53] Most famous viticulture regions are located in Vojvodina and Šumadija.

Energy

Main article: Energy in Serbia
Đerdap 1 hydroelectric power station

The energy sector is one of the largest and most important sectors to the country's economy. Serbia is a net exporter of electricity and importer of key fuels (such as oil and gas).

Serbia has an abundance of coal, and significant reserves of oil and gas. Serbia's proven reserves of 5.5 billion tons of coal lignite are the 5th largest in the world (second in Europe, after Germany).[60][61] Coal is found in two large deposits: Kolubara (4 billion tons of reserves) and Kostolac (1.5 billion tons).[60] Despite being small on a world scale, Serbia's oil and gas resources (77.4 million tons of oil equivalent and 48.1 billion cubic meters, respectively) have a certain regional importance since they are largest in the region of former Yugoslavia as well as the Balkans (excluding Romania).[62] Almost 90% of the discovered oil and gas are to be found in Banat and those oil and gas fields are by size among the largest in the Pannonian basin but are average on a European scale.[63]

The production of electricity in 2018 in Serbia was 38.3 billion kilowatt-hours (KWh), while the final electricity consumption amounted to 28.1 billion kilowatt-hours (KWh).[64] Most of the electricity produced comes from thermal-power plants (71% of all electricity) and to a lesser degree from hydroelectric-power plants (24%) and wind energy (3%).[65] There are 6 lignite-operated thermal-power plants with an installed power of 3,936 MW; largest of which are 1,502 MW-Nikola Tesla 1 and 1,160 MW-Nikola Tesla 2, both in Obrenovac.[66] Total installed power of 9 hydroelectric-power plants is 2,831 MW, largest of which is Đerdap 1 with capacity of 1,026 MW.[67] In addition to this, there are mazute and gas-operated thermal-power plants with an installed power of 353 MW.[68] The entire production of electricity is concentrated in Elektroprivreda Srbije (EPS), public electric-utility power company.

The current oil production in Serbia amounts to over 1.1 million tons of oil equivalent[69] and satisfies some 43% of country's needs while the rest is imported.[70] National petrol company, Naftna Industrija Srbije (NIS), was acquired in 2008 by Gazprom Neft. The company's refinery in Pančevo (capacity of 4.8 million tons) is one of the most modern oil-refineries in Europe; it also operates network of 334 filling stations in Serbia (74% of domestic market) and additional 36 stations in Bosnia and Herzegovina, 31 in Bulgaria, and 28 in Romania.[71][72] There are 155 kilometers of crude oil pipelines connecting Pančevo and Novi Sad refineries as a part of trans-national Adria oil pipeline.[73]

Serbia is heavily dependent on foreign sources of natural gas, with only 17% coming from domestic production (totalling 491 million cubic meters in 2012) and the rest is imported, mainly from Russia (via gas pipelines that run through Ukraine and Hungary).[70] Srbijagas, public 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.[74]

Industry

See also: Automotive industry in Serbia and Defense industry of Serbia

The industry is the economy sector which was hardest hit by the UN sanctions and trade embargo and NATO bombing during the 1990s and transition to market economy during the 2000s.[32] The industrial output saw dramatic downsizing: in 2013 it was expected to be only a half of that of 1989.[75] Main industrial sectors include: automotive, mining, non-ferrous metals, food-processing, electronics, pharmaceuticals, clothes. Serbia has 14 free economic zones as of September 2017,[76] in which many foreign direct investments are realized.

Automotive industry (with Fiat Chrysler Automobiles as a forebearer) is dominated by cluster located in Kragujevac and its vicinity, and contributes to export with about $2 billion.[77] Country is a leading steel producer in the wider region of South Central Europe and had production of nearly 2 million tons of raw steel in 2018, coming entirely from Smederevo steel mill, owned by the Chinese Hesteel.[78]

Serbia notably manufactures intel smartphones named Tesla smartphones.[79]

Food industry is well known both regionally and internationally and is one of the strong points of the economy.[80] Some of the international brand-names established production in Serbia: PepsiCo and Nestlé in food-processing sector; Coca-Cola (Belgrade), Heineken (Novi Sad) and Carlsberg (Bačka Palanka) in beverage industry; Nordzucker in sugar industry.[55] Serbia's electronics industry had its peak in the 1980s and the industry today is only a third of what it was back then, but has witnessed a something of revival in last decade with investments of companies such as Siemens (wind turbines) in Subotica, Panasonic (lighting devices) in Svilajnac, and Gorenje (electrical home appliances) in Valjevo.[81] The pharmaceutical industry in Serbia comprises a dozen manufacturers of generic drugs, of which Hemofarm in Vršac and Galenika in Belgrade, account for 80% of production volume. Domestic production meets over 60% of the local demand.[82]

Mining

Serbia's mining industry is comparatively strong: Serbia is the 18th largest producer of coal (7th in the Europe) extracted from large deposits in Kolubara and Kostolac basins; it is also world's 23rd largest (3rd in Europe) producer of copper which is extracted by Zijin Bor Copper, a large copper mining company, acquired by Chinese Zijin Mining in 2018; significant gold extraction is developed around Majdanpek.

Further information: Oil shale in Serbia

Telecommunications and IT industry

Main article: Telecommunications in Serbia

Fixed telephone lines connect 89% of households in Serbia, and with about 8.82 million users the number of cellphones surpasses the total population of Serbia by 25%. The largest mobile operator is Telekom Srbija with 4.06 million subscribers, followed by Yettel Serbia with 2.73 million users and A1 Srbija with about 2.03 million.[83] Some 58% of households have fixed-line (non-mobile) broadband Internet connection while 67% are provided with pay television services (i.e. 38% cable television, 17% IPTV, and 10% satellite).[84] Digital television transition has been completed in 2015 with DVB-T2 standard for signal transmission.[85]

The Serbian IT industry is rapidly growing and changing pace. In 2018, IT services exports reached $1.3 billion.[86] With 6,924 companies in the IT sector (2013 data), Belgrade is one of the information technology centers in this part of Europe, with strong growth.[87] Microsoft Development Center located in Belgrade was at the time of its establishment fifth such center in the world.[88] Many world IT companies choose Belgrade as regional or European center such as Asus,[89] Intel,[90] Dell,[91] Huawei, NCR,[92] Ubisoft[93] etc. These companies have taken advantage of Serbia's large pool of engineers and relatively low wages.

Large investments by global tech companies like Microsoft, typical of the 2000s, are being eclipsed by a growing number of domestic startups which obtain funding from domestic and international investors. What brought companies like Microsoft in the first place was a large pool of talented engineers and mathematicians.[94] In just the first quarter of 2016, more than US$65 million has been raised by Serbian startups including $45 million for Seven Bridges (a Bioinformatics firm) and $14 million for Vast (a data analysis firm).[95][96] One of the most successful startups have been Nordeus which was founded in Belgrade in 2010 and is one of Europe's fastest-growing companies in the field of computer games (the developer of Top Eleven Football Manager, a game played by over 20 million people).[97]

Golubac fortress
Stara planina

Tourism

Main article: Tourism in Serbia

The touristic sector accounted for 1.4% of GDP in 2017 and employs some 75,000 people, about 3% of the country's workforce.[5][98] Foreign exchange earnings from tourism in 2018 were estimated at $1.5 billion.[99]

Serbia is not a mass-tourism destination but nevertheless has a diverse range of touristic products.[100] In 2018, total of over 3.4 million tourists were recorded in accommodations, of which half were foreign.[101]

Tourism is mainly focused on the mountains and spas of the country, which are mostly visited by domestic tourists, as well as Belgrade which is preferred choice of foreign tourists. The most famous mountain resorts are Kopaonik, Stara Planina, and Zlatibor. There are also many spas in Serbia, the biggest of which is Vrnjačka Banja, Soko Banja, and Banja Koviljača. City-break and conference tourism is developed in Belgrade (which was visited by 938,448 foreign tourists in 2018, more than a half of all international visits to the country) and to a lesser degree Novi Sad. Other touristic products that Serbia offer are natural wonders like Đavolja varoš, Christian pilgrimage to the many Orthodox monasteries across the country and the river cruising along the Danube. There are several internationally popular music festivals held in Serbia, such as EXIT (with 25–30,000 foreign visitors coming from 60 countries) and the Guča trumpet festival.[102]

Transport

Main article: Transport in Serbia

Serbia has a strategic transportation location since the country's backbone, Morava Valley, represents by far the easiest route of land travel from continental Europe to Asia Minor and the Near East.

Serbian road network carries the bulk of traffic in the country. Total length of roads is 45,419 km of which 915 km are "class-Ia state roads" (i.e. motorways); 4,481 km are "class-Ib state roads" (national roads); 10,941 km are "class-II state roads" (regional roads) and 23,780 km are "municipal roads".[103][104][105] The road network, except for the most of class-Ia roads, are of comparatively high quality to the Western European standards because of huge financial investments Serbias has been seeing in the last 10 years.

Over 300 kilometers of new motorways has been constructed in the last decade and additional 142 kilometers are currently under construction: A5 motorway (from north of Kruševac to Čačak) and 30 km-long segment of A2 (between Čačak and Požega).[106][107] Coach transport is very extensive: almost every place in the country is connected by bus, from largest cities to the villages; in addition there are international routes (mainly to countries of Western Europe with small Serb diaspora). Routes, both domestic and international, are served by more than 100 bus companies, biggest of which are Lasta and Niš-Ekspres. As of 2018, there were 1,959,584 registered passenger cars or 1 passenger car per 3.5 inhabitants.[108]

Serbia has 3,819 kilometers of rail tracks, of which 1,279 are electrified and 283 kilometers are double-track railroad.[58] The major rail hub is Belgrade (and to a lesser degree Niš), while the most important railroads include: Belgrade–Bar (Montenegro), Belgrade–Šid–Zagreb (Croatia)/Belgrade–Niš–Sofia (Bulgaria) (part of Pan-European Corridor X), Belgrade–Subotica–Budapest (Hungary) and Niš–Thessaloniki (Greece). Although still a major mode of freight transportation, railroads face increasing problems with the maintenance of the infrastructure and lowering speeds. The rail services are operated by Srbija Voz (passenger transport) and Srbija Kargo (freight transport).[109]

There are three airports with regular passenger traffic. Belgrade Nikola Tesla Airport served 5.6 million passengers in 2018 and is a hub of flagship carrier Air Serbia which carried some 2.5 million passengers in 2018.[110] Niš Constantine the Great Airport is mainly catering low-cost airlines.[111] Morava Airport is currently only served by Air Serbia.

Serbia has a developed inland water transport since there are 1,716 kilometers of navigable inland waterways (1,043 km of navigable rivers and 673 km of navigable canals), which are almost all located in northern third of the country.[58] The most important inland waterway is the Danube (part of Pan-European Corridor VII). Other navigable rivers include Sava, Tisza, Begej and Timiş River, all of which connect Serbia with Northern and Western Europe through the Rhine–Main–Danube Canal and North Sea route, to Central Europe via the Tisza, Begej and Danube Black Sea routes, and to Southern Europe via the Sava river. More than 2 million tons of cargo were transported on Serbian rivers and canals in 2016 while the largest river ports are: Novi Sad, Belgrade, Pančevo, Smederevo, Prahovo and Šabac.[58][112]

205 meters-high Avala Tower

Economic indicators

The following table shows the main economic indicators



Year GDP (NOMINAL IN BILLIONS USD) GDP (NOMINAL IN BILLIONS EUR) GDP PER CAPITA (NOMINAL IN EUR) GDP PER CAPITA(NOMINAL IN USD) GDP PPP (PPP IN BILLIONS USD) GDP PER CAPITA PPP (PPP IN USD) GDP GROWTH (REAL IN  %) TOTAL INVESTMENT(IN  % GDP) Foreign direct investments (bln. USD) Foreign direct investments (bln. EUR) Inflation (in %) Exchange rate (to 1 EUR) Exchange rate (to US$1) Unemployment rate (in %) Employment rate (in %) Employment registered

(person)

Labor force (in number) Foreign exchange reserves(Central bank (bln. EUR)) Foreign exchange reserves( Comm. banks (bln. EUR)) Foreign exchange reserves(Total (bln. EUR) ) Gold Reserves (Total (T Gold ) ) Trade Exports (Exports ((mil. USD)) Trade Imports (Imports ((mil. USD)) Trade Balance (Imports ((mil. USD)) External trade (Exports/Imports (%)) Government debt (% GDP) Minimum net salary (in EUR) Median net salary (50% emoyees) (in EUR) Average net salary (in EUR) Average gross salary (in EUR)
2000 $9.318 €28.502 €2.650 $1.239.745 $47,530 $6.313.275 7.759% 10.720% $54 70.000% 61.51 58.98 12.100% 32.3% 3.569.895 €0.55 €0.39 €0.95 1,558 5,614 -1,772 46.8% 201.2% €101 €?
2001 $12.321 €14.584 €2.840 $1.642.080 $49,535 $6.789.478 4.993% 19.350% $501 80.744% 65.5 58.95 12.200% 41.4% 3.550.875 €0.61 €0.51 €0.98 49.8% 36.9% €102 €?
2002 $16.188 €18,165 €3.020 $2.158.378 $55.420 $7.389.302 7.116% 21.367% $546 8.868% 78.89 57.94 14.470% 43.5% 3.535.725 €2.19 €0.68 €2.86 2,074 5,614 -3,540 36.9% 68.3% €92 €152 €?
2003 $21.234 €19.882 €3.160 $2.838.501 $59.009 $7.888.299 4.415% 22.311% $1,511 2.901% 79.23 58,85 16.000% 43.5% 3.522.846 €2.36 €0.69 €3.20 34.5% 55.6% €105 €177 €?
2004 $24.760 €20.995 €3.460 $3,317.624 $66.075 $8.853.456 9.047% 30.104% $1,077 10.602% 78.89 59.98 19.530% 43.6% 3.497.569 €3.10 €0.59 €3.70 3,523 10,755 -7,232 32.8% 52.6% €124 €194 €?
2005 $27.515 €22.253 €3.660 $3.697.899 $75.067 $10.088.561 10.154% 22.541% $1,579 16.253% 79.00 62.90 21.830% 43.8% 3.369.669 €3.23 €0.62 €3.80 33.2% 51.6% €126 €210 €?
2006 $32.625 €25.930 €3.860 $4.401.870 $81.336 $10.974.129 5.108% 21.762% $5,663 10.732% 88.60 66.73 21.560% 43.8% 3.211.965 €9.02 €0.52 €9.54 6,431 13,174 -6,743 48.8% 52.6% €145 €258 €?
2007 $43.425 €31.557 €4.130 $5.882.939 $88.913 $12.045.218 6.440% 25.070% $4,389 6.002% 95.89 79.28 18.800% 47.5% 3.204.276 €8.16 €0.52 €9.08 45.1% 35.9% €188 €347 €?
2008 $52.130 €35.712 €4.380 $7.092.355 $95.743 $13.025.828 5.656% 26.522% $3,407 12.411% 105.50 80.87 14.400% 48.8% 3.229.170 €10.60 €0.92 €12.03 10,974 24,332 -13,358 59.5% 28.3% €233 €401 €?
2009 $45.188 €32.486 €4.280 $6.172.494 $93.724 $12.802.431 -2.732% 18.737% $2,729 8.117% 104.64 86.18 16.900% 48.8% 3.074.965 €10.00 €1.42 €11.69 59.3% 32.8% €220 €338 €?
2010 $41.397 €31.545 €4.330 $5.677.545 $95.544 $13.103.603 0.731% 18.380% $1,549 6.143% 105.50 83.13 20.000% 46.5% 1.350.354 2.931.478 €12.06 €1.68 €12.87 9,794 16,471 -6,677 59.7% 41.8% €203 €330 €468
2011 $49.314 €35.431 €4.450 $6.814.650 $99.515 $13.751.806 2.036% 19.217% $3,018 11.137% 113.72 83.13 23.600% 44.3% 2.883.187 €10.91 €0.80 €11.97 11,780 19,862 -8,082 71.1% 45.4% €234 €372 €521
2012 $43.330 €33.679 €4.440 $6.016.788 $100.380 $13.938.823 -0.682% 17.317% $2,629 7.330% 114.64 99.46 24.600% 43.5% 2.888.489 €11.19 €0.91 €12.10 11,353 19,014 -7,661 71.9% 56.2% €236 €366 €555
2013 $48.428 €36.426 €4.590 $6.757.467 $104.877 $14.634.218 2.893% 16.715% $1,518 7.694% 120.96 111.25 23.000% 42.8% 2.982.216 €9.91 €0.91 €11.64 14,614 20,543 -5,929 73.4% 59.6% €232 €294 €388 €597
2014 $47.095 €35.467 €4.540 $6.603.499 $104.603 $14.667.214 -1.590% 18.681% $1,550 2.082% 121.63 117.13 19.894% 43.5% 3.175.885 €10.38 €1.73 €12.11 14,843 20,650 -5,806 70.4% 70.4% €235 €380 €585
2015 $39.656 €35.740 €4.640 $5.588.980 $105.951 $14.932.417 1.776% 18.078% $2,114 1.392% 123.47 103.39 18.231% 44.1% 1.989.617 3.136.661 €10.20 €1.43 €11.81 13,379 18,218 -4,839 78.8% 74.7% €236 €368 €603
2016 $40.693 €36.779 €4.820 $5.765.204 $111.920 $15.856.452 3.339% 19.575% $2,080 1.122% 118.45 104.92 15.917% 44.1% 2.009.785 3.227.121 €9.96 €1.56 €11.52 14,883 19,247 -4,363 77.4% 71.9% €230 €302 €375 €627
2017 $44.179 €39.235 €4.950 $6.292.547 $116.697 $16.621.467 2.101% 22.655% $2,867 3.131% 118.19 104.55 14.051% 45.8% 2.062.588 3.252.029 €11.26 €1.11 €11.76 16,992 21,946 -4,954 74.3% 61.5% €238 €395 €638
2018 $50.641 €42.892 €5.200 $7.252.404 $124.856 $17.880.955 4.495% 25.104% $3,984 €‎3,496 1.960% 117.59 101.92 13.273% 46.5% 2.131.079 3.268.748 €11.88 €1.63 €12.92 19,227 25,883 -6,657 73.4% 53.8% €239 €421 €678
2019 $51.475 €46.005 €5.460 $7.391.841 $132.489 $19.025.432 4.249% 23.173% $4,605 €‎3,815 1.850% 117.45 101.98 10.909% 47.7% 2.173.135 3.260.591 €12.55 €1.81 €14.36 19,630 26,730 -7,101 74.3% 56.7% €240 €466 €700
2020 $52.960 €46.815 €5.440 $7.645.791 $132.772 $19.168.069 -0.980% 24.414% $3,638 €‎3,039 1.575% 117.20 104.58 9.457% 47.8% 2.215.475 3.196.753 €12.88 €1.90 €14.78 19,501 26,233 -6,733 75.5% 56.9% €251 €416 €511 €871
2021 $63.082 €53.329 €5.910 $9.180.120 $148.679 $21.774.030 7.389% 25.011% $4,433 €‎3,863 4.085% 117.22 103.61 10.093% 50.0% 2.273.591 3.176.077 €13.90 €2.55 €16.45 37.2 T Gold $25,563 $33,797 $-8,234 76.4% 56.5% €255 €455 €635 €920
2022 $63.502[113] €67.101 €9.839[114] $10.360.720 $163.708 $23.919.000 2.251% 26.780% $4,709 €‎4,416[115] 11.982% 117,67 110,48 9.885% 50.9% 2.308.955 3.167.119 €16.20 €3.21 €19.416

[116]

38.5 T Gold $29,058[117] $41,148 $-12,090 70.6% 52.1% €302 €516 €717[118] €1002
2023 $75.015 €68.870 €10.374 $11.300.218 $173.075 $26.074.158 3.000% 22.335% $4,489 €‎4,122 12.361% 117,54 107,72 9.076% 50.7% 2 360 762 3 174 200 €20.25 €3.36 €23.624 38.47 T Gold $25,720 $34,250 $-8,530 75% 51.227% €350 €561 €726 €1005

[1][2][3][119][4]

Labour

In 2021, the labour force was estimated at  3.201 million and employment stood at 2.848 million persons (formal employment amounted to 2.473 million while informal was at 0.375 million).[120] Employment rate (among population aged 15 and over) is comparatively low and stood at 48.6%; of those employed; of those employed 15.9 worked in agriculture, 28.1% in industry, and 56% in services in 2018.[121] The unemployment rate has been in double digits throughout the post-socialist era, reaching its peak at 25.9% in 2012. Since then, the rate has decreased substantially, with the creation of new jobs in primarily private sector, reaching 9.8% in 2021.[120]

Note: districts in purple on the map had unemployment rate in 2021 - below 10%, blue in the range of 10% – 15%, orange in the range of 15% – 20%; and red – 20% and over.[120]

According to the latest monthly report of the Statistical Office of the Republic of Serbia, the average monthly salary in January 2022 amounted to 120,085 Serbian dinars (1,022 euros) gross or 85,422 Serbian dinars (727 euros) net. The median salary amounted to 85,422 Serbian dinars (727 euros) gross or 64,860 (552 euros) net, which means that 50% of the employees had earned a salary up to that amount.[122]

The employer is also liable to pay for additional social security contributions which brings the total labour cost for the average salary to 150,107 Serbian dinars (1,280 euros), thus the total tax ratio amounts to 26.9%.[123] The map below shows average salaries by region in December 2022, expressed in gross terms in order to make the data comparable to the data that is published by Eurostat. Due to the nature of Serbia's economy, the majority of people working in Serbia work under the so-called "entrepreneurship" salary. This category of worker is seen in local markets, for examples, plumbers, and a variety of occupations. The majority of people working in the IT are also entrepreneurs, and entrepreneurs' tax contribution will not exceed the maximum amount of 10% of their salary. The average tax contribution is from €80 to €250 a month (depending on the location registered in Serbia), which is between 0.0042% to 2% of tax when compared to the max amount of income allowed under the entrepreneurship bracket. This makes Serbia one of the best countries for entrepreneurship in Europe, with lowest income tax rate in Europe.[124]

Note: districts in purple on the map had gross average monthly salary in January 2022 – €1000 and over, blue in the range of €999 – €850; orange in the range of €849 – €800, and red – below €800.[125]

Regional economies

The list includes statistical regions of Serbia by GDP, share of total GDP and GDP per capita & average gross salary in 2019:[126]

Rank Region Total GDP (Bln€. ) Share of total GDP GDP per capita (€) Average Salary (€)
1 Belgrade Region 19.19 41.7% 11,327 €1098
2 Vojvodina 12.21 26.5% 6,599 €831
3 Šumadija and Western Serbia 8.34 18.1% 4,371 €729
4 Southern and Eastern Serbia 6.30 13.7% 4,226 €739

Companies

Main article: List of companies of Serbia

The list includes largest Serbian companies by revenue in 2021.[127]

Р.б. Матични број Назив привредног друштва Место Величина Сектор Област                               Пословни приходи Број запослених Нето добитак Нето губитак Пословна имовина Капитал Губитак Губитак    изнад висине

капитала

1 20053658 JP EPS BEOGRAD Београд Велико D-СНАБДЕВАЊЕ ЕЛЕКТРИЧНОМ ЕНЕРГИЈОМ, ГАСОМ, ПАРОМ И КЛИМАТИЗАЦИЈА Београдска                  319.680.725 23.507 14.948.733 962.087.508 600.980.511 225.651.530
2 20084693 NIS A.D. NOVI SAD Нови Сад Велико B-РУДАРСТВО Јужнобачка                  281.048.041 5.108 23.131.745 419.340.174 272.247.874
3 21203980 HBIS GROUP SERBIA IRON & STEEL D.O.O. BEOGRAD Београд Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Београдска                  130.581.859 4.858 23.737.043 81.540.610 33.177.265 28.210.037
4 07130562 SERBIA ZIJIN COPPER DOO Бор Велико B-РУДАРСТВО Борска област             121.442.338 5.724 23.773.643 202.939.349 83.439.659 4.043.284
5 17569171 DELHAIZE SERBIA DOO BEOGRAD Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                     118.912.619 11.637 2.973.113 83.478.530 42.755.532
6 20084600 JP SRBIJAGAS NOVI SAD Нови Сад Велико D-СНАБДЕВАЊЕ ЕЛЕКТРИЧНОМ ЕНЕРГИЈОМ, ГАСОМ, ПАРОМ И КЛИМАТИЗАЦИЈА Јужнобачка                    116.174.829 941 3.772.985 278.802.471 124.349.098
7 17466461 TIGAR TYRES DOO Пирот Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Пиротска област         104.345.066 3.634 9.154.260 53.099.960 12.380.135
8 17162543 TELEKOM SRBIJA A.D., BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                   102.915.422 7.300 13.142.891 405.774.598 169.098.203
9 07005466 ЕЛЕКТРОДИСТРИБУЦИЈА СРБИЈЕ Д.О.О. БЕОГРАД Београд Велико D-СНАБДЕВАЊЕ ЕЛЕКТРИЧНОМ ЕНЕРГИЈОМ, ГАСОМ, ПАРОМ И КЛИМАТИЗАЦИЈА Београдска                    102.416.371 7.817 33.864 359.714.038 275.101.995 34.732.602
10 06886671 MERCATOR-S DOO Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                    81.406.838 8.352 1.628.999 53.134.586 8.151.416                143.059
11 17304712 NELT CO. DOO BEOGRAD Добановци Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                   80.290.984 2.094 487.885 27.246.215 13.813.634
12 08762023 MERCATA VT DOO Нови Сад Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Јужнобачка                    71.694.093 1.005 944.941 12.131.963 1.060.919
13 20699264 LIDL SRBIJA KD Нова Пазова Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Сремска област             71.642.791 2.935 4.132.545 62.073.676 32.937.849 13.117.010
14 20132248 JP PUTEVI SRBIJE Београд Велико F-ГРАЂЕВИНАРСТВО Београдска                      61.497.791 2.085 4.992.801 561.615.729 397.819.296 84.256.575
15 07517807 PHOENIX PHARMA DOO BEOGRAD Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                    59.160.324 526 687.689 28.816.386 7.039.039 295.093
16 17518518 MOL SERBIA D.O.O. BEOGRAD Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                       58.157.131 98 1.157.757 19.346.886 12.231.759
17 20285494 SERBIA ZIJIN MINING D.O.O. Брестовац Средње B-РУДАРСТВО Борска област              55.066.933 442 34.356.111 73.402.523 30.658.661 11.284.450
18 07102160 HENKEL SRBIJA DOO BEOGRAD Београд Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Београдска                   54.020.669 593 2.219.466 39.618.036 18.352.298
19 07462905 COCA-COLA HBC - SRBIJA DOO ZEMUN Београд Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Београдска                     51.979.190 872 6.794.801 51.018.365 41.612.872
20 17535439 KNEZ PETROL DOO ZEMUN Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                     51.491.364 1.171 482.786 10.637.448 2.968.702
21 20147229 TELENOR DOO BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                     49.905.115 1.389 7.314.130 31.094.719 22.014.647
22 17155903 YUGOROSGAZ AD BEOGRAD Београд Велико H-САОБРАЋАЈ И СКЛАДИШТЕЊЕ Београдска                   48.948.056 20 1.065.856 10.574.975 4.490.288
23 20193816 GEN - I  DOO BEOGRAD Београд Средње D-СНАБДЕВАЊЕ ЕЛЕКТРИЧНОМ ЕНЕРГИЈОМ, ГАСОМ, ПАРОМ И КЛИМАТИЗАЦИЈА Београдска                      47.381.411 4 45.837 4.474.639 122.767
24 08064300 HIP-PETROHEMIJA AD PANČEVO Панчево Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Јужнобанатска                45.543.111 1.252 5.504.635 33.424.493 27.910.859 38.496.838
25 20734973 CENTROSINERGIJA DOO BEOGRAD Београд Велико H-САОБРАЋАЈ И СКЛАДИШТЕЊЕ Београдска                    43.307.937 794 1.750 5.221.688 202.956
26 17321480 OMV SRBIJA DOO BEOGRAD Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                   42.520.267 47 1.192.527 18.258.949 10.063.577
27 08010536 HEMOFARM AD VRŠAC Вршац Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Јужнобанатска                41.687.901 2.894 4.391.174 58.908.657 43.665.097
28 20468122 FCA SRBIJA D.O.O. KRAGUJEVAC Крагујевац Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Шумадијска                     41.512.762 2.072 3.866.426 49.527.397 31.198.492 3.866.426
29 20054182 ЕМС АД БЕОГРАД Београд Велико D-СНАБДЕВАЊЕ ЕЛЕКТРИЧНОМ ЕНЕРГИЈОМ, ГАСОМ, ПАРОМ И КЛИМАТИЗАЦИЈА Београдска                    37.644.783 1.365 2.320.668 105.615.660 69.893.066
30 20220023 A1 SRBIJA D.O.O. BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                    37.624.936 1.417 4.788.465 55.325.872 11.193.108
31 07524951 LUKOIL SRBIJA AD BEOGRAD Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                    37.562.574 148 1.799.180 8.969.098 4.822.932 12.648.005
32 20624027 YURA CORPORATION DOO RAČA Рача Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Шумадијска                    37.188.438 6.912 1.092.400 27.725.196 4.467.354 1.092.400
33 20521694 LEONI WIRING SYSTEMS SOUTHEAST  DOO PROKUPLJE Прокупље Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Топличка област         36.422.362 13.077 925.417 25.421.068 6.514.726 1.145
34 20236434 DELTA AGRAR DOO Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                     34.126.821 506 423.057 45.118.521 19.367.575


List of companies of Serbia in 2021. by NET INCOME [5]

Р.б. Матични број Назив привредног друштва Место Величина Сектор Област                                             Нето

добитак mil (€)

Број запослених Пословни приходи Пословна имовина Капитал Губитак Губитак       изнад висине

капитала

1 20285494 SERBIA ZIJIN MINING D.O.O. Брестовац Средње B-РУДАРСТВО Борска област       2 726 000 000 € 442 55.066.933 73.402.523 30.658.661 11.284.450
2 08179107 MK GROUP DOO BEOGRAD Београд Средње K-ФИНАНСИЈСКЕ ДЕЛАТНОСТИ И ДЕЛАТНОСТ ОСИГУРАЊА Београдска             2 232 000 000 € 61 196.924 38.442.768 14.679.893
3 07130562 SERBIA ZIJIN COPPER DOO Бор Велико B-РУДАРСТВО Борска област       2 028 000 000 € 5.724 121.442.338 202.939.349 83.439.659 4.043.284
4 21203980 HBIS GROUP SERBIA IRON & STEEL D.O.O. BEOGRAD Београд Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Београдска              202 534 496 € 4.858 130.581.859 81.540.610 33.177.265 28.210.037
5 20084693 NIS A.D. NOVI SAD Нови Сад Велико B-РУДАРСТВО Јужнобачка              

19 895 435 €

5.108 281.048.041 419.340.174 272.247.874
6 17162543 TELEKOM SRBIJA A.D., BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                         13.142.891 7.300 102.915.422 405.774.598 169.098.203
7 17466461 TIGAR TYRES DOO Пирот Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Пиротска област                9.154.260 3.634 104.345.066 53.099.960 12.380.135
8 20147229 TELENOR DOO BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                           7.314.130 1.389 49.905.115 31.094.719 22.014.647
9 07462905 COCA-COLA HBC - SRBIJA DOO ZEMUN Београд Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Београдска                          6.794.801 872 51.979.190 51.018.365 41.612.872
10 08064300 HIP-PETROHEMIJA AD PANČEVO Панчево Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Јужнобанатска                   5.504.635 1.252 45.543.111 33.424.493 27.910.859 38.496.838
11 07319665 PHILIP MORRIS OPERATIONS A.D. NIŠ Ниш Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Нишавска                              5.387.717 558 25.702.542 29.389.963 16.872.589
12 20873663 ABL SOLVENT D.O.O. Београд Микро K-ФИНАНСИЈСКЕ ДЕЛАТНОСТИ И ДЕЛАТНОСТ ОСИГУРАЊА Београдска                         5.366.533 0 6.583.713 14.992.659 10.813.654 7.361
13 27006884 DUŽNIK STEČAJNE MASE: INDUSTRIJA MAŠINA I TRAKTORA AD, BEOGRAD - U STEČAJU Београд Микро C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Београдска                         5.056.320 0 5.926 2.398.658 20.044.723              14.988.403
14 20157658 FARMINA PET FOODS DOO INĐIJA Инђија Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Сремска област                  4.847.417 279 14.632.838 12.551.468 10.122.251
15 20220023 A1 SRBIJA D.O.O. BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                         4.788.465 1.417 37.624.936 55.325.872 11.193.108
16 29507228 CHINA RAILWAY INTERNATIONAL CO., LTD. SERBIA OGRANAK BEOGRAD Београд Велико F-ГРАЂЕВИНАРСТВО Београдска                          4.498.150 63 25.086.695 46.551.755 3.110.932 1.472.392
17 08010536 HEMOFARM AD VRŠAC Вршац Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Јужнобанатска                     4.391.174 2.894 41.687.901 58.908.657 43.665.097
18 29507619 TASYAPI INSAAT TAAHHUT SANAYI VE TICARET

A.S. OGRANAK BEOGRAD*

Београд Средње F-ГРАЂЕВИНАРСТВО Београдска                         4.275.455 197 12.954.293 16.624.697 3.426.441 849.014
19 21594105 CETIN D.O.O. BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                          4.190.270 285 11.578.950 20.226.260 11.032.082
20 20699264 LIDL SRBIJA KD Нова Пазова Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Сремска област                 4.132.545 2.935 71.642.791 62.073.676 32.937.849 13.117.010
21 08052441 JT INTERNATIONAL AD SENTA Сента Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Севернобанатска               4.122.669 278 22.748.477 20.096.043 10.634.375
22 17280554 SBB DOO BEOGRAD Београд Велико J-ИНФОРМИСАЊЕ И КОМУНИКАЦИЈЕ Београдска                          3.944.791 1.589 28.964.750 72.886.209 28.077.520 22.621.318
23 20084600 JP SRBIJAGAS NOVI SAD Нови Сад Велико D-СНАБДЕВАЊЕ ЕЛЕКТРИЧНОМ ЕНЕРГИЈОМ, ГАСОМ, ПАРОМ И КЛИМАТИЗАЦИЈА Јужнобачка                          3.772.985 941 116.174.829 278.802.471 124.349.098
24 08500037 MAGNA PHARMACIA DOO BEOGRAD Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                         3.696.847 81 21.249.899 8.108.836 3.960.220
25 07309783 ELIXIR PRAHOVO DOO PRAHOVO Прахово Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Борска област                    3.582.728 759 18.220.441 19.590.950 9.619.455
26 21033391 БЕОГРАД НА ВОДИ Д.О.О. Београд Средње F-ГРАЂЕВИНАРСТВО Београдска                          3.467.282 81 21.548.141 54.116.603 10.107.210 2.984.120
27 29510300 BECHTEL ENKA UK LIMITED OGRANAK BEOGRAD Београд Средње F-ГРАЂЕВИНАРСТВО Београдска                          3.424.410 718 22.864.428 41.522.279 3.379.978 44.432
28 07461429 ЈП ПОШТА СРБИЈЕ БЕОГРАД Београд Велико H-САОБРАЋАЈ И СКЛАДИШТЕЊЕ Београдска                         3.283.600 14.889 27.642.409 32.664.593 25.956.203
29 07652992 PEŠTAN DOO BUKOVIK Буковик Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Шумадијска                          3.247.274 964 17.395.826 19.866.362 17.711.341
30 08325316 DOO ALMEX PANČEVO Панчево Велико A-ПОЉОПРИВРЕДА, ШУМАРСТВО И РИБАРСТВО Јужнобанатска                     3.158.702 383 14.065.762 24.406.246 15.036.161
31 17569171 DELHAIZE SERBIA DOO BEOGRAD Београд Велико G-ТРГОВИНА НА ВЕЛИКО И ТРГОВИНА НА МАЛО; ПОПРАВКА МОТОРНИХ ВОЗИЛА И МОТОЦИКАЛА Београдска                           2.973.113 11.637 118.912.619 83.478.530 42.755.532
32 07042728 FRIKOM DOO BEOGRAD Београд Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Београдска                         2.920.984 1.326 13.863.267 9.999.640 7.042.429
33 07112904 MORAVACEM D.O.O. POPOVAC Поповац Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Поморавска                        2.782.865 282 9.782.139 10.001.370 8.145.906
34 07162936 KONCERN BAMBI A.D. POŽAREVAC Пожаревац Велико C-ПРЕРАЂИВАЧКА ИНДУСТРИЈА Браничевска                        2.761.738 651 11.199.659 16.950.912 15.027.822

The list includes ten largest Serbian companies by revenue in 2020 (revenue and employees figures without subsidiaries):[128]

Rank Company Headquarters Industry Revenue (Mil€. ) Employees
1 Elektroprivreda Srbije Belgrade Energy 2,405 24,478
2 Naftna Industrija Srbije Novi Sad Petroleum 1,444 5,035
3 Delhaize Serbia Belgrade Retail 948 12,889
4 Tigar Tyres Pirot Manufacturing 804 3,580
5 Telekom Srbija Belgrade Telecommunications 750 6,805
6 Srbijagas Novi Sad Energy 742 934
7 EPS Distribucija Belgrade Electric utility 708 3,431
8 Mercator-S Novi Sad Retail 680 8,031
9 NELT Dobanovci Wholesale 658 2,037
10 IDC doo Belgrade Construction 625 779

The list includes ten largest Serbian companies by net income in 2018 (net income and employees figures without subsidiaries):[129]

Rank Company Headquarters Industry Net income (Mil€. ) Employees
1 Serbia Zijin Bor Copper Bor Mining 762 4,951
2 Belgrade Nikola Tesla Airport Belgrade Transport 450 1,556
3 Naftna Industrija Srbije Novi Sad Petroleum 213 4,099
4 Al Dahra Serbia Belgrade Agriculture 103 188
5 Telekom Srbija Belgrade Telecommunications 92 7,777
6 Telenor Serbia Belgrade Telecommunications 76 705
7 Srbijagas Novi Sad Energy 64 1,071
8 SFS AD Paraćin Paraćin Manufacturing 45 527
9 Tigar Tyres Pirot Manufacturing 41 3,388
10 Posh properties Belgrade Real estate 40 0

See also

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  1. ^ data includes both central government and local government budgets

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