Doing Business in Serbia: Market Entry, GTM Strategy & Growth Potential

The population of Serbia is 6,641,964, and is growing at the rate of -0.66%. The GDP per capita, which represents the potential spending power of the people, is $34,863, measured on a purchasing power parity (PPP) basis to allow comparison with other countries.

62.91% of Serbia’s population lives in urban areas. 55.81% of the population is of working age (15-59). 90.04% of the population has internet access and 82.52% has 5G mobile coverage. These factors are important for digital-first businesses to keep in mind.

The Accuracast International Growth Index ranks Serbia #74 overall for market attractiveness, up 1 place from last year.

How we can help you grow in Serbia:

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How Digitally Mature is the Market in Serbia

The digital search demand score for Serbia is 28.13.

Serbia has a highly connected population despite its relatively small domestic market. This gives digitally focused businesses a substantial addressable audience, particularly in Belgrade and other major urban centres.

E-commerce is one of the strongest areas of digital growth. Serbia recorded an estimated 34.3% increase in online payments made using cards and electronic money in 2025 vs 2024.

For international brands, this creates an interesting opportunity: Serbia is digitally mature enough to support sophisticated online customer journeys, but is not yet as saturated as many Western European markets.

Go-To-Market Strategy Considerations for Serbia

The purchasing power score for Serbia is 59.5, and the country scores 81.67 for digital readiness.

Serbia offers a combination of relatively strong digital infrastructure and moderate purchasing power. It will not deliver the same absolute sales volumes as large European markets, but its central location in the Balkans and strong digital adoption can make it a useful market for companies pursuing wider regional expansion.

Belgrade should generally be a priority for brands targeting affluent consumers, B2B decision-makers and early adopters, while Novi Sad and other urban centres can provide additional growth.

Serbian-language content can materially improve conversion. Businesses should also consider both Latin and Cyrillic usage when developing their search and content strategy, as Serbian is officially written in both scripts.

Financial & payment infrastructure

In terms of financial infrastructure, Serbia scores 81.53.

The Serbian dinar accounts for 71% of online purchases by transaction volume. The euro is the second most-used currency, accounting for 21.5% of transactions. Cash-on-delivery also remains relevant in the Serbian market.

Serbia joined the EU’s Single Euro Payments Area (SEPA) in 2025, making euro-denominated cross-border payments easier and less costly, particularly for businesses trading between Serbia and European markets.

Regulatory & business setup friction

From a business expansion point of view, Serbia scores 63.93 for regulatory complexity and legal restrictions. This is reverse-scored, meaning the higher the score, the easier it is to navigate local regulation.

Serbia is an EU candidate country rather than an EU member, so businesses need to assess local tax, consumer protection, employment, data protection and sector-specific requirements separately from general EU rules, though some convergence does exist between the two sets of regulations.

For companies establishing a local entity, the Serbian Business Registers Agency operates a one-stop-shop registration system, exclusively electronically.

The score of 47.78 indicates the costs and friction associated with setting up a business presence in Serbia.

The administrative cost of incorporation itself is relatively modest, but the small size of the Serbian market might not justify the time and regulation requirements.

Serbia market attractiveness change

Compared to last year, the overall International Growth Index score for Serbia has changed 1.59 points, moving the country up one place from 2025, to rank #74 in 2026.

Serbia’s position reflects a market with strong digital foundations but a more limited domestic demand pool than Europe’s largest economies. Its digital readiness and financial infrastructure are particularly strong relative to its overall ranking, while lower search demand and purchasing power limit its attractiveness for some business models.

The opportunity is therefore strongest for companies that can operate efficiently in a smaller market and use Serbia as either a standalone growth opportunity or as part of a broader Central and Eastern European or Balkan expansion strategy.

Most Popular Social Media Platforms in Serbia:

1. Facebook
2. Instagram
3. YouTube
4. WhatsApp
5. TikTok
6. LinkedIn
7. Snapchat

40-50% of the population are comfortable communicating in English, and demonstrate a high level of proficiency with the language. Serbian-language creative is required to reach older demographics and maximise reach across the country, and should generally be developed with strong localisation rather than treated as a simple translation exercise.

What Are the Risks of Expanding into Serbia

While new market expansion can be exciting, it is important to also consider the risks when entering a market like Serbia.

The biggest risks facing foreign companies wishing to break into Serbia are:

1. A relatively small domestic market and moderate purchasing power. Companies need to ensure that the potential customer value justifies the cost of localisation, logistics and market development.
2. Localisation and market-specific customer expectations. Serbian consumers are digitally sophisticated, but an international website or campaign translated directly from another market may not perform effectively.
3. Regulatory and operational complexity. Serbia has made significant progress in digitalising business administration, but it remains outside the EU. Companies need to understand Serbian-specific tax and regulations rather than assuming that an existing EU operating model can simply be extended into the country.

How Does Serbia Compare to Other Top Markets?