The long-term growth of Serbia’s IT sector hasn’t been halted by the coronavirus crisis, as its volume of business, especially the export of IT services in international markets, continues to grow. The IT sector also been making progress on the domestic market, which after several years of stagnation had recorded double-digit growth, as the volume of investment in IT per capita rose to more than 80 euros. Currently, 8 out of 10 leading software companies in Serbia are foreign-owned.
During 2019, 337 software companies were established, which is more than ever before. Although the IT sector recorded continuous growth through the end of March, the crisis caused by the pandemic’s effects are being felt. Two-thirds of companies report lower demand, a freeze on hiring and a drop in their revenue estimates for the short-term. This is due in large part because of the sector’s dependence on Western markets and the impact the crisis is having on them.
