Serbia’s external sector is gaining support from export-oriented services alongside its established manufacturing and mining industries. The country recorded a €703 million services surplus in the second quarter of 2026, as service exports expanded more rapidly than imports.
Service exports grew 10.9% year on year in Q2 2026, while imports of services increased 6.8%. ICT and business services were among the largest contributors to the expansion, strengthening the role of tradable services in Serbia’s external accounts.
Business and ICT services drive first-half growth
During the first six months of 2026, Serbia’s service exports increased 5.9%. Business services accounted for approximately 2.3 percentage points of that growth, while ICT services contributed about 1.5 percentage points. The composition of these exports gives services a distinct position within Serbia’s trade structure. Manufacturing exports typically depend on imported machinery, raw materials and energy, whereas ICT and many business services can generate foreign-currency revenue with substantially lower physical import requirements.
This difference makes exportable services particularly relevant to Serbia’s current account. Their expansion allows foreign earnings to increase without the same level of dependence on imported physical inputs associated with many goods-producing industries.
Services expected to support 2027 growth
The contribution from services is expected to increase further in 2027, when Expo-related tourism and business-service exports are projected to strengthen. Net exports are expected to contribute approximately 0.7 percentage points to GDP growth in 2027. Across the wider services sector, the projected contribution to economic growth is approximately 2.1 percentage points in 2026, increasing to around 3.2 percentage points in 2027.
ICT services have a particularly significant position within this expansion because they combine domestic value added with export revenue, reinforcing the sector’s role in Serbia’s external economic performance.
Labour availability becomes a constraint
The expansion of ICT and business services is taking place alongside tighter conditions in the labour market. Formal employment has started to decline while wages continue to rise strongly, indicating increasing competition for skilled employees. Serbia’s export structure is consequently becoming more diversified. Automotive manufacturing and metals remain major components of goods exports, while ICT and business services are developing as a second export engine with different capital requirements and lower physical-import intensity.
