Refinery Shutdown 'Ate Up' Most of the Planned GDP Growth
According to the early estimate of the Statistical Office of the Republic, the real year-on-year growth of Serbia's gross domestic product (GDP) in the last quarter of 2025 was 2.2 percent. For the entire past year, this corresponds to an average real growth of about two percent. Based on available high-frequency indicators, it is estimated that, from the production side, the key drivers of last year's economic growth were the services sector and net taxes. Industry contributed less than 0.2 percent to GDP growth. On the other hand, the largest negative contribution came from construction (minus 0.3 percent), while moderate growth in added value was recorded in the trade sector and in the areas of transport and IT compared to 2024.
