Sitemap

Fitch Agency Affirms Serbia’s Credit Rating at BB+

CorD Recommends

Galenika Strengthens Market Position with New Strategic Partnerships

Galenika has significantly expanded its presence in...

Milšped Group Launches Direct Rail Line Between China and Serbia

Milšped Group, a leader in regional transportation...

Serbian Red Cross Launches Pioneering Migration Platform

Responding to a significant increase in migrant...

Modine Expands Serbian Operations with New Facility

Modine, a global leader in thermal management technology, has inaugurated a new 18,000-square-metre production plant in Sremska Mitrovica, Serbia,...

Novak Djokovic Wins Laureus Award for World’s Best Sportsman for Record Fifth Time

Novak Djokovic has won the Laureus award for the world's best sportsman for a record fifth time at a...

Serbia’s Gaming Industry Sees Significant Growth and Employment Surge in 2023

In 2023, Serbia's gaming industry earned more than 175 million euros, marking a 17 percent increase from 2022, and...

Galenika Strengthens Market Position with New Strategic Partnerships

Galenika has significantly expanded its presence in the pharmaceutical sector by securing an exclusive distribution agreement with Cantabria Labs,...

HDZ Claims Victory in Croatian Elections but Lacks Majority

The Croatian Democratic Union (HDZ), the country's ruling party, emerged as the winner in Wednesday's parliamentary elections. Despite their...

In a pivotal move, the esteemed Fitch agency has upheld Serbia’s credit rating at a resilient BB+, which brings the nation tantalizingly close to an investment-grade rating. With prospects of further enhancement in the offing, this affirmation speaks volumes about Serbia’s economic trajectory.

As eloquently elucidated on the official portal of the National Bank of Serbia (NBS), the decisive factors behind this endorsement by Fitch revolve around Serbia’s commendably credible economic policy framework. Noteworthy are elevated levels of economic activity, exemplified by a per capita Gross Domestic Product that outpaces expectations, coupled with improved governance practices and a higher echelon of human development in contrast to peers bearing similar credit standings. A salient point of distinction also includes well-managed public finances.

Fitch is keen to underscore the marked progress in Serbia’s external position: an ameliorated current account balance, a more brisk pace of economic expansion, and tamed inflation. The banking sector’s commendable resilience, curtailed public debt, and substantially enhanced energy sector are facets that couldn’t go unnoticed.

Jorgovanka Tabaković
Jorgovanka Tabaković

Maintaining an unwavering focus on stability, Serbia’s prudent approach has instilled unwavering business confidence, paving the way for substantial inflows of foreign direct investment. The outcomes, as underscored, include a remarkable 32% growth in exports of goods and services last year and an impressive 14% during the first half of this year, even amid softened external demand. Of particular note is the current account deficit, which, at a mere 1.6% of Gross Domestic Product for the initial half of this year, attains its lowest mark and is admirably bolstered by robust foreign direct investment inflows. These achievements have garnered the nod of approval from Fitch, a testament echoed by NBS Governor Jorgovanka Tabaković.

Further projections by the agency delve into the realm of foreign exchange reserves, which have scaled record heights. These are forecasted to maintain an upward trajectory in the coming two years, affording a buffer surpassing five months of imports—a feat that towers over fellow economies with similar ratings.

Read more...

Jorgovanka Tabaković, Governor Of The National Bank Of Serbia

Safe Haven For The Economy And Citizenry

I’m extremely proud of the results we’ve achieved in preserving the exchange rate’s relative stability over the course of the last decade. That has...

Highest Level Of Gross Foreign Exchange Reserves Recorded In National Bank of Serbia

Gross foreign exchange reserves of the National Bank of Serbia at the end of March 2023 amounted to 21.38 billion euros, which is the...

Regarding public finances, Fitch salutes the outperformance in 2023, underpinned by more robust revenue collection propelled by a buoyant economy and a robust labor market, as well as trimmed energy expenditures.

Notably, the second quarter bore witness to a 1.7% year-on-year acceleration in Gross Domestic Product growth, a prelude to the anticipated upswing in economic activity throughout the latter half of the year. This resurgence will be fuelled by continued export growth, a favorable agricultural season, and an ongoing positive trajectory in the services sector, particularly within the Information and Communication Technology (ICT) sphere.

Summing up the outlook, Fitch anticipates a 2.4% expansion this year, set to rev up to an even more spirited 3.4% in the following year, underscoring Serbia’s undeniable momentum on the global economic stage.

Related Articles

Novak Djokovic Wins Laureus Award for World’s Best Sportsman for Record Fifth Time

Novak Djokovic has won the Laureus award for the world's best sportsman for a record fifth time at a ceremony in Madrid. Djokovic concluded 2023...

Serbia’s Gaming Industry Sees Significant Growth and Employment Surge in 2023

In 2023, Serbia's gaming industry earned more than 175 million euros, marking a 17 percent increase from 2022, and also saw a rise in...

French Embassy and Institute in Serbia Launch ‘Rhythm of French Culture’ Event Series

The French Embassy and the French Institute in Serbia are organising an event called Rhythm of French Culture. This year, as Paris hosts the Olympic...

Crypto12 Hosts Buzzing Crypto Conference

The "Crypto Potential in Serbia 2024" conference has significantly exceeded expectations, drawing a crowd of 270 participants—far above the anticipated 200.  Held in Belgrade, this...

Serbian Red Cross Launches Pioneering Migration Platform

Responding to a significant increase in migrant numbers, the Serbian Red Cross has unveiled a cutting-edge digital platform, earning accolades as the premier digital...

Serbia, Slovenia, and Hungary Merge Power Exchanges in Energy Pact

In a significant move to streamline and enhance energy trading in the region, Serbia, Slovenia, and Hungary have unified their electric power exchanges. This...

Strategic Energy Partnership Established Between Serbia and France

The Serbian Government adopted a Memorandum of Understanding between the Government of Serbia and French Electric Power Company (EDF), on establishing a framework for...

Free Access to the Western Balkan Labour Market

Little Guys Support Each Other

Creating a single labour market in the framework of the Open Balkan initiative is useful, but also has limited scope. It will contribute to...