Markets
How Serbia is funding growth: banking resilience, sovereign strategy and the investment pipeline
Serbia’s 2026 growth outlook rests on a financing mix that combines stable public finances, a liquid banking system dominated by European groups, and steady inflows of…
Serbia’s external position holds steady as capital structure shifts beneath the surface
Serbia’s external accounts in 2025 present a picture that, at first glance, appears reassuring. Headline indicators suggest stabilization. The country’s net international investment position (IIP), while…
Serbia’s early-2026 fiscal expansion widens deficit as capital spending accelerates
Serbia’s fiscal deficit widened to about RSD 70.5 billion in the first two months of 2026 as government spending outpaced revenue growth. The surge is driven…
Serbia’s financing model shifts toward corporate trade credit as foreign capital weakens
As foreign direct investment and portfolio inflows fade, Serbia’s early-2026 financing picture is increasingly supported by corporate trade credit. In January, trade credit rose by about…
Serbia’s early-2026 current account surplus masks a shift away from FDI
Serbia posted a €418.7 million current account surplus in January, but the improvement coincided with a sharp 76.9% year-on-year fall in net FDI inflows. The gap…
Serbia’s trade in 2026: deeper EU ties, a Germany-led shock channel, and rising China exposure
Early 2026 data show Serbia’s external trade is becoming more concentrated on the European Union, with Germany the dominant partner. At the same time, China’s growing…
Serbia’s trade deficit narrows in early 2026, but import contraction—not export momentum—does the heavy lifting
Serbia’s trade deficit shrank by about 24.9% to €936 million in January–February 2026 and export coverage of imports rose to roughly 85%. But the improvement largely…
Serbia’s industrial cost squeeze: refining disruptions, hydrology swings and CBAM pressure
Energy instability is again reshaping Serbia’s industrial outlook in 2026, with the PanÄŤevo refinery disruption feeding through manufacturing supply chains while hydropower volatility limits system resilience.…
Serbia’s 1.9% growth in early 2026 looks steady—but the industrial picture is deteriorating
Serbia’s economy expanded by about 1.9% year-on-year in the first two months of 2026, with inflation at 2.5% and real wages rising 7.6%. But the momentum…
Chamber networks in Serbia: from dealmaking support to a competitive edge
As Serbia’s industrial investment cycle matures, foreign investor chambers are increasingly functioning as a competitive differentiator, shaping how projects are planned, financed, and scaled. The advantage…