Serbia’s international travel deficit increased 31% to €1.68 billion in the first eight months of 2026, as expenditure by Serbian residents travelling abroad continued to outpace revenue generated by foreign visitors.
According to the National Bank of Serbia (NBS), outbound travel spending rose 16.3% to €3.63 billion, compared with €3.12 billion in the corresponding period of 2025. Travel receipts increased by just 5.8% to €1.95 billion, widening the deficit by approximately €400 million year on year.
The shortfall has already reached 95% of the €1.76 billion deficit recorded for the whole of 2025, although seasonal differences make the periods not directly comparable. Travel expenditure was the largest contributor to growth in service imports, accounting for 6 percentage points of the increase. Despite the widening travel gap, Serbia maintained an overall services surplus of approximately €1.36 billion, supported by exports of information technology and other business services.
Tourist arrivals increase but spending gap widens
Serbia recorded 3.13 million tourist arrivals during the reporting period, approximately 7% more than a year earlier. Foreign visitors accounted for 1.66 million arrivals, while total overnight stays increased 5% to 8.95 million.
The growth in incoming tourism has not translated into a comparable increase in foreign-exchange receipts. Meanwhile, expenditure by Serbian residents travelling overseas rose by €508 million, against an increase of only €108 million in foreign travel receipts. The imbalance partly reflects Serbia’s tourism structure, which lacks coastal holiday destinations comparable with those in Greece, Montenegro and Turkey. Higher household incomes, increased international mobility and rising travel prices can also contribute to greater outbound expenditure.
Tourism infrastructure and investment opportunities
The widening deficit raises questions about the capacity of domestic tourism investment to retain a larger share of Serbian household spending and attract higher-value international visitors.
Potential investment areas include hotel development, wellness resorts, conference facilities, transport connections and higher-value visitor services. However, additional accommodation capacity alone would not necessarily increase tourism receipts without competitive pricing, sustained demand and effective destination management.
For financial institutions, the distinction between projects supported by predictable year-round demand and developments dependent on seasonal occupancy will remain important when assessing tourism investments. The increase in outbound expenditure also highlights the importance of generating higher spending per foreign visitor and ensuring that new tourism developments can achieve commercially sustainable returns.
