Association of Financial Institutions

The total gross value added (GVA) generated by the Financial sector was around 2.0 billion EUR in 2022, which is 3.9% of the total GVA of the country and 3.2% of Serbia’s GDP. Observed by activities, around 1.6 billion EUR was created by financial service activities, except insurance and pension funding (83.9%), and 220.0 million EUR by insurance, reinsurance, and pension funding, except compulsory social security (11.2%). From 2018 to 2022, the GVA share of the financial sector in total GVA and GDP of the Republic of Serbia shows a stable trend.

Export of financial services in January-November 2023 amounted to 120.3 million EUR which is 1.0% of total export and exports of these services are much lower in comparison with the 2022, by 13.1%. This sector is hiring 43.7 thousand workers (1.9% of total employment) while most are employed in financial service activities, except insurance and pension funding (26.5 thousand). In the financial sector in 2023 was are 1.1 thousand active companies and 1.8 thousand entrepreneurs which is in total around 2.9 thousand. The financial sector generated a total gross value added (GVA) of approximately 2.0 billion EUR in 2022. This amount represents 3.9% of the country's total GVA and 3.2% of Serbia's GDP. Of this amount, financial service activities, excluding insurance and pension funding, accounted for around 1.6 billion EUR (83.9%), while insurance, reinsurance, and pension funding, excluding compulsory social security, accounted for 220.0 million EUR (11.2%). The GVA share of the financial sector in the total GVA and GDP of the Republic of Serbia remained stable between 2018 and 2022.

The export of financial services in January-November 2023 amounted to 120.3 million EUR, which accounts for only 1.0% of the total export. This value is much lower than that of 2022, decreasing by 13.1%. The financial sector employs 43.7 thousand workers, representing 1.9% of the total employment. The majority of these workers are employed in financial service activities, except insurance and pension funding (26.5 thousand). In 2023, the financial sector had 1.1 thousand active companies and 1.8 thousand entrepreneurs, totaling approximately 2.9 thousand.