Economy of Serbia
Serbia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Serbia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Serbia exports around $14.61 billion and imports roughly $20.54 billion. 14.1% of population in the country are unemployed. The total number of unemployed people in Serbia is 1,235,446. In Serbia, 9.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Serbia is low, indicating that it has a stable economy. Investors should consider Serbia to be a safe location for investments and other financial ventures. Government expenditure on education is 4.7% of GDP. The Gini Index of the country is 38.7. Serbia is experiencing good equality. The majority of citizens in Serbia fall within a narrow range of income, although some cases may show significant differences. Serbia has a Human Development Index (HDI) of 0.745. Serbia has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Serbia is 1.768. Due to strong law enforcement presence and high social responsibility, Serbia is very safe by international standards. The strength of legal rights index for Serbia is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
The currency of Serbia is Serbian dinar. The plural form of the word Serbian dinar is dinars. The symbol used for this currency is din, and it is abbreviated as RSD. The Serbian dinar is divided into Para; there are 100 in one dinar.
The depth of credit information index for Serbia is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Serbia has a credit rating score of BB-, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Serbia has a credit rating score of B+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Serbia has a credit rating score of B1, and the prospects of this rating are stable.
In Serbia, the institution that manages the state's currency, money supply, and interest rates is called National Bank of Serbia. Locally, the central bank of Serbia is called Народна банка Србије, Narodna banka Srbije. The average deposit interest rate offered by local banks in Serbia is 6.8%.
Serbia has a government debt of 61.5% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Serbia is set at 15%. Personal income tax ranges from 10% to 25%, depending on your specific situation and income level. VAT in Serbia is 20%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Serbia is $95842 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Serbia was last recorded at $11 million. PPP in Serbia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Serbia is 45,520 billion. Based on this statistic, Serbia is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Serbia was last recorded at $5 million. The average citizen in Serbia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Serbia averaged -0.5% in 2014. According to this percentage, Serbia is currently experiencing modest decline. Countries that are experiencing modest decline may see a small reduction in personal consumption, employment rate, or personal income. A modest decline in GDP can signal a risky location for investments; however, some strong economic nations occasionally experience modest decline and are still safe investment locations. To read more about financial information click on finances of Serbia.
Major industries in the country are automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals. The total labor force of Serbia is 3,143,360 people, wherein 14.1% of population in the country are unemployed. The total number of unemployed people in Serbia is 1,235,446. The Industrial Production growth rate of Serbia is 8.4%.To read more about industrial information within Serbia click on industry of Serbia.
There are 28882 km2 of arable land in Serbia, and it comprises 37% of the country's total territory. There are 31524 km2 of cultivated land in Serbia. The country's major agricultural crops and products are wheat, maize, sugar beets, sunflower, raspberries, beef, pork, milk.To read more about agriculture click on agriculture of Serbia.