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Market Opportunities

The SEE countries have shown their potential numerous times, becoming an investment hub with a reinforced business climate led by a wave of reforms, privatisations, and developments of new industries. These countries have managed to attract a high influx of FDI’s thanks to low labour and utility costs, accompanied by a multilingual and qualified workforce. The governments of the SEE countries remain committed to maintaining a friendly investor climate by pushing forward with the reforms and offering incentives – foreign investors can own up to 100% interest in a company, open bank accounts in domestic and foreign currencies, and employ foreign citizens easily. Relaxed regulations on foreign transfers of income and protection from nationalisation, expropriation, and requisition, are a further testament to the business climate.

Karanovic & Partners is dedicated to sharing some of the most interesting opportunities that the region has to offer. We bring you a flavour of what the SEE region has in store – for more information please contact us at bd@karanovicpartners.com.

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  • Serbia

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    SRB2021202220232024E2025F2026F
    GDP Nominal (EUR M)53,30060,40072,90080,10086,000
    GDP Real, %7.5%2.5%3.8%3.8%4.5%4.5%
    GDP Per Capita (EUR)7,7619,06711,07111,35013,100
    Inflation, % EOY7.9%15.1%12.5%4.6%4.1%3.3%
    Net FDI (EUR M)3,6784,3484,6064,8604,980
    Public Debt, % GDP57.1%55.7%48.1%47.2%46.4%46.0%
    External Debt, % GDP68.4%69.4%60.4%60.2%60.1%
    Foreign Reserves (EUR M)16,60020,00024,90028,80029,100
    Trade Account Balance, % GDP-13.1%-18.9%-11.8%-13.0%-14.2%
    FX Rate, EUR/RSD (EOY)117.6117.3117.1117.0117.0116.9
    AVG Net Salary (EUR)555629717838840
    Unemployment, %11.4%9.4%9.4%8.6%8.1%7.9%
    Population (M)6.96.86.66.66.56.5

    Sources: Statistical Office of the Republic of Serbia, Erste Bank, UniCredit Bank

     

    Ratings:

    Moody’sBa2; Positive
    S&PBBB-; Stable
    FitchBB+; Positive

     

  • Croatia

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    HRV2021202220232024E2025F2026F
    GDP Nominal (EUR M)58,30068,00076,50085,50086,00087,000
    GDP Real, %13.1%6.2%2.1%3.8 %2.9%2.8%
    GDP Per Capita (EUR)14,99017,63519,61522,11022,63122,894
    Inflation, % EOY5.5%13.1%7.4%3.0%3.2%2.5%
    Net FDI (EUR M)2,7983,6722,8083,2003,4103,592
    Public Debt, % GDP78.3%68.2%68.3%57.7%57.1%56.4%
    External Debt, % GDP80.9%72.9%79.5%77.4 %79.7%
    Foreign Reserves (EUR M)25,00027,8003,3003,6004,100
    Trade Account Balance, % GDP-19.6%-26.7%-22.4%-20.7%-20.7%-20.7%
    FX Rate, EUR/HRK (EOY)7.57.5
    AVG Net Salary (EUR)9239761,1001,3231,372
    Unemployment, %7.6%7.1%3.7%5.2%4.8%4.6%
    Population (M)3.93.93.93.83.83.8

    Source: Croatian National Bank, Erste Bank, UniCredit Bank 

     

    Ratings:

    Moody’sA3; Positive
    S&PA-; Positive
    FitchA-; Positive

     

  • Slovenia

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    SLO2021202220232024E2025F2026F
    GDP Nominal (EUR M)52,20057,00063,10066,90069,99573,332
    GDP Real, %8.2%2.5%3.3%1.6%2.2%2.4%
    GDP Per Capita (EUR)24,77027,06129,93231,57233,02334,596
    Inflation, % EOY4.9%10.3%8.1%2.0%2.4%2.1%
    Net FDI (EUR M)4181,311504792904
    Public Debt, % GDP74.5%72.3%61.8%66.6%65.0%64.3%
    External Debt, % GDP97.3%90.9%91.8%87.0%83.7%80.2%
    Foreign Reserves (EUR M)2,0022,1372,1552,732
    Trade Account Balance, % GDP1.7%-3.8%0.7%5.3%4.7%4.7%
    AVG Net Salary (EUR)1,3171,3221,4361,5261,569
    Unemployment, %4.5%4.0%6.1%3.7%3.6%3.6%
    Population (M)2.12.12.12.12.12.1

    Sources: National Statistical Office, Erste Bank, UniCredit Bank 

     

    Ratings:

    Moody’sA3; Stable
    S&PAA-; Stable
    FitchA; Stable

     

  • Bosnia and Herzegovina

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    BIH2021202220232024E2025F2026F
    GDP Nominal (EUR M)20,46823,27326,04127,18428,44930,106
    GDP Real, %7.3%3.8%1.9%2.0%2.4%2.9%
    GDP Per Capita (EUR)5,9346,8177,6107,9848,3828,905
    Inflation, % EOY6.3%14.7%2.2%1.4%3.2%2.3
    Net FDI (EUR M)532698859843882933
    Public Debt, % GDP33.3%29.4%25.8%27.5%28.9%29.9%
    External Debt, % GDP24.2%20.8%18.1%17.8%17.3%
    Foreign Reserves (EUR M)8,4008,2008,3008,7009,200
    Trade Account Balance, % GDP-17.9%-22.4%-20.1%-22.5%-24.0%-24.2%
    FX Rate, EUR/BAM (EOY)2.02.02.02.02.02.0
    AVG Net Salary (EUR)512574641710771826
    Unemployment, %17.4%15.4%13.2%13.1%12.7%12.4%
    Population (M)3.53.43.43.43.43.4

    Sources: Statistical Office of Bosnia and Herzegovina, Erste Bank, UniCredit Bank 

     

    Ratings:

    Moody’sB3; Stable
    S&PB+; Stable
    Fitch

     

  • North Macedonia

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    NM2021202220232024E2025F2026F
    GDP Nominal (EUR M)11,60013,03313,65514,68015,81016,840
    GDP Real, %3.9%2.2%1.0%2.2%3.6%3.8%
    GDP Per Capita (EUR)5,5277,0967,4778,0108,7409,420
    Inflation, % EOY4.9%18.7%3.6%4.4%2.7%3.5%
    Net FDI (EUR M)3836585191,088
    Public Debt, % GDP61.0%59.1%62.1%66.8%68.0%67.7%
    External Debt, % GDP81.9%82.8%83.9%84.8%84.3%84.1%
    Foreign Reserves (EUR M)3,6003,9004,5005,0005,2005,400
    Trade Account Balance, % GDP-20.2%-26.7%-19.3%-21.6%-22.2%-22.7%
    FX Rate, EUR/MKD (EOY)61.561.661.661.661.661.6
    AVG Net Salary (EUR)467518598679762842
    Unemployment, %15.7%14.4%13.1%12.5%11.9%11.7%
    Population (M)1.91.81.81.81.81.8

    Sources: National Bank of North Macedonia, National Statistical Office, IMF, Erste Bank, UniCredit Bank 

     

    Ratings:

    Moody’s
    S&PBB-; Stable
    FitchBB+; Stable

     

  • Montenegro

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    MNE2021202220232024E2025F2026F
    GDP Nominal (EUR M)4,9555,9246,9647,5087,9288,311
    GDP Real, %13.0%6.4%6.3%3.3%3.1%3.4%
    GDP Per Capita (EUR)7,9739,59111,29212,16812,87013,492
    Inflation, % EOY4.6%17.2%4.3%2.5%3.3%3.6%
    Net FDI (EUR M)580782432526579640
    Public Debt, % GDP84.0%69.2%59.3%61.3%61.0%64.4%
    External Debt, % GDP191.5%159.0%129.3%129.9%125.5%126.3%
    Foreign Reserves (EUR M)1,7371,9151,624
    Trade Account Balance, % GDP-38.7%-45.1%-42.9%-44.5%-45.7%-45.5
    AVG Net Salary (EUR)532712792855942999
    Unemployment, %16.7%14.7%13.1%11.5%11.3%11.1%
    Population (M)0.60.60.60.60.60.6

    Sources: Statistical Office of Montenegro, IMF, Erste Bank, World Bank 

     

    Ratings:

    Moody’sBa3; Stable
    S&PB+; Stable
    Fitch

     

  • Albania

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    ALB 2019202020212022 20232024F2025F2026F 
    GDP nominal EUR (Bil.)13.813.415.2118.121.822.924.125.3
    GDP real (%)2.1%-3.3%9.0%4.8%3.9%3.9%3.9%4.0%
    GDP Per Capita (EUR)4,804.95,292.96,131.7  7,392.79,067.99,573.610,094.910,660.7
    Inflation (average) % (EYO)1.4%1.6 %2.0%6.7%4.8%2.3%3.0%3.0%
    FDI (EUR M)10739371031137214921161*
    Public Debt, % GDP65.0%73.9%74.1%64.1%57.5%56.3%55.8%55.0%
    Domestic

    Debt Stock/GDP

    34,89%38,89%37.62%  34.208%31.30%31.61%
    External Debt Stock % GDP30,07%35,02%36.45%  30.04%26.20 %23,12%
    Foreign reserves

    (EUR M)

    3,359.63,942.44,972.2  4,952.15,8896,389.56,845.87,358.7
    Trade Account Balance, % GDP-13.7%-14.4-13.3%-10.3%-5.1%-7.9%-7.1%-6.3%
    Unemployment,

    %

    12.0%12.2%12.0%  11.3%11.2%10.2%9.8%9.5%
    Population (M)2.92.92.83  2.82.4  2.4    2.42.4
    Doing Business69.5167.7  –

    Sources: Information Technology Audit in Statistics Institute (INSTAT), Bank of Albania, Ministry of Finance and Economy.

    *Includes data for the first 9 months of 2024.

    Ratings:

    Moody’sB1; Stable
    S&PB; Positive
    Fitch

     

*This Market Opportunities page has been prepared by Karanović & Partners for information purposes, based on the publicly available information only. Karanović & Partners is not liable for the accuracy of the information presented on this page. This page is not and should not be regarded as investment or legal advice or as a recommendation regarding any particular course of action. Karanović & Partners does not and shall not act as an agent in relation to any of the investment opportunities listed on this page. Karanović & Partners has a long-standing cooperation with attorneys in all the jurisdictions referred to on this page.