SERBIA

Improved economic policies but continued external vulnerabilities

C2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD41.4bn (World ranking 89, World Bank 2017)
Population 7.0 million (World ranking 104, World Bank 2017)
Form of state Parliamentary Republic
Head of government Ana BRNABIC (Prime Minister)
Next elections 2020, legislative
  • Adequate business environment relative to regional peers, according to the World Bank’s annual Doing Business surveys
  • Comfortable level of foreign exchange reserves
  • Low labor cost plus generous state subsidies for foreign companies
  • Still high systemic political risks, notably the unresolved Kosovo conflict
  • Elevated public debt
  • High external financing needs and debt burden
  • Exchange rate vulnerability to shocks
  • Deficient infrastructure (roads, railways)
  • Elevated level of perceived corruption and bureaucracy

Trade structure by destination/origin

(% of total)

Exports Rank Imports
Italy 15%
1
13% Germany
Germany 13%
2
10% Italy
Bosnia and Herzegovina 8%
3
8% China
Romania 6%
4
8% Russian Federation
Russian Federation 5%
5
5% Hungary

Trade structure by product

(% of total)

Exports Rank Imports
Road vehicles 10%
1
9% Road vehicles
Electrical machinery 8%
2
6% Petroleum products
Vegetables and fruits 5%
3
5% Electrical machinery
Cereals 5%
4
3% Other industrial machinery
Power generating machinery 5%
5
3% Pharmaceutical products

Euler Hermes

Economic Research Team

research@eulerhermes.com

Manfred Stamer, Marco Hauschel

Country Risk Analysts

manfred.stamer@eulerhermes.com

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