MACROECONOMIC INDICATORS IN THE WB

The demographic data show that, in the period from 2019 to 2023, a significant population decline was recorded in all Western Balkan economies. The total number decreased by 797,039 inhabitants and in 2023, it amounted to 16,981,000 inhabitants, i.e., by 4.5% less compared to 2019, when there were 17,778,039 inhabitants.

The total GDP of the economies of the Western Balkans increased in the past 5 years by EUR 44.6 billion, i.e., it was higher by 44% as compared to 2019, and in 2023, it amounted to EUR 145.9 billion. The average GDP per capita increased from EUR 5,699 in 2019, to EUR 8,596 in 2023, which is an increase of EUR 2,897, i.e. 50.8%.

The average GDP growth compared to 2019 slowed down from 3.7% to 2.6%, as recorded in 2023. In the period 2019-2023, the unemployment rate in the Western Balkans decreased from 13.4% to 11.1%. There are 375,000 companies currently operating in the Western Balkans.

The average monthly gross salary for the Western Balkans in 2018 was EUR 559, whereas in 2022, it amounted to EUR 778, and was higher by 39.1%. The highest gross salary in 2022 was recorded in Serbia and amounted to EUR 880, whereas the lowest was recorded in Albania and amounted to EUR 520.

The commodity trade between the economies of the Western Balkans and the world amounted to EUR 86.7 billion in 2019, whereas, in 2023, it amounted to EUR 131 billion, which is an increase of EUR 44.3 billion, i.e., 51%. The total export of the WB6 economies to the world, in 2019, amounted to EUR 33 billion, whereas, five years later, the export to the world increased to EUR 51 billion, i.e., it was higher by EUR 18 billion, or 54.5%. In the period from 2021 to 2022, a rapid growth of EUR 10.5 billion was recorded. The total import of the WB6 from the world in 2019 amounted to EUR 53.6 billion, whereas five years later, it amounted to EUR 79.9 billion, which was an increase in import of EUR 26.3 billion, i.e., 49%. In 2022 alone, the total import increased by EUR 19.6 billion. The trade deficit of the economies of the Western Balkans in the period from 2019 to 2023, increased from EUR -20.6 billion to EUR -28.9 billion, i.e., by 40.2%.

The total commodity trade of the economies of the Western Balkans 6 with the European Union, in the period from 2018 to 2022, increased from EUR 50.4 billion to EUR 77.9 billion, i.e., by 52%. The export of goods from the economies of the Western Balkans to the European Union increased from EUR 21.9 billion in 2018, to EUR 34.5 billion in 2022, which is an increase of EUR 12.6 billion, i.e., by 57.5%. The import of goods from the European Union increased from EUR 28.5 billion, in 2018, to EUR 43.5 billion in 2022, which is an increase of EUR 14.9 billion, i.e., by 52.6%.

The percentage share of the total commodity trade of the economies of the Western Balkans with the EU, in 2018, stood at 61.6%, while in 2022, it amounted to 58.3%, which is a decrease in the share of 3.3% in 5 years.

The total foreign direct investments in the economies of the Western Balkans, in the period from 2019 to 2023, amounted to EUR 36.3 billion. The inflow of investments in the period of five years recorded a significant growth, except for the year 2020, when a decline was recorded due to the Corona virus pandemic. In 2019, foreign direct investments amounted to EUR 6.39 billion, whereas in 2023, an inflow of EUR 8.81 billion was recorded, which is an increase of 37% compared to the former period of five years, i.e., by EUR 2.42 billion more than in 2019.

The total direct investments from the EU to the WB6, in the period from 2018 to 2022, amounted to EUR 16.35 billion and were growing from 2018. However, despite the increase in the value of investments, the share in the total amount decreased, and the share of the European Union in 2022 amounted to 40.1%, i.e., EUR 3.51 billion, while in 2021, the share of direct investments coming from the EU in the total amount was 50.7%, i.e., EUR 3.49 billion. In 2018, the share of the European Union in foreign direct investments in the WB6 was 47%.

In million EUR