GDP reading: Spain’s GDP increased 0.8% in seasonally adjusted quarter-on-quarter terms in Q4, following 0.6% growth in the previous quarter....
Economic Growth in Serbia
Serbia's economy recorded an average growth rate of 2.9% in the decade to 2024, compared to the 2.8% average for South-Eastern Europe. In 2024, real GDP growth was 3.9%. For more GDP information, visit our dedicated page.
Serbia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Serbia from 2014 to 2025.
Source: Macrobond.
Serbia GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | -1.0 | 7.9 | 2.7 | 3.7 | 3.9 |
| GDP (USD bn) | 55.9 | 66.1 | 66.8 | 81.3 | 90.1 |
| GDP (EUR bn) | 49.0 | 55.9 | 63.5 | 75.2 | 83.3 |
| GDP (RSD bn) | 5,764 | 6,576 | 7,460 | 8,818 | 9,748 |
| Economic Growth (Nominal GDP, ann. var. %) | 1.7 | 14.1 | 13.4 | 18.2 | 10.6 |
Economic growth is stable in the third quarter of 2025
GDP growth remains subdued: Serbia's GDP increased 2.0% on a year-on-year basis in Q3, stable from the previous quarter's downwardly revised reading and well below its post-pandemic average. In seasonally adjusted quarter-on-quarter terms, GDP grew 0.6% in Q3, following 1.2% growth in the prior quarter.
Domestic demand drives economic growth: Compared with the prior quarter's data, readings in Q3 improved for private consumption (+3.4% in annual terms vs +3.1% in Q2), government consumption (+3.9% vs +3.8% in Q2) and fixed investment (-2.1% vs -3.9% in Q2). In contrast, readings worsened for exports of goods and services (+4.2% vs +5.6% in Q2) and imports of goods and services (+5.2% vs +9.7% in Q2).
NIS sanctions cloud the outlook: Our panelists expect year-on-year economic growth to remain broadly stable in Q4. However, U.S. sanctions on Russia-majority-owned oil firm NIS have led to a halt in production at the country’s sole refinery, increasing pressures on fuel supply and weighing on overall economic activity. In 2026, GDP growth is expected to accelerate and approach its post-pandemic average. Infrastructure spending linked to Expo 2027 Belgrade—the largest international event in Serbian history—and a recovery in foreign direct investment should boost fixed investment. Still, a prolonged refinery shutdown plus persistent anti-corruption protests are key downside risks.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Serbian GDP projections for the next ten years from a panel of 25 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Serbian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Serbian GDP projections.
Want to get access to the full dataset of Serbian GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
Spain: Economic growth accelerates in the fourth quarter of 2025 -
Mexico: Economy perks up in Q4 GDP reading: Mexico’s GDP expanded 0.8% on a seasonally adjusted quarter-on-quarter basis in Q4 2025, following a 0.3% contraction in... -
Hong Kong: Economic growth rises in the fourth quarter of 2025 GDP reading: Hong Kong’s GDP grew 3.8% in annual terms in Q4, following a 3.7% expansion in the previous quarter.... -
Taiwan: Economic growth accelerates in the fourth quarter of 2025 GDP reading: Taiwan’s GDP expanded 12.7% in annual terms in Q4, following 8.2% growth in the prior quarter. Q4’s reading... -
Canada: Economy flatlines in November; small expansion expected in December GDP reading: GDP flatlined in seasonally adjusted month-on-month terms in November, following a 0.3% drop in the prior month and... -
Czech Republic: GDP growth slows in Q4 from Q3 Q4 growth broadly in line with Consensus: According to a preliminary estimate, GDP grew 0.5% on a calendar- and seasonally... -
Saudi Arabia: Economic growth increases in the last quarter of 2025 Solid Q4 GDP growth: According to a preliminary reading, Saudi Arabia’s GDP increased 4.9% on a year-on-year basis in Q4,...