Serbia’s economy expanded 3.8% year on year in the second quarter of 2026, accelerating from 3.2% in the first quarter and 2.0% a year earlier. Growth was supported primarily by stronger domestic demand, with household consumption and fixed investment increasing during the quarter.
Consumption and investment support growth
Private consumption rose 4.0%, contributing 2.6 percentage points to overall GDP growth. Fixed investment increased 3.3%, reversing the weakness recorded through much of 2025. Government consumption also increased, rising 2.5% during the quarter. External trade provided a smaller contribution to growth. Exports increased 4.1%, while imports grew faster at 5.2%, widening the negative impact of net trade on economic expansion.
Agriculture and construction record strong increases
The production side of the economy showed varying rates of expansion across sectors. Agricultural output increased 12.1%, while construction grew 9.1% and trade advanced 5.9%. Services excluding trade expanded 3.4% and made the largest contribution to overall GDP growth.
Industry and water supply recorded more limited growth of 1.5%. The second-quarter figures leave Serbia’s 2026 economic expansion increasingly driven by domestic consumption and investment, while industrial growth remains comparatively subdued and imports continue to rise faster than exports.
