tourism outflows

Tourism Outflows Impact Serbia’s Services Balance in 2025

The services sector of Serbia's balance of payments experienced a significant shift in 2025, contributing to a widening current account deficit. Historically, the surplus generated from services has mitigated the effects of the country's persistent merchandise trade deficit. However, in the first eleven months of 2025, this surplus decreased to €1.923 billion, a decline of €511.5 million or 21.0% compared to the previous year. This reduction was primarily attributed to increased net tourism outflows. Net tourism outflows surged to €1.721…