High unemployment and inflation, a negative trade balance and an infrastructure in need of renovation are causing Serbia problems. Find out what else you need to know about the Balkan country’s economy here.

The volume of road freight transport in Serbia is expected to reach 11.41 billion tonne-kilometres in 2024. It is estimated that the total freight volume in the Serbian transport market will amount to 17.40 billion tonne-kilometres in 2024, with land transport accounting for the largest share at 15.94 billion tonne-kilometres. The volume of rail transport is expected to reach 2.76 billion tonne-kilometres in 2024, while air freight will probably account for 12.28 million tonne-kilometres.

Serbia’s road network covers a total of 44,436 km, of which 5,673 km are motorways. The main traffic axes run north-south along the Danube and Morava rivers and east-west from Belgrade to Niš and the Bulgarian border. Important highway projects include the construction of corridors to connect to the European transport networks. However, the road network is in poor condition and urgently requires investment in maintenance and expansion.

Deficient trade balance

In 2022, Serbia imported services worth around USD 9.1 billion and exported services worth around USD 11.6 billion. Serbia thus achieved a positive services balance of around USD 2.5 billion in 2022.

In terms of goods, Serbia exported goods worth around USD 29.1 billion in 2022. The most important export goods were electrical machinery, apparatus and equipment with a share of around 13.3 percent. Around two thirds of Serbian exports went to the European Union in 2022; the value amounted to around 17.4 billion euros. Imports of goods to Serbia amounted to a value of around 41.2 billion US dollars in 2022. The most important imported goods were electrical machinery and crude oil.

All in all, Serbia recorded a trade deficit of around USD 12 billion in 2022, the highest since 2008. The most important trading partners for exports were Germany, Bosnia and Italy, while China, Germany and Russia were the most important for imports.

In need of expansion and renovation: the Serbian road network. Photo: iStock

The economy at a glance

Serbia recorded a nominal gross domestic product (GDP) of 60.2 billion US dollars in 2021. The service sector accounted for the largest share of GDP in 2022 with 52.4 percent, followed by industry with 23.1 percent and agriculture with 6.75 percent. GDP per capita in 2022 was around USD 10,000 and economic growth was estimated at 2.3%. In 2022, the unemployment rate was 9.4 percent and the youth unemployment rate was almost 25 percent. The inflation rate rose to an estimated 12% in 2022 and public debt amounted to around 56% of gross domestic product.