For years, Serbia was among Europe’s fastest growing economies. Since 2004, Serbia’s economy grew on average 6.3% per annum, while GDP per capita almost doubled.

Internally, with 7.5 million people, the Serbian market is the 2nd largest market in South East Europe. The average net monthly salary rose from €91 in 2001 to €402 in 2008. Coupled with rapid consumer loan expansion, this fueled a sharp increase in local demand, which was reflected in a double digit growth of retail trade turnover on an annual basis.

Externally, Serbia can serve as a manufacturing hub for duty-free exports to a market of over 1 billion people. It includes the European Union, the United States of America, Russia, South East Europe, Belarus, Turkey and EFTA members (Norway, Switzerland, Iceland and Liechtenstein).