Fitch Affirms Serbia’s Credit Rating at BB+

Credit rating agency Fitch Ratings has affirmed Serbia’s long-term credit rating at BB+, while maintaining a positive outlook, indicating potential for an upgrade to investment-grade status, according to a statement from the National Bank of Serbia (NBS).

In its latest report, Fitch highlights several key factors behind the decision: sound economic policymaking, prudent fiscal management, growing foreign exchange reserves, and a higher level of economic development compared to peers in the same rating category, the NBS stated.

Fitch projects Serbia’s GDP to grow by 3% in 2025, with potential acceleration to around 4% annually in subsequent years—driven by public and private sector investments, export growth, and household consumption.

The agency forecasts that inflation, projected at an average of 4.3% in 2025, will gradually decline to 3.5% in 2026 and 3.1% in 2027. In this context, the NBS is expected to continue cautiously easing its monetary policy.

- The fact that Fitch maintains a positive outlook for an upgrade to investment-grade status—even amid heightened global uncertainty—is a strong affirmation of Serbia’s solid medium-term economic prospects, said NBS Governor Jorgovanka Tabakovic.

- Fitch also recognizes that our foreign exchange reserves are significantly above the average for comparable economies, based on key benchmarks. This further confirms the effectiveness of our proactive measures to preserve stability—an essential foundation for sustained growth, she concluded.

Narodna banka Srbije Beograd

Fitch Ratings

Jorgovanka Tabakovic

credit rating

investment-grade status