Macroeconomic Indicators of International Tourism of the Republic of Serbia

Abstract

This paper examines the position of international tourism in the balance of payments of the Republic of Serbia and the impact of foreign currency inflow from tourism on export and overall performances of the domestic economy. The analysis of relevant macroeconomic indicators is based on generally accepted methodology of balance of payments of the International Monetary Fund and integral international system of national accounts (System of National Accounts – SNA, 2008). On the basis of this analysis, it is concluded that tourism has not yet made positive impact on the overall balance of payments flows of the Republic of Serbia. In addition, the contribution of international tourism to the export and economic growth performance of the country is still a quite modest scale, which is inconsistent with the strategic orientation of the Republic of Serbia. The comparative analysis of relevant macroeconomic indicators for South Eastern European countries confirms this statement.