In the energy sector, Russian energy giants, Gazprom and Lukoil have made large investments.
During that period, the Serbian economy grew 4-5% annually, average wages quadrupled, and economic and social opportunities dramatically improved. Other important agricultural products are: sunflower, sugar beet, soybean, potato, apple, pork meat, beef, poultry and dairy.There are 56,000 ha of vineyards in Serbia, producing about 230 million litres of wine annually. The industrial output saw dramatic downsizing: in 2013 it was expected to be only a half of that of 1989. After the overthrow of Slobodan Milosevic in 2000, Serbia went through a process of transition to a market-based economy and experienced fast economic growth. The economy is dominated by services which accounts for 67.9% of GDP, followed by industry with 26.1% of GDP, and agriculture at 6% of GDP.
During the Great Recession, Serbia marked a decline in its economy of 3.1% in 2009, and following years of economic stagnation pre-crisis level of GDP was reached only in 2016.
Some coal has been developed in the northeast, and the possibility exists for the expansion of mining there. Srbijagas, public company, operates the natural gas transportation system which comprise 3,177 kilometres of trunk and regional natural gas pipelines and a 450 million cubic meter underground gas storage facility at Banatski Dvor.Serbia has a strategic transportation location since the country’s backbone, Morava Valley, represents by far the easiest route of land travel from continental Europe to Asia Minor and the Near East.Serbian road network carries the bulk of traffic in the country. There are also many spas in Serbia, the biggest of which are Vrnjacka Banja, Soko Banja, and Banja Koviljaca. 38% cable television, 17% IPTV, and 10% satellite). In 1993, a monthly inflation rate stood at staggering 313 million percent. Despite being small on a world scale, Serbia’s oil and gas resources (77.4 million tonnes of oil equivalent and 48.1 billion cubic metres, respectively) have a certain regional importance since they are largest in the region of former Yugoslavia as well as the Balkans (excluding Romania). Digital television transition has been completed in 2015 with DVB-T2 standard for signal transmission.Serbia is not a mass-tourism destination but nevertheless has a diverse range of touristic products. In metallurgy sector, Chinese steel and copper giants, Hesteel and Zijin Mining have acquired key complexes.Serbia has an unfavourable trade balance: imports exceed exports by 25%. Although still a major mode of freight transportation, railroads face increasing problems with the maintenance of the infrastructure and lowering speeds. In 1992 and 1993 it experienced a period of hyperinflation which lasted for a total of 25 months. Total installed power of 9 hydroelectric-power plants is 2,831 MW, largest of which is Djerdap 1 with capacity of 1,026 MW.
Some of the international brand-names established production in Serbia: PepsiCo and Nestlé in food-processing sector; Coca-Cola (Belgrade), Heineken (Novi Sad) and Carlsberg (Backa Palanka) in beverage industry; Nordzucker in sugar industry. The Belgrade Stock Exchange is the only stock exchange in the country, with market capitalisation of $8.65 billion and BELEX15 as the main index representing the 15 most liquid stocks.The economy has been affected by the global economic crisis. The major rail hub is Belgrade (and to a lesser degree Nis), while the most important railroads include: Belgrade–Bar (Montenegro), Belgrade–Sid–Zagreb (Croatia)/Belgrade–Nis–Sofia (Bulgaria) (part of Pan-European Corridor X), Belgrade–Subotica–Budapest (Hungary) and Nis–Thessaloniki (Greece). Free-trade agreement with Turkey has been implemented since 2010. The official currency of Serbia is Serbian dinar (ISO code: RSD), and the central bank is National Bank of Serbia.
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