In the first half of 2024, Serbia’s construction activity saw a gross added value (GVA) growth of 9.9 percent, according to eKapija. Projections indicate an annual growth rate of about nine percent in the third quarter and around 14.5 percent in the fourth quarter, suggesting an expected annual GVA increase of approximately 11 percent for the year.
The Republic Statistical Office (RZS) reported that the main contributors to construction activity in the first half of the year included traffic infrastructure, pipelines, communication lines and electrical installations. Significant projects also encompassed the construction of gas pipelines, substations, communal infrastructure and water purification facilities.
In the first quarter of 2024, construction activity rose by 22 percent in current prices compared to the same period last year, while the constant prices reflected an 18.3 percent increase. Specifically, building work increased by 8.3 percent and other structures, such as roads and industrial buildings, saw a 23.3 percent rise in constant prices.
For the second quarter, the increases were 14.9 percent in current prices and 10.2 percent in constant prices. While building construction saw a slight decline of 1.4 percent, other structures experienced a 16.6 percent growth in constant prices.
Regional highlights
Vojvodina recorded the highest growth rate, with construction work value increasing by 21 percent in constant prices. Key drivers included railway construction and the Fruškogorsk Corridor.
In Southern and Eastern Serbia, construction work value rose by 11.6 percent in constant prices, largely driven by the Požarevac-Golubac highway. Notable projects included hospital centers in Novi Pazar, Prokuplje, and Leskovac, as well as various production and storage complexes. Significant projects like the Clean Serbia initiative and the reconstruction of Konstantin Veliki Airport also contributed to the increase.
In the Šumadija and Western Serbia region, a 7.3 percent growth was noted in constant prices, driven by the Moravian Corridor, the Preljina-Požega highway, and the Šabac-Loznica expressway. Ongoing works for the Clean Serbia project, focusing on sewage infrastructure, were also reported.
In the Belgrade region, construction work value increased by 1 percent in constant prices compared to the same quarter in 2023. Despite many active construction sites for residential and commercial buildings, the pace was slightly slower than in the previous year, reflecting an adjustment from the exceptionally high activity seen in the second quarter of 2023, as noted by the RZS.
