THE IMPACT OF TOURISM ON ECONOMIC GROWTH: AN EMPIRICAL ANALYSIS OF THE REPUBLIC OF SERBIA

Ivana Kostadinović, Nemanja Lojanica

DOI Number
https://doi.org/10.22190/TEME260427017K
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Abstract


This paper explores how tourism influences Serbia’s economic performance through an empirical analysis of time series data. The objective is to assess the long-run stability of the relationship and the causal dynamics between tourism indicators and gross domestic product. Methodologically, the research applies cointegration procedures and Granger causality testing, relying on macroeconomic and sector-specific variables such as tourist arrivals and tourism revenues. Findings reveal a persistent long-run link between tourism activity and economic growth, while causality analysis points to a bidirectional relationship between the examined variables. These insights enhance comprehension of tourism’s contribution to Serbia’s development and offer a foundation for shaping policies that reinforce the sector as a catalyst of economic progress.


Keywords

tourism, economic growth, Republic of Serbia, time series, cointegration, Granger causality, empirical analysis.

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References


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DOI: https://doi.org/10.22190/TEME260427017K

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