Explore SME Compass Index

The SME Compass Index 2024 is a pioneering composite index designed to assess the overall competitiveness of Serbia’s SME sector. Composite indices are widely recognized as useful tools for analyzing public policies and enhancing public communication. They summarize multifaceted topics and trends into comprehensible, comparable metrics.

Uniquely designed, the Index serves as a holistic, representative lens on SME competitiveness, delving into distinctions based on business size, geographical setting, and industry domain. SME Compass Index offers valuable insights into the areas where Serbian SMEs are excelling or lagging global trends. Such insights can guide policymakers, development projects, initiatives, and the monitoring of national strategic documents.

Harnessing 75 indicators, the Index spans 11 sectors, 25 districts, and multiple business scales. These metrics are informed by the financial data from over 20,000 businesses, insights from a dedicated SME compass survey of 1,500 entities, and supplementary survey intel from the Statistical Office.

Structured around nine key pillars, each a weighted average of theme-connected indicators, SME Compass Index includes: (1) business sentiment and performance, (2) business environment, (3) human resources, (4) business model, (5) digitalization and industry 4.0, (6) innovation, (7) green transformation, (8) access to finance, and (9) gender equality.

SME Compass Index 2024 Overview:

The SME Compass Index in 2024 stands at 42.0 out of 100, signaling a lower-mid level of competitiveness and development in Serbia’s SME sector.

Pros:

Positive Sentiment: A mildly positive economic sentiment about the future, especially in the longer run, even when faced with slowdown in EU’s economic activity and high inflation.
Export Orientation: The share of exporting companies in Serbia is twice as high as in the EU, with manufacturing leading at 49.5%.
Quality of Employees: Businesses express high satisfaction with both the soft and technical skills of their workforce, further commending their willingness to learn.

Cons:

Availability of Workforce: The predominant structural issue remains the labor shortage, a challenge felt across all sectors and regions of Serbia.
Level of Investments: There’s a noticeable under-investment by SMEs in Serbia, notably in new equipment, processes, and broadening of operational scope.
Value Chain Transformation: The sector lags in areas like digitalization, green initiatives, innovation, and technological advancements.

Explore by Pillar 2024

Access to finance

56.5%

Industry 4.0

56%

Business sentiment

52%

Business environment

44%

Innovation

42.2%

Human resources

41.2%

Gender equality

31.1%

Business model

28%

Green transformation

17.2%

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Explore by Sector 2024

ICT

51%

High tech

49%

Medium tech

45%

Agri-food

43%

Low tech

43%

Professional services

42%

HORECA

42%

Personal services

42%

Transport

40%

Trade

40%

Construction

37%

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Browse the Report

Dive into the 2024 SME Compass Index’s key insights! Discover comprehensive findings, delve into sector and pillar scorecards, and gain clarity with our robust methodology.

The Dataverse

Dive into the 2024 SME Compass Index’s key insights! Discover comprehensive findings, delve into sector and pillar scorecards, and gain clarity with our robust methodology.

Indicator Overview

Get an all-encompassing overview of indicators. Systematically review and compare scores for all indicators, providing an integrated and systematic perspective on SME competitiveness.