**Serbia’s Economy Grows in 2024**
Serbia’s total economic activity increased by 3.9 percent in 2024 compared to the previous year, according to official statistics.
The country’s economy grew due to several factors. Gross fixed capital formation, which measures investment in buildings and equipment, rose by 9.2 percent in real terms. This is a sign of investment growth and a strong economy.
However, not all sectors performed well. Agricultural production declined by 8.8 percent in physical volume, but industrial production grew by 3 percent and manufacturing increased by 4.4 percent.
**Trade and Tourism Also Grow**
The value of construction works rose by 8.6 percent in real terms, while retail trade turnover grew by 5.9 percent. Wholesale trade turnover also increased, but only by five percent in nominal terms.
Serbia’s external trade in goods showed growth, with exports increasing by 1.7 percent and imports growing by 5.6 percent.
Tourism also performed well, with the hospitality industry expected to grow by 8.3 percent in real terms. The number of tourist overnight stays increased by 1.4 percent.
**Jobs and Salaries Also Up**
The employment rate stood at 51.9 percent in the third quarter of 2024, while the unemployment rate was at 8.1 percent.
Average net salaries were nominally 14.2 percent higher in 2024 compared to the previous year and increased by 9.2 percent in real terms.
**Inflation Rate Estimated at 4.3 Percent**
The estimated annual inflation rate is 4.3 percent, indicating a moderate level of price increases in the economy.
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