FX.co ★ Serbia GDP Growth Revised Higher in Q1

The Serbian economy expanded by 3.2% year-on-year in Q1 2026, accelerating from 2.2% in the previous quarter and surpassing the preliminary estimate of 3.0%. This was the fastest pace of growth since Q4 2025. The upturn was driven primarily by stronger household consumption (4.8% vs 3.7% in Q4) and higher government spending (5.1% vs 4.2%).

By contrast, growth in gross fixed capital formation weakened sharply (1.4% vs 8.9%), and the contribution from net external demand also moderated, as both exports (4.6% vs 5.3%) and imports (3.6% vs 7.6%) decelerated.

On the production side, the strongest increase was recorded in wholesale and retail trade (4.9% vs 0.6%), followed by agriculture, forestry and fishing (7.1% vs -0.3%), financial and insurance activities (6.9% vs 2.0%), and professional, scientific and technical activities (6.1% vs 5.3%).

On a seasonally adjusted quarterly basis, GDP rose by 0.2% in Q1 2026, down from 1.0% in the previous quarter.