The Serbian economy advanced by 3.2% year-on-year in Q1 2026, up from 2.2% in the previous three-month period and above preliminary estimates of 3.0%. The latest reading also marked the strongest growth since Q4 2025. Growth accelerated in household consumption (4.8% vs 3.7% in Q4) and government spending (5.1% vs 4.2%). Meanwhile, growth slowed sharply in gross fixed capital formation (1.4% vs 8.9%), as well as net external demand, with both exports (4.6% vs 5.3%) and imports (3.6% vs 7.6%) easing. On the production side, wholesale and retail trade (4.9% vs 0.6%) recorded the strongest expansion, followed by agriculture, forestry and fishing (7.1% vs -0.3%), financial and insurance activities (6.9% vs 2.0%), and professional, scientific and technical activities (6.1% vs 5.3%). On a seasonally adjusted quarterly basis, the economy grew by 0.2% in Q1 2026, slowing from 1.0% in the preceding quarter.