Serbia GDP Growth Revised Higher in Q1

The Serbian economy advanced by 3.2% year-on-year in Q1 2026, up from 2.2% in the previous three-month period and above preliminary estimates of 3.0%. The latest reading also marked the strongest growth since Q4 2025. Growth accelerated in household consumption (4.8% vs 3.7% in Q4) and government spending (5.1% vs 4.2%). Meanwhile, growth slowed sharply in gross fixed capital formation (1.4% vs 8.9%), as well as net external demand, with both exports (4.6% vs 5.3%) and imports (3.6% vs 7.6%) easing. On the production side, wholesale and retail trade (4.9% vs 0.6%) recorded the strongest expansion, followed by agriculture, forestry and fishing (7.1% vs -0.3%), financial and insurance activities (6.9% vs 2.0%), and professional, scientific and technical activities (6.1% vs 5.3%). On a seasonally adjusted quarterly basis, the economy grew by 0.2% in Q1 2026, slowing from 1.0% in the preceding quarter.

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.

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.