external accounts

Serbia’s External Accounts Show Fragile Improvement in Q1 2026

The first quarter of 2026 reveals a complex landscape for Serbia’s external accounts, marked by a significant current account surplus that masks underlying challenges in capital flows. The balance of payments indicates short-term stabilization primarily driven by reduced trade deficits and strong services performance, rather than a structural enhancement in competitiveness. In January 2026, Serbia achieved a current account surplus of €418.7 million, a notable increase of 264.9% year-on-year. This positions Serbia among the few emerging European economies with a…