THE EFFECT OF NEW INVESTMENTS ON THE COST OF MATERIAL AND ENERGY IN THE SERBIAN ECONOMY

The paper examines the effect of revenue and investment in real estate, plants and equipment on the cost of materials and energy in the companies of the Republic of Serbia, at the level of the overall economy on the one hand and the economic sectors on the other. The research, which is based on the official data published by the Serbian Business Registers Agency, includes ten economic sectors for the period from 2013 to 2022, and was conducted using panel models. The results of the cointegration tests showed that there is a long-run equilibrium between the variables in question. The effect of revenue on the cost of material, fuel and energy is positive in the long run. The effect of investment in real estate, plants and equipment on the cost of material, fuel and energy is statistically significant and negative in the long run at the level of the overall economy and in the sectors of Manufacturing Industry, Electricity Supply, Wholesale and Retail Trade and Transport and Storage, while it is positive only in the sector of Accommodation and Food Services.