Serbia has made great economic and political progress in recent years. Despite a challenging global environment, the Serbian economy remains resilient but struggles with high inflation Despite the multi-dimensional crisis and unfavourable international conditions, the Serbian economy proved to be robust in 2023. At around 70 billion euros, gross domestic product (GDP) increased by 2.5% in 2023 compared to the previous year. This is primarily due to growing industrial production, the service sector, a better agricultural season and the strong construction industry. The International Monetary Fund (IMF) forecasts GDP growth of 3.5% for Serbia in 2024 and 4.5% in 2025.
Serbia’s FDI inflow is stable and totalled EUR 4.5 billion in foreign direct investment last year (compared to EUR 4.4 billion in 2022). This accounts for around 60% of total foreign investment in the region. As far as Switzerland is concerned, it has slipped from 7th place with EUR 202.2 million in 2022 to 14th place with EUR 73.5 million in direct investment in 2023. Swiss exports are mainly medical and pharmaceutical products, gold bars and plates and industry-specific machinery. Swiss imports from Serbia account for 85 % industrial products and 14 % agricultural and food products.
Serbia’s economy is strongly export-orientated. The EU remains the most important trading partner. Exports totalled EUR 28.6 billion in 2023, which corresponds to an increase of 3.7 % compared to the previous year. Imports fell by 5.5% compared to 2022 and totalled EUR 36.8 billion. The most important bilateral trading partner for exports is Germany, followed by Bosnia and Herzegovina, Italy and Hungary.
Source: S-GE
RELEVANT INFORMATION AND CONTACTS
Market information Switzerland Global Enterprise: Economic Report SECO, Business Guide, Legal Provision
FDFA: Travel advice and representations
Serbian Embassy in Switzerland
Serbian Investment Agency: RAS
Country responsible Serbia at SEC: Melina von Dungen, Edin Dacic