In the first quarter of 2025, about 66.2% of companies in Serbia’s energy and mining sector reported that the business climate remained unchanged compared to the previous quarter, while 31.1% believed conditions had worsened, according to a survey by the Serbian Chamber of Commerce. Despite some moderate pessimism, 93.2% of respondents expect the business climate to stay stable or improve in the second quarter. Employment levels in the sector have largely remained steady, with 72% of companies maintaining their workforce in Q1 and 68% expecting no change in Q2. Only 9.3% of companies foresee employment growth. As of the fourth quarter of 2024, the sector employed 85,925 people—a slight decline of 0.8% compared to the previous year.
Salary levels in the sector are notably above the national average. In January 2025, the highest wages were recorded in crude oil and natural gas exploitation, with average salaries 2.7 times higher than the national average and a nominal year-on-year increase of 66.4%. Other subsectors such as mining services, metal ore extraction, coke and oil derivatives production, and coal mining also reported salaries significantly above average.
Trade data for January and February 2025 show exports of coal, crude oil, gas, coke, and energy totaling €718.7 million, representing 15.4% of Serbia’s total exports but marking a 16.3% decrease year-on-year. Imports in the same period grew by 9% to €1.4 billion, resulting in a trade deficit of approximately €667.7 million. Metal ores made up the largest portion of exports (€264.8 million), despite a 6.3% drop, while the biggest trade deficit was in crude oil and natural gas exploitation (€597.5 million).
Industrial production in the mining sector increased by 5% in the first two months of 2025 compared to the previous year, with metal ore and coal extraction rising by 2.4% and 10%, respectively. Conversely, production declined in crude oil extraction, electrical equipment manufacturing, and coke production. The electricity, gas, steam, and air conditioning sector saw a 5.4% decrease in industrial output. Prices in the sector increased by 11.1% overall in the first quarter, with metal ore exploitation prices rising the most at 19.1%, while coke and petroleum derivatives prices dropped by 7.1%.
Foreign direct investment (FDI) showed positive inflows in Q4 2024, with €12.1 million in crude oil and natural gas exploitation, €113.8 million in electricity supply, and the highest inflow of €303.9 million in other mining activities.
Oil derivatives consumption declined in Q1 2025, primarily due to reduced diesel fuel use, especially in agriculture. This drop was influenced by delayed sowing caused by colder weather and postponed government incentives. Additionally, consumption of bitumen and coke decreased, reflecting financing challenges for construction projects amid political instability and a transitional government.
