Recent crises have revealed vulnerability to external shocks

B2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in October 2024.

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GDP
USD63.5bn (World ranking 84, World Bank 2022)
Population
6.8mn (World ranking 108, World Bank 2022)
Form of state Parliamentary Republic
Head of government Milos Vucevic (Prime Minister)
Next elections 2027, presidential and legislative
  • Strong growth potential
  • Comfortable level of foreign exchange reserves
  • Track record of currency stability
  • Low labor cost plus generous state subsidies for foreign companies
  • Continued substantial FDI inflows
  • Unresolved Kosovo conflict 
  • Elevated public debt 
  • High external debt burden, including external arrears
  • Deficient infrastructure (roads, railways) 
  • Elevated level of perceived corruption and bureaucracy

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
Germany 13.7%
1
12.1% China
Bosnia and Herzegovina 7.5%
2
11.4% Germany
Italy 7.2%
3
7.5% Russian Federation
Hungary 5.4%
4
6.6% Italy
Romania 4.4%
5
5.6% Hungary

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Electrical machinery, apparatus and appliances, n.e.s. 11.0%
1
7.7% Petroleum, petroleum products and related materials
Metalliferous ores and metal scrap 7.0%
2
5.7% Electrical machinery, apparatus and appliances, n.e.s.
Power generating machinery and equipment 5.0%
3
4.4% Gas, natural and manufactured
Iron and steel 4.4%
4
4.1% Electric current
Vegetables and fruits 4.2%
5
3.9% Medicinal and pharmaceutical products
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