Net foreign direct investment (FDI) in Serbia fell sharply by 54% in the first eight months of 2025 compared to the same period last year, according to data published by the National Bank of Serbia (NBS). Net FDI during this period reached approximately €1.49 billion.
Total foreign direct investments in Serbia amounted to €2.3 billion from January to August, with the net figure calculated after subtracting Serbian residents’ investments abroad.
Preliminary data for the first half of 2025 show that the largest inflows were in the manufacturing sector (23.9%), professional, scientific, technical, and innovation activities (18.9%), construction (15.6%), and wholesale and retail trade (14.5%). Investors mainly came from the EU (68.6% of total investments), other European countries (16.4%), the United States (4.1%), and the United Arab Emirates (3.7%).
In addition, net portfolio investments totaled €709 million. Portfolio investments, which include equity or debt securities, were significantly higher than in the same period last year, when they recorded a negative €192 million.
Government officials, including President Aleksandar Vučić and Finance Minister Siniša Mali, attributed the decline in FDI to ongoing student protests and blockades, which have lasted almost a year since the collapse of a canopy at the Novi Sad railway station that killed 16 people. Vučić stated in July that “we have 41% less foreign direct investment due to the blockades,” while Mali claimed that investors are “avoiding us” because of the protests and images of violence.
However, the NBS noted in August that the drop was also influenced by unusually high one-time inflows last year and reduced investor confidence globally.
