First Deputy Prime Minister and Finance Minister Siniša Mali announced that Serbia’s GDP is expected to reach 88 billion euros in 2025, more than double the 35 billion euros recorded in 2012. Despite multiple global crises—including the pandemic, the war in Ukraine, and the energy crisis—Serbia has achieved a real GDP growth of 40.7% since 2012.
Mali highlighted that this economic growth is built on solid foundations, with both private and public investments, as well as private consumption, contributing almost equally to the expansion. Alongside GDP growth, citizens’ living standards have improved significantly, demonstrated by a cumulative real wage increase of 52.4% and an even faster growth in the minimum net wage by 67.5%.
He pointed out that Serbia was among the top three fastest-growing economies in Europe last year and obtained an investment credit rating for the first time in its history.
Mali addressed criticism from former National Bank Governor Dejan Šoškić, who questioned the recent economic successes. Mali countered that during Šoškić’s tenure, the dinar was unstable, unemployment was high at 25.9%, employment stood at only 36%, and foreign direct investment was low at 800 million euros in 2012. He emphasized that today, unemployment is a record low 9.1%, employment has increased to 51.4%, and Serbia has more than 500,000 more employed people than during the previous administration.
Foreign direct investment (FDI), often criticized by Šoškić, reached a record 5.2 billion euros last year, making Serbia a leader in attracting investment.
Mali also stressed the significant rise in average wages, which were 331 euros in 2010 and reached 932 euros in April 2025—nearly tripling. From 2020 to 2025, real average wages increased by 36.6%, and despite inflation and global uncertainties, wages are still expected to grow about 7% in real terms this year, boosting purchasing power.
The government aims for an average wage of 1,022 euros by the end of 2025, 1,174 euros by December 2026, and 1,400 euros by the end of 2027.
Mali highlighted other key economic indicators: Serbia now has record-low unemployment, record-high employment, and a public debt level at 43.7%, well below the Maastricht criteria. Foreign currency reserves have grown from 10.9 billion euros in 2012 to 27.4 billion euros today. Gold reserves have more than tripled from 15 tons to 50.5 tons in the past 12 years.
He concluded by saying that the era of factory closures, investor flight, high unemployment, and economic instability is behind Serbia, and that current policies continue to improve the quality of life for its citizens.
