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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

    SRB 2019 2020 2021 20222023F 2024F 
    GDP Nominal (EUR M) 45,91146,80053,30060,40069,60076,400
    GDP Real, % 4.2%-0.9%7.5%2.3%1.3%3.0%
    GDP Per Capita (EUR) 6,5936,7277,7618,82010,20611,254
    Inflation, % EOY 1.8%1.3%7.9%15.1%9.3%4.5%
    Net FDI (EUR M) 3,6272,8833,6784,2883,4803,591
    Public Debt, % GDP 52.0%57.4%57.1%55.7%53.3%52.1%
    External Debt, % GDP 61.7%66.3%68.4%69.4%63.5%60.8%
    Foreign Reserves (EUR M) 13,80013,80016,60020,00021,80022,300
    Trade Account Balance, % GDP -13.8%-12.7%-13.1%-18.9%-12.3%-11.5%
    FX Rate, EUR/RSD (EOY) 117.6117.6117.6117.3117.6118.2
    AVG Net Salary (EUR) 466512555635715776
    Unemployment, % 10.4%9.7%11.4%9.7%9.6%9.4%
    Population (M) 7.06.96.96.86.86.8
    Doing Business List 4844

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

     

    Ratings:

    Moody’sBa2; Stable
    S&PBB+; Stable
    FitchBB+; Stable

     

  • Croatia

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    HRV 2019 2020 2021 20222023F 2024F 
    GDP Nominal (EUR M) 53,96950,50058,30067,00071,70076,200
    GDP Real, % 2.9%-8.5%13.1%6.2%2.4%2.6%
    GDP Per Capita (EUR) 13,34212,47414,99017,33118,63519,911
    Inflation, % EOY 1.4%-0.7%5.5%13.1%3.7%3.1%
    Net FDI (EUR M) 9177072,7983,7523,3703,658
    Public Debt, % GDP 72.2%86.9%78.3%68.8%65.3%62.8%
    External Debt, % GDP 75.5%81.8%80.9%74.0%83.3%80.4%
    Foreign Reserves (EUR M) 18,56018,90025,00027,8003,5003,700
    Trade Account Balance, % GDP -19.3%-17.5%-19.6%-26.9%-24.9%-25.6%
    FX Rate, EUR/HRK (EOY) 7.47.57.57.5
    AVG Net Salary (EUR) 8828909239891,0781,146
    Unemployment, % 6.6%7.5%7.6%7.1%6.3%5.6%
    Population (M) 4.14.03.93.93.83.8
    Doing Business List 5851

    Source: Croatian National Bank, Erste Bank, UniCredit Bank 

     

    Ratings:

    Moody’sBaa2; Stable
    S&PBBB+; Stable
    FitchBBB+; Stable

     

  • Slovenia

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    SLO 2019 2020 2021 20222023F 2024F 
    GDP Nominal (EUR M) 48,00747,00052,20059,00064,20068,700
    GDP Real, % 3.2%-4.3%8.2%5.4%1.4%2.2%
    GDP Per Capita (EUR) 22,98322,36124,77027,98730,48032,582
    Inflation, % EOY 1.8%-1.2%4.9%10.3%6.0%4.0%
    Net FDI (EUR M) 1,2482824181,2398991,031
    Public Debt, % GDP 65.6%79.8%74.5%69.9%69.0%67.0%
    External Debt, % GDP 91.7%102.7%97.3%88.0%84.2%82.0%
    Foreign Reserves (EUR M) 9051,0712,0022,1372,213
    Trade Account Balance, % GDP 2.7%5.3%1.7%-3.8%-0.1%-0.2%
    AVG Net Salary (EUR) 1,1341,2521,3171,3481,4471,523
    Unemployment, % 4.4%5.0%4.5%4.0%3.8%3.8%
    Population (M) 2.12.12.12.12.12.1
    Doing Business List 4037

    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

    B&H 2019 2020 2021 2022 2023F 2024F 
    GDP Nominal (EUR M) 18,68218,19420,46823,27325,43426,951
    GDP Real, % 3.5%-2.9%7.3%3.8%1.6%2.2%
    GDP Per Capita (EUR) 5,3535,2375,9346,8177,5548,169
    Inflation, % EOY 0.3%-1.6%6.3%14.7%3.7%3.4%
    Net FDI (EUR M) 458330532698865916
    Public Debt, % GDP 32.2%35.7%33.3%29.4%27.7%27.4%
    External Debt, % GDP 23.1%25.5%24.2%20.3%20.5%20.7%
    Foreign Reserves (EUR M) 6,3427,1008,4008,2008,7009,200
    Trade Account Balance, % GDP -21.8%-17.6%-17.9%-22.4%-21.9%-22.1%
    FX Rate, EUR/BAM (EOY) 2.02.02.02.02.02.0
    AVG Net Salary (EUR) 472491512570652709
    Unemployment, % 15.7%15.9%17.4%15.4%13.1%12.7%
    Population (M) 3.53.53.53.43.43.4
    Doing Business 8990

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

     

    Ratings:

    Moody’sB3; Stable
    S&PB; Positive
    Fitch

     

  • North Macedonia

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    NM 2019 2020 2021 20222023F 2024F 
    GDP Nominal (EUR M) 11,20010,80011,60012,89814,23515,256
    GDP Real, % 3.6%-4.5%3.9%2.1%1.8%2.6%
    GDP Per Capita (EUR) 5,3145,1355,5277,0237,7668,340
    Inflation, % EOY 0.4%2.3%4.9%18.7%5.3%3.5%
    Net FDI (EUR M) 326205383658712778
    Public Debt, % GDP 49.2%59.7%61.0%59.7%59.6%61.0%
    External Debt, % GDP 72.2%80.2%81.9%83.7%82.8%83.8%
    Foreign Reserves (EUR M) 3,2633,4003,6003,9004,3004,600
    Trade Account Balance, % GDP -16.8%-16.8%-20.2%-27.0%-19.2%-19.4%
    FX Rate, EUR/MKD (EOY) 61.561.761.561.561.561.5
    AVG Net Salary (EUR) 410426467518582640
    Unemployment, % 17.3%16.4%15.7%14.4%13.1%12.9%
    Population (M) 2.12.12.11.81.81.8
    Doing Business List 1017

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

     

    Ratings:

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

     

  • Montenegro

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    MNE 2019 2020 2021 20222023F 2024F 
    GDP Nominal (EUR M) 4,9084,1934,9555,9246,8517,327
    GDP Real, % 3.6%-15.2%13.0%6.4%5.2%3.3%
    GDP Per Capita (EUR) 7,9026,7447,9739,53611,03011,799
    Inflation, % EOY 1.0%-0.9%4.6%17.2%6.0%2.6%
    Net FDI (EUR M) 344470580782589623
    Public Debt, % GDP 78.8%105.2%84.0%69.2%58.4%62.1%
    External Debt, % GDP 166.6%208.4%191.5%159.0%139.0%136.8%
    Foreign Reserves (EUR M) 1,3661,7461,7371,907
    Trade Account Balance, % GDP -42.1%-39.2%-38.7%-45.1%-44.0%-45.5%
    AVG Net Salary (EUR) 515524532592661703
    Unemployment, % 15.1%17.9%16.7%14.7%13.6%13.2%
    Population (M) 0.60.60.60.60.60.6
    Doing Business 5050

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

     

    Ratings:

    Moody’sB1; Stable
    S&PB; Stable
    Fitch

     

  • Albania

    Macroeconomic Snapshot

    Key Macroeconomic Indicators

    ALB 2019 2020 2021 2022 2023F 2024F 
    GDP Nominal (EUR M) 13,80013,30015,20018,00021,10022,200
    GDP Real, % 2.1%-3.3%8.9%4.9%3.7%3.8%
    GDP Per Capita (EUR) 4,8044,6775,3566,4337,5778,004
    Inflation, % EOY 1.4%1.6%2.0%6.7%4.7%3.0%
    Net FDI (EUR M) 1079933103113726861
    Public Debt, % GDP 65.8%74.3%74.5%64.5%61.5%59.8%
    External Debt, % GDP 35.30%39.10%37.83%34.32%34.21²%
    Foreign Reserves (EUR M) 3,359.63,583.64,0965,3825,540³6,503.9
    Trade Account Balance, % GDP -13.8%-14.5%-13.4%-10.4%-9.1%-9.3%
    FX Rate, EUR/ALL (EOY) 121.7123.7120.76114.93103.37
    AVG Net Salary (EUR) 453464488520700900
    Unemployment, % 12.0%12.2%12.0%11.3%10.7%10.2%
    Population (M) 2.92.92.832.82.792.78
    Doing Business 69.5167.7

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

     

    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.