According to the latest issue of the Macroeconomic Analyses and Trends (MAT) bulletin, published by the Serbian Chamber of Commerce and the Economic Institute in Belgrade, Serbia’s real GDP grew by around 2 percent year-on-year in the first nine months of 2025.
Industry was the main driver of growth, with industrial production in September up by 2.5 percent compared to the same month in 2024. The manufacturing sector also recovered after a weak August, mainly due to improved performance in the automotive industry.
Foreign trade increased significantly, with total trade in goods rising by 8.9 percent in September compared to a year earlier. Exports grew faster than imports, improving the export-to-import coverage ratio.
The state budget recorded a deficit of 11.5 billion dinars in September, 15.1 billion dinars worse than in the same month last year.
Lower inflation in September had a positive impact on retail sales, which grew by 4.7 percent in real terms year-on-year. Real average wages also increased by 6.3 percent in August compared to the previous year.
Inflation declined both month-on-month and year-on-year, returning to the target range of the National Bank of Serbia and reaching its lowest level since April 2021. Analysts attribute this trend partly to government measures limiting wholesale and retail profit margins.
