Coupled with a robust and timely package of monetary and fiscal policy measures, it was preserved confidence and production capacities that made Serbia achieve, despite unprecedented challenges, one of the best results in Europe in terms of GDP growth, which amounted to 7.5% in 2021, and 6.5% cumulatively during the two pandemic years.
Chart 3 Contributions to real GDP growth, expenditure side (in pp)  (in %)  7.5  8  Chart 4 Cumulative economic growth in countries of the region in 2020 and 2021 Serbia*  6  4.5 4.5 4.5  4.5 4.3  4  3.3  2.9 2.0  1.8  2.1  2 0 -2  6.5  Romania  2.9  Poland  2.8  Hungary  2.3  Slovenia  1.8  Albania  1.8  Bulgaria -0.7  Change in inventories Net exports Government consumption Gross fixed capital formation Household consumption GDP (in %)  -4 -6 -8 2011  2013  Sources: SORS and NBS.