The Business Registers Agency of the Republic of Serbia has published the Annual Business Report for 2023, providing a detailed overview of key indicators reflecting the state and trends in the Serbian economy over the past year.
Growth of Gross Domestic Product and Industrial Production
In 2023, the gross domestic product (GDP) grew by 2.5%, the same increase as in the previous year. Industrial production also grew by 2.5%, which is an increase compared to the 1.7% growth in 2022.
Macroeconomic Indicators
Positive macroeconomic trends are indicated by increased investment and credit activity of companies, positively influenced by the slowdown in inflationary trends. Inflation grew at a rate of 7.6% in 2023, a decrease from 15.1% in 2022.
Revenues and Expenses of Companies
Companies in Serbia achieved total revenues of 187 billion dinars in 2023, representing a 2.9% increase compared to the previous year. Total expenses amounted to 17.5 billion dinars, an increase of 2.3% compared to 2022.
Sector Overview and Financial Results
The business operations in 2023 were characterized by the profitability of the following sectors:
- Sector G – Wholesale and Retail Trade, generating one-fifth of the total profit of the economy with a positive net result of 194.368 million dinars,
- Sector C – Manufacturing Industry, with a profit of 159.740 million dinars,
- Sector B – Mining, with a profit of 145.143 million dinars.
A positive net result was also recorded in Sector D – Electricity, Gas, Steam, and Air Conditioning Supply, achieving a profit of 139.520 million dinars, unlike the previous year when it operated at a loss. Sectors F – Construction and J – Information and Communications also achieved a positive net result of 97.167 million dinars and 87.346 million dinars, respectively.
Business Operations by Company Size
In 2023, the most profitable were large companies with a total profit of 557.952 million dinars, followed by medium-sized companies with 194.708 million dinars, small companies with 189.542 million dinars, and micro-companies with 30.243 million dinars. Public enterprises, after a negative result in the previous year, achieved a profit of 7.308 million dinars. On the other hand, companies in bankruptcy and liquidation generated a significantly higher loss of 15.537 million dinars.
Indebtedness and Liquidity
During 2023, companies increased their financial capacities and slightly improved their financial position, reflected in positive changes in indebtedness and liquidity. Business assets increased by 7.6%, amounting to 23.349.520 million dinars, while equity capital increased by 8.4%, totaling 10.586.222 million dinars. Total liabilities amounted to 14.368.912 million dinars, marking an increase of 5.8%.