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Serbia GDP grows 3.2% y/y in Q1

Created at 1 Jun · 5:04 AM2 sources↑ Market-relevant2 events
IN SHORT

Serbia's GDP grew 3.2% year-on-year in Q1 2026, accelerating from 2.2% in Q4 2025, driven by household consumption, wage increases, and government spending. Services led growth, with agriculture recovering. The NBS forecasts 3% GDP growth for 2026.

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Key Numbers

3.2%Q1 GDP growth year-on-year
2.2%Q4 2025 GDP growth year-on-year
0.2%Q1 GDP growth quarter-on-quarter (seasonally adjusted)
1.0%Q4 2025 GDP growth quarter-on-quarter (seasonally adjusted)
3%NBS 2026 GDP growth forecast
2.8%IMF 2026 GDP growth forecast
4%April economic expansion estimate

Who's Involved

Serbian statistics office
Released latest GDP figures
NBS
National Bank of Serbia, forecasts 2026 GDP growth
IMF
Forecasts 2026 GDP growth
Aleksandar Vucic
President of Serbia, commented on economic growth estimates

↳ Why This Matters

Serbia's economic performance is closely watched as it navigates its path towards European Union membership. Growth figures provide insight into the health of the domestic economy, the impact of government policies, and the country's overall stability. Understanding the drivers of GDP, such as consumption, investment, and exports, is key to assessing the sustainability of its economic trajectory.

Key facts

  • Serbia's GDP grew 3.2% year-on-year in Q1 2026.
  • This is an acceleration from 2.2% year-on-year growth in Q4 2025.
  • Seasonally adjusted GDP rose 0.2% quarter-on-quarter in Q1.
  • Growth was driven by household consumption, supported by wage and pension increases.
  • Government consumption also contributed positively.
  • Fixed investment growth decelerated, while net exports had a positive contribution.

Serbia's economic performance is closely watched as it navigates its path towards European Union membership. Growth figures provide insight into the health of the domestic economy, the impact of government policies, and the country's overall stability. Understanding the drivers of GDP, such as consumption, investment, and exports, is key to assessing the sustainability of its economic trajectory.

Frequently asked questions

Serbia's GDP grew 3.2% year-on-year in Q1 2026, an acceleration from 2.2% in the previous quarter.

Growth was primarily driven by household consumption, supported by wage and pension increases, along with government consumption. Services sector growth was a key contributor.

The National Bank of Serbia (NBS) forecasts 3% GDP growth for 2026, while the IMF projects 2.8% growth.

What Happens Next

01The NBS will continue to monitor inflation and the external environment.
02Further economic data releases will provide more clarity on the full-year growth outlook.

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Cadence

How It Developed

1 Jun · 5:02 AM
Angola's GDP grew 5.3% y/y in Q1 2026, driven by a strengthening services sector and an easing contraction in oil.
Emerging Market Watch via PiQSuite

Sources

T1
Angola: GDP grows 5.3% y/y in Q1 as oil drag eases and services strengthenm.piqsuite.com
T1
Serbia: GDP growth accelerates to 3.2% y/y in Q1 - detailed breakdownm.piqsuite.com

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