Serbia’s current account deficit expanded by an annual 5% in the first nine months of 2025, reaching 2.752 billion euro ($3.170 billion), the central bank, NBS, said
In January-September, the deficit in trade of goods rose by 1% on the year to 4.867 billion euro, while the surplus in trade of services narrowed by 11% to 1.639 billion euro, NBS said in a data release on Wednesday.
During a presentation of the quarterly inflation report on Tuesday, central bank governor Jorgovanka Tabakovic said that the rise in goods exports in the nine months through September was driven by increased exports of the manufacturing industry, with the automotive industry providing the strongest impulse. In the first nine months of the year, exports of goods rose by an annual 9% to 24.268 billion euro.
Imports of goods increased somewhat more slowly – at an annual rate of 8% to 29.035 billion euro, on the back of imports of intermediate and consumer goods, Tabakovic noted.
Tabakovic also stated that the narrowing of the surplus in trade in services reflected primarily higher net imports of tourist services.
In the nine months through September, the primary income deficit shrank by an annual 7% to 3.453 billion euro, whereas the surplus in secondary income narrowed by 3% to 3.930 billion euro.
In September alone, Serbia’s current account gap shrank 38% on the year to 344 million euro.
The central bank has projected that Serbia’s current account gap will measure around 5% of GDP in 2025, Tabakovic said on Tuesday.
In 2024, Serbia’s current account gap widened to 3.899 billion euro from 1.804 billion euro in the prior year, according to revised NBS data.
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