process of accession negotiations to join the European Union. Macroeconomic trends Economic growth The average growth of Serbia's GDP in the last five years was 4% per year. GDP structure by sector is: services 67.9%, industry 26.1%, agriculture 6.0%. GDP - composition, by end use household consumption: 78.2% (2017 est.) government consumption: 10.1% (2017 est.) investment in fixed capital: 18.5% (2017 est.) investment in inventories: 2% (2017 est.) exports of goods and services: 52.5% (2017 est.) imports of goods and services: -61.3% (2017 est.) Public finances Serbia's public debt relative to GDP from 2000 to 2008 decreased by 140.1 percentage points, and then started increasing again as the government was fighting effects of worldwide 2008 financial crisis. In 2018, the public debt stood at 53.8% of GDP. Serbian foreign exchange reserves were highly augmented from 2000 to 2009, when they amounted 10.6 billion euros and have stayed at that level ever since. Currency and inflation The official currency in Serbia is the Serbian dinar and its earliest use dates back to 1214. Serbia historically has battled high inflation, especially during the 1980s and 1990s. In 1992 and 1993, it experienced a period of hyperinflation which lasted for a total of 25 months. In 1993, the monthly inflation rate stood at a staggering 313 million percent. Since the early 2000s, the inflation rate has stabilized and in the last couple of years a relatively low level of inflation was recorded. External trade Serbia has a wide range of free trade agreements with foreign countries and trading blocs. Serbia signed a free trade agreement with the European Union in 2008 enabling exports of all products originating from Serbia without customs and other fees. For a limited number of products (baby beef, sugar, and wine), annual import quotas remain in effect. As of 2016, the EU countries were the largest trading partners of Serbia with 64.4% of country's total foreign trade. Serbia signed the CEFTA enabling exports of all products originating from Serbia without customs and other fees to the neighbouring countries: Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro and Kosovo. In 2016, the CEFTA countries were the second largest trading partners of Serbia. Serbia signed a free-trade agreement with EFTA members (Switzerland, Norway, Iceland) in 2009. The Serbian free-trade agreement with Russia was implemented since 2000; for a limited number of products, annual import quotas remain in effect. Free-trade agreement with