Industry’s share of Serbia’s GDP fell to 20.3% in 2025 from 21.5% in 2024, sectoral figures show, while the government maintained high public investment. The decline reflects industry’s failure to keep pace with growth elsewhere, rather than a fall in its absolute size.
Services account for more than two thirds of economic value added, while agriculture’s share declined to 3.5%. Construction rose to 6.1%, supported by preparations for EXPO 2027, railway modernisation and energy projects.
Industry’s declining contribution continues a long-term trend as Serbia’s economy becomes more service- and construction-led. Manufacturing remains central to the country’s exports, foreign direct investment and employment in regions outside Belgrade, making its relative performance relevant to companies and investors.
The policy challenge is to ensure public investment draws in productive private investment. Roads, railways and power networks can increase industrial capacity when they reduce logistics and energy costs.
Infrastructure spending has a weaker impact when procurement, project selection or integration of local suppliers is poor. Projects should be judged by the productivity they create, not only by construction activity during the build phase.
