Serbian economy shows growth in 2025 business revenues

Data from the Serbian Business Registers Agency (APR) for 2025 indicates that the Serbian economy maintained profitability despite geopolitical and economic uncertainties. Total business activities increased by 2.6%, with total revenues reaching 20,449,076 million dinars. The top 100 companies by revenue accounted for 28.7% of total economy revenues, while the top 100 by net profit generated 43.1% of total net profit.

Among the top 100 companies by revenue, state-owned enterprises, Chinese mining firms, and foreign companies dominate. The highest revenues were recorded by Elektroprivreda Srbije (EPS), Naftna industrija Srbije (NIS), Zijin Mining, Zijin Copper, and Telekom. These five entities alone generated 1.36 trillion dinars, representing 23.3% of the total revenue of the 100 companies studied.

In the private sector, domestic companies in agriculture and manufacturing are significantly underrepresented in the top rankings. The highest-ranked domestic private company is Nelt Co, which focuses on food and beverage distribution. Within the manufacturing sector, Imlek is a notable presence, though it recently underwent a change in ownership.