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This paper analyses basic outcome and effects of the privatisation process in Serbia. The first two parts of the paper deal with general achievements of the newest privatisation plan adopted in 2001. We present a brief background of the results of the privatisation process, analysing changes in the structure of enterprises by ownership status, the number of privatised firms, revenues earned through privatisation, the rate of successful transactions, and other relevant privatisation indicators. The paper continues with an analysis of a survey conducted within a sample of Serbian enterprises offering some evidence about performance, competition, and restructuring within different types of firms: socially owned, privatised, and new private. Contrary to the broadly accepted statement that new private firms are leading in transition economies, according to our estimation of the effects of the ownership type on firm performance, it appears that the privatised sector seems to be more active. A comparison of the survey results with findings for three neighbouring countries indicates that there is no general conclusion about the way how ownership status of a firm affects its performance in a transition economy. Although conclusions drawn from our survey analysis should be regarded as preliminary and limited by the quality of survey data and could not be generalised for the privatisation process in other transition countries, the findings we present, including the comparison made with other economies, could contribute to the understanding of both privatisation effects in general and effects remarkable for the Serbian economy. [ABSTRACT FROM AUTHOR]