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Serbia » Introduction

Basic Economic Facts

GDP	$28.7 billion (2005)
GDP per head	6.3% (2005)
Annual Growth	4.4% (2005)
Major Industries	Agribusiness, machine building, metallurgy, mining, consumer goods, electronics, pharmaceuticals, petroleum products and chemicals
Major Trading Partners	Italy, Germany, Austria, Bosnia and Herzegovina, Slovenia, Hungary, France, Macedonia, Russia, Croatia, Montenegro.

GDP Composition by Sector

Land	Percentage (%)
Agriculture	15.5%
Industry	27.60%
Services	56.80%

Serbia has an economy based mostly on various services, industry and agriculture. After the ousting of former Federal Yugoslav President Milosevic 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 deficit and considerable debt. The country expects some major economic impulses and high growth rates in the following years. Serbia has been occasionally called a "Balkan tiger" due to its recent high economic growth rates, a reference to the East Asian Tigers. Nevertheless, Serbia's GDP is still well below 1990 levels.