Serbia’s business and information and communications technology (ICT) services are becoming a more significant contributor to export growth, helping offset the country’s merchandise trade deficit as demand for knowledge-intensive activities expands.
Services exports rose 6.8% year on year in January-August 2026, led by business and ICT services, followed by transport and tourism. The National Bank of Serbia (NBS) expects the sector to make a larger contribution in 2027 as activity associated with Expo 2027 increases foreign demand.
The expansion is also reflected in the central bank’s external-sector outlook. The NBS projects that Serbia’s current-account deficit will narrow from around 4% of GDP in 2026 to approximately 3% in 2027.
Knowledge-Intensive Services and Export Growth
Services exports can generate value through human capital, digital infrastructure and technical expertise, while generally requiring fewer imported physical inputs than many industrial activities. Engineering, ICT, professional services and other knowledge-intensive activities therefore provide an additional route for Serbia to increase domestic value added.
The growing contribution of these activities could help diversify the country’s export base beyond merchandise trade, while supporting external-balance performance. Business and ICT services remain the leading drivers of services-export growth, with transport and tourism also contributing to the increase.
Sustainability Considerations for Investment
The changing composition of exports also has implications for environmental, social and governance (ESG) considerations and sustainable investment. Knowledge-based activities can generate greater economic value without necessarily requiring the material and energy inputs associated with heavy industry.
However, services growth does not automatically translate into lower resource use. Data infrastructure, buildings and digital services still require substantial electricity, making energy supply and efficiency relevant to the sector’s development. For investors, Serbia’s ability to expand digital and professional services alongside industrial production will depend in part on combining export growth with cleaner electricity, energy-efficient buildings and a skilled workforce.
