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The Serbian Economy

With a GDP for 2007 estimated at $54.310 billion, which is $7 234 per capita Purchasing Power Parity (PPP), ($4 800 nominal), Republic of Serbia is considered an upper-middle income economy by the World Bank [21]. GDP growth rate in 2006 is 5.8%. Growth in 2005 was 6.3% FDI (Foreign Direct Investment) in 2006 was $5.85 billion or €4.5 billion. FDI for 2007 is currently estimated at around $2 Billion.

Serbia has an economy based mostly on various services, industry and agriculture. In the late 1980s, at the beginning of the process of economic transition, its position was favorable, but it was gravely impacted by UN economic sanctions 1992–95, the damage to infrastructure and industry during the NATO air strikes in 1999, as well as having problems from losing the markets of ex-Yugoslavia and Comecon. Main economic problems include high unemployment and an insufficient amount of economic reforms.

Serbia grows about one-third of the world's raspberries and is the leading frozen fruit exporter.

After the ousting of former Federal Yugoslav President Miloševic in October 2000, the country experienced faster economic growth (the amount of economic growth in 2006 was 6.3 percent), and has been preparing for membership in the European Union, its most important trading partner. Serbia suffers from high export/import trade deficit and considerable national debt. The country expects some major economic impulses and high growth rates in the next years. Serbia has been occasionally called a "Balkan tiger" due to its recent high economic growth rates, a reference to the East Asian Tigers.

Serbia has been very successful in economic reforms since the 2000 revolution, especially in the past three years in which growth has averaged 6 – 7 percent, and foreign direct investment is at record levels.

Source: Wikipedia

 

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