|Population (2016)||7 076 372 (-0.01%)|
|EU Status||not a member, candidate since 2009|
|National Currency||RSD (Serbian dinar)|
|Nominal GDP (2015)||33.5 bln EUR (+0.01%)|
|Nominal GDP per Capita (2015)||4 700 EUR (unchanged)|
|Real GDP Growth (2015)||0.8 % (2014: -1.8 %)|
|CPI, Year Average (2015)||1.5 % (2014: 2.3 %)|
|Unemployment Rate (2015)||18.5 % (2014: 20.1 %)|
|Credit Ratings (as of Sep 2016)|
|Fitch||BB-||speculative, outlook stable|
|Moody's||B1||highly speculative, outlook positive|
|S&P||BB-||non-investment grade speculative|
|Double Taxation Agreements||27 signed agreements|
|Automatic Exchange||no commitment to start|
|FATCA||IGA agreed on 30 June 2014, Model 1|
|Financial Market Development||3.4 (max 7.0)||rank: 110th out of 138 countries|
|Banks' Soundness||4.3 (max 7.0)||rank: 99th out of 138 countries|
|Deposit Guarantee Scheme|
|Maximum Protected Amount||50 000 EUR|
|Country Ceiling for Deposits|
|Local Currency (Serbian dinar)||Baa3||lower medium grade|
|Foreign Currency||B2||highly speculative|
|Banking Sector Structure|
|Number of Banks||31|
|Banca Intesa a.d. Beograd||Société Générale banka Srbija a.d. Beograd|
|Komercijalna banka a.d. Beograd||Agroindustrijsko komercijalna banka AIK banka a.d. Niš|
|Unicredit Bank Srbija a.d. Beograd||Eurobank a.d. Beograd|
|Raiffeisen banka a.d. Beograd|
|List of Banks in Serbia|
According to Eurostat, nominal GDP of Serbia in 2015 was 33.5 bln EUR.
Serbia outperforms the European Union in terms of real GDP growth with the average annual differential coming to 0.5% over the past 10 years (2005 - 2015). In 2015 real GDP growth was 0.8% which was below the Euro Area average (1.6%) and below the European Union average (1.9%). Real GDP growth in 2016 - 2021 are IMF's estimates.
In 2015, nominal GDP per capita in Serbia was 4 700 EUR.
Serbia has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -57.0% over the past 10 years (2005 - 2015). GDP per capita at PPP in 2016 - 2021 are IMF's estimates.
According to Eurostat, inflation rate in Serbia in 2015 expressed as annual percentages of average consumer prices was 1.5% which was above the Euro Area average (0.0%) and above the European Union average (0.0%). Inflation rates in 2016 - 2021 are IMF's estimates.
Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
Serbia signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
Serbia didn't sign the automatic information exchange agreement and didn't indicate a timeline of the start of the automatic information exchange.
Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).
Serbia agreed in substance to use FATCA on 30 June 2014 (Intergovernmental Agreement Model 1): the text of the IGA has not been released and financial institutions operating in Serbia are allowed to register on the FATCA website consistent with the treatment of having an IGA in effect provided that Serbia continues to demonstrate firm resolve to sign the IGA as soon as possible.
FATCA and European countries
According to World Economic Forum's Global Competitiveness Report 2016-2017, financial market development in Serbia is scored 3.4 out of maximum 7.0 and ranked 110th out of 138 analysed economies. Soundness of banks is scored 4.3 bringing Serbia into the 99th place, trustworthiness and confidence of financial market is scored 3.7 (106th place).
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Serbia are summarised in Table 1.
|Scheme Participants||all credit institutions operating in Serbia (including branches of foreign banks), branches of Serbian banks abroad|
|Eligible Depositors||natural persons, entrepreneurs, small legal entities, medium-sized legal entities|
|Covered Accounts||any credit balance which derives from a money deposit in banks or savings banks|
|Maximum Protected Amount||50 000 EUR|
|Paid In Currency||RSD for RSD deposits, EUR for foreign currency deposits|
Table 1. Deposit guarantee scheme in Serbia.
Deposit Guarantee Schemes in Europe
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Serbian dinar) deposit ceiling for Serbia is set to Baa3 (lower medium grade), foreign currency deposit ceiling is B2 (highly speculative).
Currently there are 31 credit institutions operating in Serbia.
All the credit institutions operating in Serbia can be classified into several categories. Table 2 summarises the number of banks in each category.
|Category||Number of Banks|