Serbia hikes ICT exports as Russian tech professionals boost sector

Serbia hikes ICT exports as Russian tech professionals boost sector

By Tatyana Kekic in Belgrade September 19, 2024

Serbia’s total exports of ICT services for January to July 2024 reached €2.306bn, which is a 20% increase compared to the same period in 2023, according to the National Bank of Serbia (NBS).

The country's ICT sector has witnessed remarkable growth over the past decade. In 2012 ICT service exports were valued at €375mn; by 2023 this figure had grown almost tenfold to €3.44bn.

Data from the NBS highlights a particularly strong performance in July 2024, where ICT service exports alone amounted to €362mn, marking a 29% increase compared to July 2023. The surplus for the first seven months of 2024 in ICT services stood at €1.787bn, underscoring the sector’s profitability and export potential.

Serbia has a solid engineering tradition of its own, but the influx of tens of thousands of Russian professionals since the start of the Russia-Ukraine war has significantly bolstered the local ICT sector.

It is estimated that around 300,000 Russians have come to Serbia since February 2022, and that as many as 50,000 have obtained residence permits. A large number are highly skilled and work in the IT sector or consulting.

Industry experts anticipate that the upward trend in Serbia's ICT sector will continue, driven by both domestic talent and the inflow of international expertise.

#Serbia #ICT #exports

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