Serbia: Manufacturing, value added (annual % growth)

Key figures

What the numbers say

In 2024, Serbia's manufacturing, value added (annual % growth) rose 3.69 percentage points on 2023 (from 0.9% to 4.59%).

Across the 27 yearly changes before that (1997 to 2023), the average change was −0.37 percentage points and a typical year strayed about 10.98 percentage points from that (the standard deviation). This year's change was 0.4 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 32.71 percentage points in 2000 and the biggest yearly fall was 23.88 percentage points in 1999. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 2% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Serbia had the 11th highest value of the 37 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Serbia in the 2024 ranking

• Trinidad and Tobago — 8th of 37: 7.63%
• Gambia, The — 9th of 37: 7.44%
• Papua New Guinea — 10th of 37: 6.31%
• Algeria — 12th of 37: 4.19%
• Timor-Leste — 13th of 37: 3.85%
• Solomon Islands — 14th of 37: 3.68%

What this measures

Manufacturing includes industries classified in ISIC (Rev. 3) major division C and is defined as the physical or chemical transformation of materials or components into new products. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.

Limitations: Ideally, industrial output should be measured through regular censuses and surveys of firms. But in most developing countries such surveys are infrequent, so earlier survey results must be extrapolated using an appropriate indicator. The choice of sampling unit, which may be the enterprise (where responses may be based on financial records) or the establishment (where production units may be recorded separately), also affects the quality of the data. Moreover, much industrial production is organized in unincorporated or owner-operated ventures that are not captured by surveys aimed at the formal sector.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 29 values

Manufacturing, value added (annual % growth) in nearby economies

• Albania — -1.59% (2025)
• Andorra — -4.47% (2024)
• Armenia — 2% (2025)
• Austria — 1.18% (2025)
• Azerbaijan — 7.85% (2025)
• Belarus — -2.3% (2025)
• Belgium — 0.22% (2025)
• Bosnia and Herzegovina — -2.47% (2025)
• Croatia — 3.94% (2025)
• Cyprus — 2.77% (2025)

More economic policy & debt data for Serbia

• External debt stocks, total (DOD, current US$) — US$51.98 billion (2024)
• Use of IMF credit (DOD, current US$) — US$2.64 billion (2024)
• External debt stocks, long-term (DOD, current US$) — US$48.35 billion (2024)
• External debt stocks, private nonguaranteed (PNG) (DOD, current US$) — US$20.37 billion (2024)
• External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$) — US$27.97 billion (2024)
• External debt stocks, short-term (DOD, current US$) — US$1 billion (2024)
• Short-term debt (% of total external debt) — 1.92% (2024)
• PPG, IBRD (DOD, current US$) — US$2.31 billion (2024)
• IBRD loans and IDA credits (DOD, current US$)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Serbia's manufacturing, value added (annual % growth)?

4.59% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1996?

It is down 6.31 percentage points from 10.9% in 1996. The highest value was 16.27% in 2000 and the lowest -16.44% in 1999.

How does Serbia rank?

11th highest of 37 economies with data for 2024.

Is the latest change in manufacturing, value added (annual % growth) unusual for Serbia?

In 2024, Serbia's manufacturing, value added (annual % growth) rose 3.69 percentage points on 2023 (from 0.9% to 4.59%). Across the 27 yearly changes before that (1997 to 2023), the average change was −0.37 percentage points and a typical year strayed about 10.98 percentage points from that (the standard deviation). This year's change was 0.4 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NV.IND.MANF.KD.ZG, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.