Economy - overview:
Serbia has a transitional economy largely dominated by market forces, but the state sector remains significant in certain areas and many institutional reforms are needed. The economy relies on manufacturing and exports, driven largely by foreign investment. MILOSEVIC-era mismanagement of the economy, an extended period of international economic sanctions, civil war, and the damage to Yugoslavia's infrastructure and industry during the NATO airstrikes in 1999 left the economy only half the size it was in 1990.After the ousting of former Federal Yugoslav President MILOSEVIC in September 2000, the Democratic Opposition of Serbia (DOS) coalition government implemented stabilization measures and embarked on a market reform program. Serbia renewed its membership in the IMF in December 2000 and rejoined the World Bank (IBRD) and the European Bank for Reconstruction and Development (EBRD). Serbia has made progress in trade liberalization and enterprise restructuring and privatization, but many large enterprises - including the power utilities, telecommunications company, natural gas company, and others - remain in state hands. Serbia has made some progress towards EU membership, signing a Stabilization and Association Agreement with Brussels in May 2008, and with full implementation of the Interim Trade Agreement with the EU in February 2010, gained candidate status in March 2012. In January 2014, Serbia's EU accession talks officially opened. Serbia's negotiations with the World Trade Organization are advanced, with the country's complete ban on the trade and cultivation of agricultural biotechnology products representing the primary remaining obstacle to accession. Serbia's program with the IMF was frozen in early 2012 because the 2012 budget approved by parliament deviated from the program parameters; the arrangement is now void. In late 2014, Serbia and the IMF announced a tentative plan for a precautionary loan worth approximately $1 billion, but the government will be challenged to implement IMF-mandated reforms—which will target social spending and the large public sector.High unemployment and stagnant household incomes are ongoing political and economic problems. Structural economic reforms needed to ensure the country's long-term prosperity have largely stalled since the onset of the global financial crisis. Growing budget deficits constrain the use of stimulus efforts to revive the economy and contribute to growing concern of a public debt crisis, given that Serbia's total public debt as a share of GDP more than doubled between 2008 and 2014. Serbia's concerns about inflation and exchange-rate stability preclude the use of expansionary monetary policy. During 2014 the SNS party addressed issues with the fiscal deficit, state-owned enterprises, the labor market, construction permits, bankruptcy and privatization, and other areas.Major challenges ahead include: high unemployment rates and the need for job creation; high government expenditures for salaries, pensions, healthcare, and unemployment benefits; a growing need for new government borrowing; rising public and private foreign debt; attracting new foreign direct investment; and getting the IMF program back on track. Other serious longer-term challenges include an inefficient judicial system, high levels of corruption, and an aging population. Factors favorable to Serbia's economic growth include its strategic location, a relatively inexpensive and skilled labor force, and free trade agreements with the EU, Russia, Turkey, and countries that are members of the Central European Free Trade Agreement (CEFTA).

GDP (purchasing power parity):
$97.27 billion (2015 est.) $96.78 billion (2014 est.) $98.57 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 82
[see also: GDP country ranks ]

GDP (official exchange rate):
$36.56 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.5% (2015 est.) -1.8% (2014 est.) 2.6% (2013 est.)
country comparison to the world: 193
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$13,600 (2015 est.) $13,500 (2014 est.) $13,800 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 116
[see also: GDP - per capita country ranks ]

Gross national saving:
13.3% of GDP (2015 est.) 9.6% of GDP (2014 est.) 11.5% of GDP (2013 est.)
country comparison to the world: 129
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 81%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -10.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 46%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -52.6% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 38.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.1% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, maize, sunflower, sugar beets, grapes/wine, fruits (raspberries, apples, sour cherries), vegetables (tomatoes, peppers, potatoes), beef, pork, and meat products, milk and dairy products

Industries:
automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals

Industrial production growth rate:
-2% (2015 est.)
country comparison to the world: 177
[see also: Industrial production growth rate country ranks ]

Labor force:
2.9 million (2015 est.)
country comparison to the world: 105
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 62.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
19.3% (2015 est.) 19.7% (2014 est.)
country comparison to the world: 166
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.2% (2013 est.)
[see also: Population below poverty line country ranks ]

Distribution of family income - Gini index:
38.7 (2014 est.) 28.2 (2008 est.)
country comparison to the world: 71
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $14.91 billion
[see also: Budget revenues country ranks ]
expenditures: $16.4 billion
[see also: Budget expenditures country ranks ]
note: this is the consolidated budget, including both central government and local goverment budgets (2015 est.)

Taxes and other revenues:
40.8% of GDP (2015 est.)
country comparison to the world: 37
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.1% of GDP (2015 est.)
country comparison to the world: 151
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
75% of GDP (2015 est.) 70% of GDP (2014 est.)
note: data cover general government debt, and includes debt instruments issued or owned by government entities other than the treasury (for which the Government of Singapore issued guarantees); the data include treasury debt held by foreign entities; the data include debt issued by subnational entities (for which the GOS also issued guarantees), as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment, debt instruments for the social funds are not sold at public auctions
country comparison to the world: 37
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.9% (2015 est.) 2.1% (2014 est.)
country comparison to the world: 107
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.5% (18 March 2014) 11.75% (6 February 2013)
country comparison to the world: 25
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12% (31 December 2015 est.) 14.8% (31 December 2014 est.)
country comparison to the world: 68
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.282 billion (31 December 2015 est.) $4.332 billion (31 December 2014 est.)
country comparison to the world: 103
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$18.37 billion (31 December 2015 est.) $18.75 billion (31 December 2014 est.)
country comparison to the world: 91
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$19.79 billion (31 December 2015 est.) $20.59 billion (31 December 2014 est.)
country comparison to the world: 85
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$7.696 billion (31 December 2014 est.) $8.1 billion (31 December 2013) $7.451 billion (31 December 2012 est.)
country comparison to the world: 78
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.468 billion (2015 est.) -$2.632 billion (2014 est.)
country comparison to the world: 132
[see also: Current account balance country ranks ]

Exports:
$12.8 billion (2015 est.) $14.22 billion (2014 est.)
country comparison to the world: 81
[see also: Exports country ranks ]

Exports - commodities:
iron and steel, rubber, clothes, wheat, fruit and vegetables, nonferrous metals, electric appliances, metal products, weapons and ammunition, automobiles

Exports - partners:
Italy 17.4%, Germany 12%, Bosnia and Herzegovina 8.8%, Russia 7%, Romania 5.6%, Macedonia, The Former Yugo Rep of 4% (2014)

Imports:
$17.21 billion (2015 est.) $19.56 billion (2014 est.)
country comparison to the world: 77
[see also: Imports country ranks ]

Imports - partners:
Germany 12%, Russia 11.3%, Italy 11.3%, China 7.6%, Hungary 5%, Poland 4.8% (2014)

Reserves of foreign exchange and gold:
$11.68 billion (31 December 2015 est.) $12.05 billion (31 December 2014 est.)
country comparison to the world: 74
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$36.09 billion (31 December 2014 est.) $36.4 billion (31 December 2013 est.)
country comparison to the world: 71
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$31.21 billion (31 December 2009 est.) $11.95 billion (2006 est.)
country comparison to the world: 67
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Serbian dinars (RSD) per US dollar - 106.6 (2015 est.) 88.41 (2014 est.) 88.41 (2013 est.) 87.99 (2012 est.) 72.45 (2011 est.)