The Serbian economy remained stable and grew in 2024, despite a challenging environment. According to the Agency for Business Registers (APR), businesses across nearly all sectors and groups remained profitable.
The total net profits of companies in 2024 amounted to 866.3 billion dinars, although this was 9.9% lower than in 2023. The growth was driven by a rise in domestic consumption, investment, and export. GDP grew by 3.9% (up from 3.8% in 2023), and industrial production rose by 3.1%. Inflation fell from 7.6% to 4.3%.
Business income totalled 20 trillion dinars (up 5.3%) and expenses were 19 trillion (up 6%). More than 60% of companies were profitable, while 31,069 companies made losses.
The most profitable sectors were wholesale and retail (net profits of 207.6 billion dinars), manufacturing (176.2 billion), mining (143.7 billion), and construction (105.3 billion). Large companies made the highest profits (439.3 billion), while small companies earned 209.2 billion, medium-sized 206.9 billion, and micro companies 10.79 billion.
The greatest profits were made in the Belgrade region (408.4 billion), followed by Vojvodina (165.4 billion), South and East Serbia (184.7 billion), and Šumadija and West Serbia (110.1 billion). Kosovo and Metohija remained in deficit (− 2.34 billion).
Public enterprises (525) made a net loss of 8.1 billion, although their main operations remained profitable (10.7 billion). Entrepreneurs, meanwhile, made a total net profit of 76.9 billion, up 10.3%. Institutions and financial companies also performed well — banks made profits of 155.97 billion, insurers 12.4 billion, and leasing providers 1.85 billion.
Open-ended and pension funds, broker companies, and investment fund managers all improved their financial results. Associations and non-profit organizations turned a net surplus of 8.25 billion.
Overall, the data shows that the Serbian business sector remained resilient and profitable in 2024 across nearly all segments of the market.
