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The economy of Serbia is a service-based upper middle income economy in Central Europe, with the tertiary sector accounting for two-thirds of total gross domestic product (GDP). The economy functions on the principles of the free market. Nominal GDP in 2022 is projected to reach $65.7 billion, which is $9,561 per capita, while GDP based on purchasing power parity (PPP) stood at $153 billion, which is $22,278 per capita.The strongest sectors of Serbia's economy are energy, the automotive industry, machinery, mining, and agriculture.The country's primary industrial exports are automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, and pharmaceuticals.Trade plays a major role in Serbian economic output. The main trading partners are Germany, Italy, Russia, China, and neighbouring Balkan countries.