June 12, 2020

Government Investments in Serbian Tech Industry Grew 24 Times Since 2014

Vojvodina ICT cluster presented their new edition of study „ICT in Serbia–At a Glance”, publication made with a goal to collect and systematically process relevant information about the ICT sector in Serbia. Team leader of organization German Cooperation in Serbia (GIZ), Tomislav Knezevic accented few important shifts in the IT sector since 2004.

  • Investment in the IT industry has increased 23 times during the period of 4 years. They grew from €3 million in 2014. to €69 million in 2018.
  • From less than $47 million (€40 million) in 2004 the export of IT services and products has grown to $ 1.6 billion (€ 1.42 billion) in 2019. That makes about 2.4% of GDP of Serbia. 
  • The relationship between the Government and national institutions and IT sector has changed dramatically. This year, the Government of the Republic of Serbia published 3 major national strategies, where the IT sector plays a dual role: as a developing sector and as a supporting sector to other sectors of the economy. 
  • Over the years, there has been a change in expectations of the value that IT brings to the Serbian economy.

Another significant metric of the radical shift that will entice the Serbian IT and companies that choose Serbia as their location is that after several years of stagnation, the rate of investment in IT per capita has grown to over $ 94.99 (€ 80), constituting 1.4% of Serbian GDP. This is still ten times less than the EU average, but with the existing trend, by 2025 Serbia can reach the minimal value of $177.55 (€150) per capita. 

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