Association of Financial Institutions

The total gross value added (GVA) generated by the Financial sector was around 1.5 billion EUR in 2020, which is 4.0% of the total GVA of the country and 3.4% of Serbia’s GDP. Observed by activities, around 1.2 billion EUR created by financial service activities, except insurance and pension funding (80.2%) and 224.2 million EUR by insurance, reinsurance, and pension funding, except compulsory social security (14.5%). From 2016 to 2020, the GVA share of the financial sector in total GVA and GDP of the Republic of Serbia shows a slightly growing trend.

Export of financial services in 2021 amounted to 92.6 million EUR which is 1.2% of total export and export of these services are slightly lower in compared with 2020. This sector is hiring 42.9 thousand workers (1.9% of total employment) while most are employed in financial service activities, except insurance and pension funding (26.1 thousand). In the financial sector in 2021 was operating 1.1 thousand active companies and 1.7 thousand entrepreneurs which is in total around 2.8 thousand.