Markets
Serbia’s deposit surge strengthens funding stability as households favor liquidity
In Serbia, deposit growth continues to accelerate after the inflation shock, with households and companies expanding balances—especially in foreign currency—while term deposits gain ground as banks…
Serbia banks head into 2026 with capital strength, low bad loans and tightly managed credit
Serbia’s banking system is entering 2026 with capitalization well above regulatory requirements, liquidity buffers that remain strong, and non-performing loans below 3%. Controlled credit growth—supported by…
CBAM’s carbon cost is starting to rewrite Serbia’s industrial competitiveness
As the EU’s Carbon Border Adjustment Mechanism moves toward full implementation, Serbian exporters in steel, cement, aluminium and fertilisers face carbon-linked costs tied to EU ETS…
Serbia’s state-led investment drive faces tougher delivery and funding conditions
Serbia’s infrastructure pipeline—about €17bn through 2030 and up to €48bn by 2035—remains central to growth plans, but rising financing costs and execution constraints are tightening the…
Serbia turns to active debt management as refinancing and rate risks rise
Serbia has launched a sovereign bond buyback programme of up to €1bn to smooth maturities and reduce near-term refinancing pressure, signaling a more proactive approach to…
Serbia retail market shifts toward scale as inflation squeezes margins and demand
Serbia’s retail sector is consolidating and compressing margins as inflation, tougher competition and weaker purchasing power reshape what consumers buy. The DIS acquisition by Aman underscores…
Serbia’s industrial transition turns selective as layoffs rise and FDI shifts up the value chain
Layoffs in parts of Serbia’s manufacturing sector—reported at around 11,500 affected workers—signal a move away from the broad employment growth of earlier years. The shift coincides…
Serbia’s energy exposure deepens as NIS ownership uncertainty clouds investment outlook
Serbia’s dependence on imported crude oil and natural gas is amplifying the impact of geopolitical risk and global commodity volatility. With NIS—an operator central to refining…
EU funding uncertainty turns into a near-term macro risk for Serbia, adding political premium to the outlook
Signals from Brussels suggest that up to €1.6bn of EU loans and grants under the Western Balkans Growth Plan could be reconsidered or delayed over judicial…
Serbia’s 2026 outlook shifts from recovery to structural slowdown as inflation and external demand weigh
New multilateral projections point to Serbia entering 2026 with slower growth and higher inflation than previously expected, reflecting weaker external demand, persistent price pressures and tighter…