Serbia’s economy showed positive growth in 2024, with an estimated 3.9 percent increase in gross domestic product (GDP) compared to 2023, according to the Republic Statistical Office. The country also saw a notable rise in gross investments, which grew by 9.2 percent in real terms.
Agricultural production, however, experienced a decline of 8.8 percent in physical volume, while industrial production grew by 3 percent. The processing industry reported a growth of 4.4 percent. The construction sector saw a significant boost, with the value of construction works increasing by 8.6 percent.
Retail trade turnover rose by 5.9 percent, and wholesale trade grew nominally by 5 percent. Serbia’s foreign trade also saw positive trends, with exports rising by 1.7 percent and imports increasing by 5.6 percent in euros.
The hospitality sector experienced a strong performance, with real growth estimated at 8.3 percent. The number of overnight stays by tourists increased by 1.4 percent.
In transportation, there was a 9.3 percent increase in traffic volume, while telecommunications saw a slight decrease of 0.9 percent.
The labor market showed positive signs, with the employment rate reaching 51.9 percent in the third quarter of 2024, and the unemployment rate at 8.1 percent. Average wages saw a nominal increase of 14.2 percent, and a real increase of 9.2 percent compared to 2023.
The estimated inflation rate for 2024 stands at 4.3 percent.
