Serbia Economic and FDI Outlook
National Bank of Serbia
Investments Remain at a High Level
Preceded by achieved macroeconomic stability,
investment cycle began in 2015...
Chart 7 Fixed investment share in GDP
(nominal terms, in % of GDP)
...supported by diversified financing sources
Chart 8 Key sources of investment financing
(in EUR mln)
14.000
24.2
25
23.3
22.5
22.7 22.8 23.4 24.1
21.4
12.000
20.0
20
20
15.9
17.0 17.1 17.7
10.000
8.000
15
6.000
10
4.000
2.000
5
0
0
-2.000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 2025* 2026*
Private investment
-4.000
Government investment
*NBS estimate
Gross fixed investment
According to SORS data, the share of fixed investments in
nominal GDP in 2023 has reached the level of close to 23%.
Government investments reached level of about 7% in 2023
and should remain around that level in the medium term.
• Starting from the analysis of the planned capital projects in the
infrastructure in the next 3 years and the EXPO 2027 project,
in the medium term we expect that the share of investments in
GDP will increase further.
.
•
•
2014 2015 2016 2017
Government CAPEX
■Domestic companies profitability (estimate)
2018 2019
■Domestic investment loans (growth)
FDI
2020 2021
2022
In earlier years, investments have largely relied on FDI.
Owing to maintained macroeconomic and financial stability,
relative stability of exchange rate, as well as fiscal
consolidation, in recent years three more strong pillars for
financing investments have been established: multiplied
profitability of the economy, investment loans and doubled
government investments.
On top of that, FDI inflow reached record levels of around
EUR 4.4 bn and 4.5 bn in 2022-2023.
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