Serbia's real GDP up by around 2 pct y-o-y in January-October 2025

BELGRADE - According to indicators available to date, Serbia's real GDP rose by around 2 pct y-o-y in the period between January and October 2025, says the latest issue of the MAT economic bulletin, a publication of the Chamber of Commerce and Industry of Serbia (PKS) and the Belgrade Institute of Economics.

In an analysis of economic activity, MAT said that, on the production side, industry had been the key source of growth in the first ten months of the year, in spite of problems in the operations of the oil company NIS, which is under US sanctions due to its Russian majority-ownership.

It said the problems directly undermined the performance of the entire manufacturing sector and the wider industry sector.

"Due to further deterioration in Q4, we revised the annual projections - overall industry growth will decelerate to around 1.6 pct, while growth in the manufacturing sector will slow down to 2 pct, approximately 1 pp lower than previously expected," it said.

Y-o-y, the value of goods trade rose by 3.7 pct in October, MAT said, noting that goods exports were still growing faster than imports, with the October 2025 deficit declining by 5.4 pct y-o-y, or by around 40 mln euros.

In October 2025, the value of retail trade was 7.4 pct up y-o-y, which is the third best performance in Europe behind Cyprus and Bulgaria, the analysis said.

Y-o-y, inflation declined further to 2.8 pct in October 2025, it also said.