Serbia Economic Structure

By: EconomyWatch Content   Date: 30 March 2010

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Serbia has been able to sustain its economic progress, despite global downturn, as a result of its macroeconomic stability fueled by the Serbian government. Increasing private sector participation in Serbia economic structure is another key factor that helped the nation to sustain an average real GDP growth of over 6% during 2007 and 2008. The government continues to implement reforms to strengthen Serbia economic structure, including steady privatization.

Serbia Economic Structure: Overview

Agriculture has been a key component of Serbia economic structure, accounting for employment of one-third of the total labor force in Serbia. The Serbian Chamber of Commerce (PKS) reported that agriculture contributed about 17.9% to the nation’s overall exports in 2007. Besides, about two-thirds of Serbia’s territory is occupied by croplands, which makes agriculture a mainstay of Serbian economy.

 

The key yields of the agricultural sector in Serbia are:

  • Wheat

  • Corn

  • Sugar beets

  • Sunflowers

  • Flax 

Serbia is also known for its extensive vineyards; and is a significant producer of fruits, notably plums, in Europe.

Serbia Economic Structure: Industries

Industries are another key component of the Serbia economic structure. This is responsible for generating maximum jobs in the economy. The Serbian industry sector is fuelled by the nations’ mineral wealth, including oil, coal, iron ore and copper. The sector employs about half of Serbia’s total labor force, and is responsible for a major portion of total Serbia exports, which include manufactured goods, machinery and transport equipment.

 

 

Serbia Economic Structure: Status of Financial Sector

Due to active implementation of economic reforms, the Serbian financial and banking sector has yielded a positive and steady performance. Government statistical reports state that the Serbian banking sector employed over 30,000 of the total labor force in Serbia. Besides, the volume of banking operations in the nation quadrupled between 2003 and 2007, primarily as a result of entry of foreign players in the sector.

Serbian financial sector has also been able to relatively withstand the global financial crisis, which peaked during end of 2007. The sector has maintained an above average liquidity and solvency, in comparison to other economies in the region.

 


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