MAT: GDP growth in Serbia from January to July 2025 2.2%, and year-on-year inflation 5%

The real growth of Serbia’s gross domestic product (GDP) in the period January-July 2025 increased by about 2.2% year-on-year, year-on-year inflation in July was about five percent, and only Romania and Estonia had higher inflation in the EU, according to the latest issue of the monthly magazine “Macroeconomic Analyses and Trends” (MAT).

– The positive performance of industry is increasingly pronounced, the physical volume of the manufacturing industry in July was 5.5% higher compared to the same month last year – the economists stated.

Production, as they pointed out, increased in 17 areas that make up 81% of total industrial production, and the automotive sector stands out as the key generator of the increase in the production of the processing sector and the value of goods exports.

From January to July this year, they said, the value of merchandise exports grew steadily.

– The coverage of imports by exports is higher than last year. In the period May-July this year, the value of this coefficient was further improved to 81.3% (last year 76.9%), and in June it reached a historical maximum of 86.8%. This year, the Serbian budget had a deficit of 22.9 billion dinars, which is a fiscal result 93.7 billion worse than the same period last year, but 118.8 billion better than the budget plan for this period.

In May, June and July 2025, monthly inflation was registered at 0.2%, 0.9 and 0.6%.

Year-on-year inflation in Serbia was 4.7% in June and five percent in July, and in the European Union (EU) 2.3% in June and 2.4% in July, or in the eurozone two percent in both months of 2025. Of the 27 EU member states, only Romania (5.8% in June and 6.6% in July) and Estonia (5.2% in June and 5.6% in July) had higher year-on-year inflation than Serbia in June and July 2025.

Ekonomski Institut a.d. Beograd

Macroeconomic Analyses and Trends

GDP real growth

year on year inflation