Policy & State
Serbia’s debt mix tilts toward banks, raising the price of funding
Serbia’s public debt remains below key fiscal benchmarks, but its financing structure has shifted sharply. Borrowing from commercial banks has surged since 2022 while dinar bond…
Serbia’s EU integration risk: the real economic bill goes beyond Growth Plan money
Analysts say Serbia’s exposure to the EU is increasingly about the integration process itself, not just the €1.6 billion earmarked under the EU Growth Plan. Any…
Serbia’s joint drone production deal with Elbit signals a shift from buying weapons to building an industrial base
Serbia’s planned joint combat drone production with Israel’s Elbit Systems marks a move away from import-led modernization toward localized manufacturing and technology transfer, with the Israeli…
Serbia’s EU funding warning raises the stakes for sovereign risk and capital access
Brussels has warned Serbia it could lose access to up to €1.5 billion in EU funding, a shift that ties financing conditions more directly to political…
Serbia’s balancing act: how strategic neutrality is reshaping its energy and investment outlook
Serbia’s policy of strategic neutrality—maintaining ties with both Washington and Moscow—has become a central driver of its energy diversification, grid upgrades, and renewable investment plans. For…
Serbia’s balancing act between Brussels and Beijing tests how durable its growth model is
Serbia is combining EU-oriented reforms with large-scale Chinese investment to sustain growth, but its competitiveness increasingly hinges on meeting EU carbon rules and managing the risks…
Serbia’s early-2026 budget expansion leans on capital spending, widening the deficit
Serbia’s budget position in the first two months of 2026 deteriorated as expenditures surged faster than revenues, driven largely by a sharp rise in capital investment.…
Serbia pledges €2.3bn in state-guaranteed energy financing, putting EPS at the center of the transition
Serbia’s revised Fiscal Strategy for 2026–2028 places energy investment at the core of its capital plan, with state-backed guarantees earmarking about €2.26bn for EPS-led projects. The…
Serbia’s Fiscal Strategy 2026–2028 bets on construction surge, services peak and a slower industrial rebound
Serbia’s revised Fiscal Strategy for 2026–2028 projects growth that is front-loaded in public investment, with construction driving the near-term expansion and services peaking in 2027 around…
Serbia’s industrial push shifts from broad incentives to fiscal discipline as projects grow costlier
Serbia’s decade-long industrial expansion has relied heavily on state incentives and infrastructure support, but the economics of subsidies are changing as investment becomes more capital-intensive. The…