The Republic Statistical Office (RZS) reported that Serbia’s gross domestic product (GDP) increased by 3.8% in real terms and 18.2% in nominal terms for the year 2023. This is a notable revision from previous estimates made by the RZS and other national institutions, including the Ministry of Finance and the National Bank of Serbia, as well as international organizations such as the World Bank and the International Monetary Fund, which had projected a 2.5% GDP growth for the previous year compared to 2022.
Additionally, the RZS announced a significant five-year revision of GDP, covering the period from 1995 to 2022, in line with the Eurostat program for major revisions. As a result of this revision, the GDP growth for 2022 was adjusted from 2.5% to 2.6%, while growth for 2021 was revised from 7.7% to 7.9%. The recession in 2020 was also deepened, moving from a contraction of 0.9% to 1%.
The announcement highlighted that the major revision of GDP and the national accounts system in 2024 has significantly improved the methodology for calculating GDP. This aligns Serbia’s approach more closely with the European System of National Accounts, enhancing the precision, reliability, and comprehensiveness of the national accounts system. The RZS stated that this comprehensive review marks a critical step toward harmonizing Serbian statistical practices with European standards.
In 2023, the key contributors to GDP included the manufacturing sector, which accounted for 13.3%, the wholesale and retail trade and motor vehicle repair sector at 10.4%, and the information and communication sector at 7.4%.
When examining GDP by usage, household consumption represented 61.7% of expenditures, with state sector individual consumption at 9.3% and collective consumption at 7.8%. Gross investment in fixed assets was recorded at 23.4%, while exports of goods and services made up 55.1%, compared to imports at 59.4%.
In terms of economic activities, there was substantial real growth in the gross value added (GVA) of several sectors in 2023, including the electricity, gas, steam, and air conditioning supply sector, which saw an impressive 94.9% growth. The accommodation and catering services sector grew by 17.8%, and professional, scientific, and technical activities increased by 11.9%. However, a decline was observed in the real estate sector, which fell by 8.0%, followed by decreases in the water supply and wastewater management sector at 2.7%, and the state administration and mandatory social insurance sector at 2.4%.
From the expenditure perspective, real growth was noted in household consumption expenditures (0.6%), gross investments in fixed assets (9.7%), and exports of goods and services (2.7%). Conversely, there was a decline in state sector collective consumption (4.2%), individual consumption by the state sector (0.9%), and imports of goods and services (1.6%).
