The Importance of Creative Industry for the Economic Development of The Republic of Serbia

Abstract

Creative economy is one of the world’s most rapidly growing sectors, contributing 3% of the global GDP. Based on creativity and innovation as the main factors, creative and cultural industries include different fields of activity. By their nature, they are interdisciplinary and provide great potential for social and economic development. Improving the growth and development of creative industry can significantly contribute to the economic development of a country, especially in countries with rich cultural and historical heritage, such as Serbia. The aim of the paper is to determine the significance of the Serbian creative industry sector considering its contribution to GDP, employment and export. Results of the analysis showed that in 2021 creative industries contributed to 7.1% of GDP, achieving faster growth than other economic activities. Also, the average salary in the creative industry sector is higher compared to the average salary in Serbia. Since 2019, there has been a noticeable increase in the deficit in foreign trade exchange, which indicates that it is necessary to take systemic measures in order to improve this sector.