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The Government of the Republic of Serbia

In the service of citizens

Encouraging data on GDP growth in first quarter of this year

Belgrade, 3 May 2026

First Deputy Prime Minister and Minister of Finance Siniša Mali presented today to the delegation of the International Monetary Fund (IMF) Mission, led by Annette Kyobe, Serbia’s key parameters in implementing reforms, on the occasion of the third review of the implementation of the economic programme supported by the current Policy Coordination Facility, which the IMF approved for Serbia on 9 December 2024.

Mali said that the data from the first quarter of this year is encouraging, when it comes to GDP growth, since the flash estimate of that growth in the first quarter is 3%, which is significantly above the originally planned 2.6%.

According to him, industrial production grew by 6.4% year-on-year, largely offsetting the decline in the first two months of this year, with the manufacturing industry growing by 11.4% compared to the previous month, particularly noteworthy.

He added that retail trade turnover also exceeded expectations, with a real growth of 14%, indicating strong domestic demand.

The First Deputy Prime Minister recalled that next year we will host Specialised Expo, emphasizing that the large investments accompanying the organization of this event will be our additional growth engine that we are strongly counting on.

He added that Serbia's fiscal policy remains firmly anchored in the medium-term framework, with a clearly defined deficit target of up to three percent of GDP in 2026 and 2027, with its further reduction to 2.5% in 2028.

This path, he pointed out, ensures the continuation of the downward trajectory of public debt, which has been reduced from 44.4% of GDP in 2025 to around 41.7% of GDP currently.

Mali particularly emphasised that the growth of public investment is strategically directed and compatible with fiscal sustainability, at a level of around 6.7% of GDP, which is one of the key pillars of growth without jeopardising the stability of public finances.

The IMF Mission will be in Belgrade until 5 May.