This report looks into the incidence of skills mismatches in the Republic of Serbia (hereafter referred to as Serbia). In 2017, the European Training Foundation (ETF) initiated a skills mismatch measurement project in the ETF partner countries with two objectives: (1) to identify regular data sources; and (2) to develop and test a series of indicators fit to capture various angles and implications of skills mismatches. In the first phase, four partner countries were selected -- Serbia, Georgia, Egypt, and Morocco, while in the second phase, the project included North Macedonia, Montenegro, and Moldova. Country-specific analyses were developed to contextualise skills mismatch measurement for each country, and a cross-country report complements country findings and further delves into methodological aspects and potential to replicate such initiatives in other ETF partner countries. The key mismatch indicators (or clusters of indicators) calculated and discussed in this report are as follows: (1) structure of unemployment; (2) proportion of unemployed versus employed; (3) coefficient of variation (by various dimensions); (4) variance of relative unemployment rates; (5) occupational mismatch; (6) over-education and under-education using the empirical method; and (7) relative wages across education levels. Chapter 1 presents key background information on Serbia's economy, labour market, and social and demographic aspects. This is essential for contextualising the discussion on skills mismatch and avoiding insufficient or biased interpretations. The data situation, sources and aspects of comparability are explored in Chapter 2. Chapter 3 discusses the relevance and results for each selected skills mismatch indicator (or cluster of indicators), while the last chapter summarises key conclusions and hints at main policy implications. [For the cross-country report, "Skills Mismatch Measurement in ETF Partner Countries," see ED597236.]