Tabaković highlights stability and industrial policy for Serbia's growth
National Bank of Serbia Governor Jorgovanka Tabaković emphasized the role of industrial policy and macroeconomic stability in fostering Serbia's long-term economic growth. Speaking at the 33rd Kopaonik Business Forum on March 2, 2026, she highlighted the country's resilience amidst global uncertainty.
Serbia's enduring stability and economic gains
Governor Tabaković highlighted Serbia's robust macroeconomic stability in 2025, noting a stable dinar-euro exchange rate, a resilient financial sector, and record high FX and gold reserves.
Inflation ended 2025 at 2.7 percent, within the National Bank of Serbia's target band, aided by a government decree limiting trade margins and a core inflation slowdown to 4 percent.
Exports of goods and services reached a record EUR 48 billion, with the export-to-import cover ratio at 92 percent.
Gold holdings grew to 53.4 tonnes, valued at EUR 7.5 billion, over 25 percent of gross FX reserves.
Dinar savings increased by 8 percent, outperforming FX savings over thirteen years.
Credit activity supported growth, with corporate investment loans up 12.8 percent and housing loans up 19 percent.
Non-performing loans were at a low of 2.1 percent.
Economic growth, however, slowed to 2 percent in 2025 from 3.9 percent in 2024, attributed to geopolitical uncertainty and sanctions on the Serbian Oil Industry.
Reindustrialisation in a shifting global order
Governor Tabaković began by invoking Serbia's national identity and historical industrial prowess, referencing the 1926 'Merkur' factory as a symbol of past success and the impetus for current reindustrialisation efforts.
She underscored that Serbia operates within an environment of profound global structural shifts, including accelerated AI development, heightened uncertainty, and the imposition of energy and financial sanctions.
The Governor advocated for proactive policy responses, emphasizing diversification of investments, markets, and financing sources, a long-term growth focus, and robust domestic, regional, and global cooperation.
This approach aims to navigate a new economic reality, ensuring Serbia's resilience and sustained development.