Fitch Ratings Revises Serbia's Outlook to Positive, Affirms BB+ Rating
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Fitch Ratings announced a significant upgrade to Serbia's credit outlook, revising it from stable to positive, and reaffirming its BB+ rating. The agency cited the country's strengthening credit fundamentals, investment-driven growth, and expected economic growth above trend.
Serbia's general government balance recorded a small surplus in the first half of 2024, largely due to revenue outperformance, while the government remains committed to its 2024 deficit target of 2.2% of GDP.
Inflation, which returned to the central bank's target range of 3% in May, temporarily rose to 3.8% in June due to factors such as lower food prices, dropping energy prices, and lower imports. However, Fitch forecasts inflation to average 4.4% in 2024, declining to 3.6% in 2025 and 3.2% in 2026.
The agency expects Serbia's economic growth to reach 3.8% in 2024, with potential upside from the successful implementation of infrastructure projects. Fitch also predicts that economic growth will remain above trend in 2025 and 2026, driven by high investment levels.
This positive outlook revision reflects Serbia's continued progress in stabilizing its economy and improving its creditworthiness.
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