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Belgrade is one of the largest metropolitan areas in the Balkan Peninsula, second only to Athens. Once the capital of communist Yugoslavia, the city now is struggling to reach the economical level of other ex-Yugoslavian cities, especially ones that are more integrated into the EU (Zagreb, Ljubljana). However, after a period of recession, Belgrade is starting slowly to recover with its GDP and disposable income per household marginally growing throughout 2011-2016.
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Belgrade is the economic powerhouse of Serbia, accounting for as much as 40% of the country's GDP in 2016. The city strives to improve its competitiveness, and its gravitation towards high-added-value service sectors supports its immense advantage in labour productivity (GVA per employee) compared to other Serbian regions (+145% in 2016).
Belgrade's average household disposable income was 30% above the rest of Serbia in 2016, at USD13,200 per year. While high labour productivity pushes up household earnings in Belgrade, the city's low labour force participation rate (63% versus 71% in other parts of the country) and high levels of unemployment (19% versus 15% in other parts of the country) put downward pressure on disposable incomes.
Belgrade's total consumer expenditure reached USD7.6 billion in 2016, making it a major consumer pool in Serbia. Consumer expenditure on everything apart from housing and transport was 13% greater in Belgrade when measured against the rest of the country. Belgrade's households surpassed the rest of Serbia in their high spending on healthcare (+123% in Belgrade versus elsewhere in the country), education (+58%) and hotels and restaurants (+49%).
In 2016, expenditure on housing and transport was 12% greater in Belgrade compared to the rest of the country. While Belgrade spends as much as 16% less on transportation than the rest of Serbia, housing in Belgrade costs as much as 30% more. Due to low transportation expenditure and a big advantage in disposable income, Belgrade is regarded as a rather affordable city.
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