Serbia Q4 GDP Growth Confirmed at 1-Year High

2026-03-02 11:18 By Joshua Ferrer 1 min. read

The Serbian economy advanced by 2.2% year-on-year in the final quarter of 2025, confirming preliminary estimates and accelerating from a 2% growth in the previous three-month period.

The latest figure also marked the strongest growth for the year, driven by faster increases in household expenditure (3.7% vs 3.5% in Q3) and government spending (4.2% vs 3.8%).

Additionally, gross fixed capital formation rebounded sharply (8.9% vs -2.2%).

Meanwhile, net external demand contributed negatively to the GDP, with imports (7.6% vs 4.8%) rising more than exports (5.3% vs 4.2%).

On the production side, the construction sector (10.6% vs -12.2%) posted the most notable output increase, followed by professional, scientific and technical activities (5.3% vs 4.2%), and arts, entertainment and recreation (5.2% vs 5.4%).

On a seasonally adjusted quarterly basis, the economy expanded by 1% in the fourth quarter, following a 0.7% growth in the preceding period.



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Serbia Q4 GDP Growth Confirmed at 1-Year High
The Serbian economy advanced by 2.2% year-on-year in the final quarter of 2025, confirming preliminary estimates and accelerating from a 2% growth in the previous three-month period. The latest figure also marked the strongest growth for the year, driven by faster increases in household expenditure (3.7% vs 3.5% in Q3) and government spending (4.2% vs 3.8%). Additionally, gross fixed capital formation rebounded sharply (8.9% vs -2.2%). Meanwhile, net external demand contributed negatively to the GDP, with imports (7.6% vs 4.8%) rising more than exports (5.3% vs 4.2%). On the production side, the construction sector (10.6% vs -12.2%) posted the most notable output increase, followed by professional, scientific and technical activities (5.3% vs 4.2%), and arts, entertainment and recreation (5.2% vs 5.4%). On a seasonally adjusted quarterly basis, the economy expanded by 1% in the fourth quarter, following a 0.7% growth in the preceding period.
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The Serbian economy expanded by 2% year-on-year in the third quarter of 2025, confirming preliminary estimates and the same pace as in the previous three-month period. Growth increased further for both household consumption (3.4% vs 3.1% in Q2) and government spending (3.9% vs 3.8%). Additionally, gross fixed capital formation declined at a lesser extent (-2.1% vs -3.9%). On the external side, net trade contributed negatively to the GDP, as exports (4.2% vs 5.6%) rose less than imports (5.2% vs 9.7%). On a seasonally adjusted quarterly basis, the economy advanced by 0.6% in Q3, slowing from a slightly upwardly revised 1.2% growth in the preceding period.
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Serbia’s economy expanded by 2.1% year-on-year in Q2 2025, slightly exceeding preliminary estimates of 2.0% and accelerating from a downwardly revised 1.9% growth in Q1 2025. The GDP growth was primarily driven by household consumption (+3.0% vs. +1.6% in Q1) and government expenditure (+3.7% vs. +0.5%). On the external side, both exports (+4.6% vs. +8.6%) and imports (+9.8% vs. +11.3%) grew at a slower pace. However, gross fixed capital formation declined by 4.0%, worsening from a 0.8% contraction in Q1. On a seasonally adjusted quarterly basis, the Serbian economy grew 1.1% in Q2, rebounding from a 0.6% contraction in Q1 2025.
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