Markets
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…
Raiffeisen sees Serbia’s growth holding up as inflation falls and external risks persist
Raiffeisen Bank Serbia’s April 2026 assessment says real GDP has stayed resilient, supported by domestic demand and investment as disinflation progresses. Still, the outlook remains exposed…
Serbia’s logistics signals a slowdown as trade values stay supported by prices
Serbia’s nominal trade figures remain steady, but the latest data points to flat to declining export volumes. That divergence is starting to weigh on throughput growth…
Serbia machinery exports show early signs of eurozone slowdown transmission
January–February 2026 trade data points to a shift in Serbia’s machinery exports: volumes are flattening in real terms even as nominal values hold up, suggesting weakness…
Serbia’s 1Q 2026 macro shift: consumption and services rise as industry and capital inflows lag
In the first quarter of 2026, Serbia’s growth model is increasingly shaped by domestic consumption and services exports, while industrial output underperforms and capital inflows show…
Serbia’s 1Q 2026 outlook: structural external risks, energy pressures and export concentration
In the first quarter of 2026, Serbia’s economic environment is being shaped by external risks that are increasingly structural rather than cyclical—especially weakness in Germany’s industrial…
Serbia’s 1Q 2026 fiscal shift: faster spending growth widens deficits and tightens financing
In the first quarter of 2026, Serbia moved decisively toward expansionary fiscal policy as expenditures accelerated far faster than revenues. The result is a widening deficit—paired…
Serbia’s 1Q 2026 current account surplus masks a weaker capital inflow picture
Serbia posted a January and first-quarter current account improvement, but the financial account deteriorated sharply with net capital outflows and falling FDI. The result is external…