Slobodan Subotić – University of East Sarajevo, Faculty of Transportation Doboj, Doboj, Republic of Srpska, B&H
Goran Mitrović – Drina Insurance a.d. Milici, Republic of Srpska, B&H
Vitomir Starčević – University of East Sarajevo, Faculty of Business Economics Bijeljina, Republic of Srpska, B&H




3rd International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2019 – Bratislava, Slovakia, October 24, 2019, SELECTED PAPERS published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-24-0, ISSN 2683-5991, DOI:




The research conducted and included in this paper applies to the peculiarities in applying
certain methods for the purpose of assessing the trends of quantitative and qualitative macroeconomic
indicators in the Western Balkan countries. The research focuses particularly onto certain Western
Balkan countries such as Albania, Bosnia and Herzegovina and Serbia. Contemporary statistical methods
have been applied in analyzing the conjunction and mutual dependency of these countries’ economies,
by indicating certain unique macroeconomic indicators of their efficiency and effectiveness. In
that context, indicators of gross domestic product, exports, imports and foreign direct investment have
been presented both graphically and in tables, including their trend over the period from year 2000 to
2016. The analysis is based on the implementation of the econometric statistical methods of correlation
and regression, as well as on the following statistic software packages: IBM SPSS ver. 21, Microsoft
XLSTAT and 3B Stat ver. 1.01. A particular segment of the analysis of unique macroeconomic indicators
is dedicated to the comparison of the operational effectiveness of analysed countries’ economies and
their rankings on the basis of each of the relevant parameters. In that respect, respective unique indicators,
in addition to absolute amounts, have also been provided as „per capita“ calculations, for the
purpose of obtaining more realistic insight into the relative capacity of each of the countries surveyed.



Statistical methods, Regression, Correlation

Lovrić, M., Komić, J., Stević, S. (2017). Statistics Analysis – Methods and Application (orig.
Statistička analiza-metodi i primjena), 2nd abridged edition, Public Institution – National
and University Library of the Republic of Srpska, Banja Luka.
Malešević, Đ., Starčević, V. (2010). Business Analysis (orig. Poslovna analiza), University of
East Sarajevo, Faculty of Business Economics in Bijeljina.
Mikić, Đ., Ralević, N. (2006). Statistics Methods in Management (orig. Statističke metode u
menadžmentu), PanEuropean University Apeiron, Banja Luka.
The World Bank, http//


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