FX.co ★ Serbia Q4 GDP Growth Confirmed at 1-Year High

The Serbian economy grew by 2.2% year-on-year in the fourth quarter of 2025, confirming the preliminary estimate and slightly accelerating from the 2% expansion recorded in the previous quarter. This was the strongest quarterly growth rate of the year, underpinned by faster increases in household consumption (3.7% vs 3.5% in Q3) and government expenditure (4.2% vs 3.8%). Gross fixed capital formation also rebounded sharply (8.9% vs -2.2%), signaling a strong recovery in investment.

In contrast, net external demand weighed on overall GDP growth, as imports (7.6% vs 4.8%) expanded more rapidly than exports (5.3% vs 4.2%).

From the production perspective, construction recorded the most pronounced turnaround, with output surging 10.6% after a 12.2% contraction in the previous quarter. Solid growth was also observed in professional, scientific and technical activities (5.3% vs 4.2%), as well as in arts, entertainment and recreation (5.2% vs 5.4%).

On a seasonally adjusted quarter-on-quarter basis, GDP increased by 1% in Q4, following a 0.7% rise in the third quarter.