The Serbian economy is among Europe’s most energy-intensive ones and consumes high quantities of energy per unit of GDP produced, according to the latest issue of the NALED bulletin.

The publication says Serbia’s energy efficiency is very low – as many as four times lower than the EU average.

Entrepreneurs at NALED are unanimous in the assessment that the Ukraine war will have a negative impact on the Serbian economy, which is highly dependent on energy imports, NALED also said.

According to 2020 figures, Serbia meets three quarters of its crude oil needs from imports, with one quarter coming from local production. Nearly two fifths of its oil imports come from Iraq and about one third from Russia and Kazakhstan, according to figures released by the national statistical office RZS.

Also, Serbia gets as much as 81 percent of its natural gas and 18 percent of crude oil and oil derivatives from Russia.