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||1997 - 2015
Serbia has been able to sustain its economic progress, despite global downturn, as a result of its macroeconomic stability fueled by the Serbian government and an increasing private sector participation in the economy helped the nation to sustain an average real GDP growth of nearly 6 percent in 2007 and in 2008. Structural economic reforms needed to ensure the country's long-term prosperity have largely stalled since the onset of the global financial crisis. Growing budget deficits constrain the use of stimulus efforts to revive the economy and contribute to growing concern of a public debt crisis, given that Serbia's total public debt increased to about 70 percent of GDP in 2014 from 28 percent in 2008. Factors favorable to Serbia's economic growth include its strategic location, a relatively inexpensive and skilled labor force, and free trade agreements with the EU, Russia, Turkey, and countries that are members of the CEFTA. On the expenditure side, household spending is the main component of GDP and accounts for 76 percent of its total use, followed by government consumption (18 percent) and gross fixed capital formation (17 percent). Meanwhile, external balance of exports and imports accounts for -10 percent of total GDP. This page provides - Serbia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Serbia GDP Annual Growth Rate - was last refreshed on Thursday, October 8, 2015.