February May August November
  • Text box 1: What do different inflation indicators and consumer price growth distribution tell us?
  • Text box 2: Trends in the income and consumption of Serbian households based on the results of household budget surveys
  • Text box 3: When can leading central banks be expected to start lowering their key policy rates?
  • Text box 4: Reliability of futures in global oil price forecasting
  • Text box 5: Comparison of the outcome of macroeconomic projections for 2023 with the NBS’s projections from a year ago and with projections of other institutions
  • Text box 6: Alternative projection scenarios
  • Text box 1: Core inflation trends at home and in the region
  • Text box 2: Corporates’ expectations of business conditions in Serbia
  • Text box 3: Workings of the transmission mechanism and cycles of monetary policy tightening by the National Bank of Serbia
  • Text box 4: Impact of wages on inflation
  • Text box 5: Alternative projection scenarios
  • Text box 1: Signals that global  inflationary pressures are losing steam
  • Text box 2: Inflation expectations surveys: what are the results telling us at the moment?
  • Text box 3: Recent FX reserve trends, with special emphasis on Serbia
  • Text box 4: Assessment of Serbia’s BoP trends in 2022 and factors behind a better than expected outcome
  • Text box 5: Assessment of Serbian labour market conditions
  • Text box 6: Alternative scenarios for the projection
  • Text box 1: Assessment of Serbia’s resilience to the effects of multidimensional crisis – coronavirus pandemic, energy crisis and Ukraine conflict
  • Text box 2: Food prices in production and consumption: dynamics, determinants, comparison by country and outlook
  • Text box 3: Impact of developments in the Serbian energy sector on macroeconomic trends
  • Text box 4: Alternative projection scenarios
  • Text box 1: Real-time inflation nowcasting at NBS using online prices
  • Text box 2: Assessment of Serbia’s balance of payments in H1 2023 and factors behind the improvement of external position
  • Text box 3: Analysis of the Serbian corporate sector’s operating and financial performance in the 2019–2022 period
  • Text box 4: Core inflation factors and trends globally
  • Text box 5: Alternative projection scenario – slower than expected global economic
  • Text box 1: Pork price movements in Serbia, underlying factors and outlook going forward
  • Text box 2: FX supply and demand factors at home
  • Text box 3: Impact of fiscal policy measures on inflation in Serbia
  • Text box 4: Manufacturing trends in Germany and their impact on Serbia’s manufacturing output and export
  • Text box 5: Inflation outlook at home and abroad
  • Text box 6: Alternative projection scenarios – different assumptions for global primary commodity prices
  • Text box 1: High growth in global food and oil prices in 2021 compared to previous periods
  • Text box 2: Pandemic impact on savings and investment balance
  • Text box 3: Manufacturing performance amid global supply chain disruptions
  • Text box 4: Macroeconomic effects of the global energy crisis on Serbia
  • Text box 5: Price shocks and their effect on y-o-y inflation
  • Text box 1: Serbia’s economic policy response to rising global prices of food and energy – an overview of measures and comparative analysis of regional peers
  • Text box 2: Macroeconomic effects of the Ukraine conflict on Serbia
  • Text box 3: Anticipated effects of monetary policy normalisation by leading central banks on Serbia
  • Text box 4: Revision of macroeconomic projections for Serbia and alternative scenario
  • Text box 1: Global inflation and central banks’ monetary policy responses
  • Text box 2: Factors contributing to CAD increase in 2022
  • Text box 3: Factors behind the surge in food prices worldwide and in Serbia and expectations going forward
  • Text box 4: Impact of meteorological conditions on fruit and vegetable prices in Serbia
  • Text box 5: Alternative scenarios of inflation, GDP and CAD projections
  • Text box 1: Analysis of factors behind the deviation of actual from projected inflation in Serbia in 2021 and 2022
  • Text box 2: Tightening of global financial conditions
  • Text box 3: Assessment of inflationary pressures based on text analysis
  • Text box 4: Alternative projection scenario with the assumed higher global energy and primary commodity prices
  • Text box 1: Core inflation in Serbia – determinants, indicators and outlook
  • Text box 2: Capital flows to Serbia and its regional peers during the pandemic
  • Text box 3: Impact of human mobility on economic activity 40
  • Text box 4: Serbia’s labour market amid the coronavirus pandemic
  • Text box 5: Impact of the pandemic on public debt and decomposition of the change in Serbia’s public debt
  • Text box 1: Fruit and vegetable prices in Serbia and their determinants
  • Text box 2: Credit ratings during the pandemic – Serbia and other countries
  • Text box 3: Estimate of corporate financial conditions
  • Text box 4: Resilience of Serbia’s exports in a pandemic environment
  • Text box 5: Expected macroeconomic effects of the rising primary commodity prices
  • Text box 1: Impact of producer price growth on consumer prices
  • Text box 2: Contribution of construction to GDP growth
  • Text box 3: Impact of new Labour Force Survey methodology on labour market indicators
  • Text box 4: Estimate of the impact of base effects on y-o-y inflation
  • Text box 1: Causes of current inflation spikes
  • Text box 2: Net position of corporates and households to banks in Serbia and their net external position in the pandemic and comparison with the previous crisis
  • Text box 3: Economic recovery and prospects of Central and Southeast Europe
  • Text box 4: Main challenges for monetary policies of emerging countries, Serbia included
  • Text box 5: Role of the banking sector in financing economic growth and potential implications of disputes concerning bank fees for financial and macroeconomic stability
  • Serbia’s risk premium and its determinants
    Euro interest rate benchmark reform
  • Dynamics and structure of fixed investments
  • Assessment of macroeconomic trends in 2019
  • Impact of the base effect on the y-o-y inflation profile in 2020
  • Serbia’s economic measures in the fight against the coronavirus pandemic
  • First assessments of the macroeconomic impact of the COVID-19 pandemic in Serbia
  • Impact of the coronavirus pandemic on the global economy
  • Central bank and government measures aimed at alleviating negative economic consequences of coronavirus
  • Micro, small and medium-sized enterprises – disbursement of Guarantee Scheme loans and terms of financing
  • Expected vs. actual macroeconomic developments in Q2
  • Impact of the pandemic on inflation
  • How strong is the interest rate channel in Serbia?
  • Impact of the coronavirus pandemic on global automobile industry and the implications for Serbia
  • Structure and dynamics of corporate costs in 2014–2019
  • Reviews of the Fed and ECB’s monetary strategies
  • NBS’s projection of domestic GDP growth, its revision during the year and comparison with projections of international financial institutions
  • Ten years into inflation targeting
  • Balance of payments trends in 2018
  • Monetary policy normalisation by leading central banks and the potential impact on Serbia
  • Inflation and GDP projections for 2018
  • Additional FX swap auctions
  • Synchronisation of economic and credit cycles of Serbia and the euro area
  • Analysing the dynamics of Serbia’s savings and investment balance
  • Analysis of trends in the market of agricultural and food products in Serbia
  • Serbia's prospects through the prism of foreign capital inflow
  • Serbia’s position in the global services market
  • Total factor productivity and its contribution to Serbia’s GDP growth
  • Changes to the global growth outlook
  • Current trends in lending
  • Household consumption – trends and prospects
  • Serbia’s exports in a global slowdown environment
  • Positive labour market trends in Serbia
  • ECB and Fed’s new monetary policy measures and their potential impact on Serbia
  • Significance of import prices for inflation in Serbia
  • An overview of balance of payments in 2017
  • Carry-over effect on the GDP growth rate
  • Inflation since early 2018 in Serbia and other countries with inflation targeting policy
  • Changed methodology for monitoring wages in the Republic of Serbia
  • Global prices of primary commodities in the forthcoming period
  • The most important measures and results of the NBS in the past six years
  • FDI, exports and employment in manufacturing
  • Analysis of corporate sector financial results in the 2014–2017 period
  • The first assessments of this year's agricultural season and its impact on economic and foreign trade activity
  • Lending to small and medium-sized enterprises through the lenses of the new interest rate statistics
  • Improvement of Serbia’s external position in the 2012–2017 period
  • Revision of GDP data for the 2015–2017 period
  • Rising trade tensions and their impact on global economic developments and Serbia
  • Impact of seasonal factors on inflation in Serbia
  • NPL resolution results
  • Contribution of household consumption to the growth of Serbia’s economy
  • Impact of cold weather in early 2017 on inflation movements
  • Impact of cold weather on economic and foreign trade activity
  • Importance of the international environment for growth in Serbia and other emerging economies
  • Price and financial stability in Serbia
  • Economic Sentiment Indicator (ESI) for Serbia
  • Inflation indicators in 2017
  • Lending growth and NPL resolution
  • Competitive position of Serbia improved as a result of а more favourable macroeconomic and business environment
  • Low inflation in Serbia and worldwide
  • Qualitative inflation expectations of households
  • Fall in loan interest rates
  • Investment as a driver of GDP growth in 2015
  • Current risks from the international environment
  • Inflow of capital in Serbia and other countries in the region
  • FDI inflow as a prop-up to growth of commodity exports
  • Impact of base effects from food and energy prices on y-o-y inflation in the period ahead
  • Terms of financing small and medium-sized enterprises
  • Brexit and its impact on Serbia
  • Improvement in Serbia’s macroeconomic prospects in the last two years
  • Revision of the inflation target to 3.0% ± 1.5 pp from 2017
  • Automobile industry – fillip to Serbia’s industrial and export growth
  • Effect of the new agricultural season on GDP
  • Favourable fiscal movements and public debt reduction
  • The Swiss National Bank’s decision to lift the cap on the franc’s value against the euro
  • Dynamics and structure of Serbian trade in goods in 2014
  • Macroeconomic effects of falling oil prices, globally and on Serbia
  • Precautionary stand-by arrangement with the IMF
  • Current developments in the global iron and steel market and their impact on domestic production and exports
  • ECB’s quantitative easing programme and assessment of its impact on Serbia and other emerging market economies
  • Inflation target set for the period until end-2018
  • Further reduction in external imbalances in H1 2015
  • Situation in Greece and its effect on Serbia
  • Serbia’s competitive position according to recent global competitiveness indicators
  • Implications of movements in Chinese economy on global trends and Serbia
  • Comparison of projections and their outcome
  • FDI as a factor of export growth
  • First results of the NBS survey on bank lending
  • Recent changes in monetary policies across the world
  • Assessment of the extent to which inflation expectations of the private sector are anchored
  • Methodological differences in monitoring labour market indicators and the structure of informal employment
  • Potential effect of the Ukrainian crisis on Serbia
  • Application of new BPM6 methodology and improved coverage of balance of payments transactions
  • Effects of new subsidised corporate lending programme
  • Effect of floods on macroeconomic developments in Serbia
  • Fiscal policy performance in 2014
  • Revisions to Serbia’s GDP according to ESA 2010 methodology
  • Changes in calculation of consumer price index in 2013
  • NPL trends and the recent mitigation measures of the National Bank of Serbia
  • Current account determinants
  • Impact of new CPI structure on inflation volatility
  • Projection of primary agricultural commodity prices
  • Falling inflation expectations precede actual y-o-y inflation
  • Budget revision and new structural adjustment measures
  • Causes of a slowdown in lending activity
  • Reduction in the current account deficit in 2013
  • Positive effects of automobile industry expansion
  • Effects of the new agricultural season
  • Inflation targets by end-2016
  • Impact of new economic policy measures on main macroeconomic indicators in 2014
  • EU pre-accession funds in Serbia
  • Impact of Fed’s monetary policy on Serbia and other regional peers
  • Assessed impact of temporary factors on inflation movements in the first half of 2012
  • New core inflation indicators
  • Net financial position of corporates, households and the governmentwith banks in Serbia and abroad
  • Is the current level of National Bank of Serbia’s international reserves an adequate insurance against potential risks?
  • Income and price conversion of Serbia and euro area countries
  • Impact of cold weather in February on economic and foreign trade activity
  • Regulation of banking sector liquidity in the coming period
  • Assessment of credibility of the monetary policy conducted by the National Bank of Serbia
  • Effects of a bad agricultural season on GDP and inflation in Serbia
  • Financial exposure of foreign banks to Serbia
  • Serbia improves its ranking on the ease of doing business
  • Medium-term fiscal consolidation and cutting down public debt
  • Drop in agricultural production and its impact on revision of GDP growth for 2012 and 2013
  • New decomposition of the Consumer Price Index
  • Contribution of CPI components to their y-o-y growth
  • Credit rating in times of crisis – Serbia and neighbouring countries
  • Monetary policy reaction and the speed of inflation retreat within the target band
  • Robust growth in prices of primary agricultural commodities – the key generator of inflation
  • Revision of GDP data
    Base effect and trends in y-o-y inflation
  • Foreign direct investment in Serbia
  • Revision of quarterly GDP data
  • Advancing Serbia’s agricultural production and easing instability of food prices
  • Budget revision
  • Impact of the euro area economic crisis on Serbia
  • A year into fully-fledged inflation targeting – the NBS’s objective for 2009 achieved
  • Fiscal policy and deficit financing in 2010
  • Economic crisis and potential output levels
  • Bank lending across the region in 2009
  • Three-month FX swap auctions
  • Future path of fiscal policy
  • Structural balance of the Serbian budget
  • Comparative price levels for food in Serbia and countries in the region
  • Expected interest rate movements in the European interbank market
  • Fiscal policy in the medium run
  • Labour Force Survey
    EU fiscal consolidation
  • Food prices and the achievement of inflation target
  • Profitability of savings from 2001 to 2010
  • Fiscal responsibility – introducing fiscal rules
  • Composition of Consumer Price Index, its advantages over Retail Price Index and regional comparison
  • Inflation targeting as the National Bank of Serbia’s monetary policy strategy
  • Depreciation pressures across Europe
  • Common European currency and the current financial crisis
  • Labour taxation in the region
  • New survey of inflation expectations
  • New issues of RS treasury bills
  • Enhanced Stand-By Arrangement with the IMF
  • Government measures to ease the effects of the global financial crisis
  • NBS adopts measures to boost financial sector liquidity
  • Government’s fiscal policy in conditions of economic crisis
    Beveridge curve
  • Treatment of seasonal agricultural commodities in retail and consumer price indices
  • Price levels in Serbia versus the EU-27 average
  • Foreign exchange swaps as a support to the country’s financial stability
  • Assessment of the fiscal policy stance
    Comparative analysis of the impact of vat increase on inflation
  • Fiscal measures introduced by Central and East European countries
  • Will food prices continue to be a disinflationary factor?
  • Projection of the balance of payments for 2009
  • Risks of growing protectionism
  • Impact of the Government Programme on lending activity
  • GDP distribution and estimate of aggregate demand
  • Global Growth in Food Prices – Agflation
  • Interest Rate Transmission Mechanism
  • Could Global Financial Developments Be a Cause of Depreciation Pressures in November and December?
  • Credit Crunch Spreads to Eastern Europe
  • World Oil Market Outlook for 2008
  • World Bank Recommendations Regarding Policy Interventions to Moderate the Effects of Rising Food Prices
  • Credit Default Swap
  • Аsymmetry of the Exchange Rate Pass-through to Domestic Prices
  • Monetary Policy Effects on Trade Balance
  • Current Account Deficit in Serbia and Other Countries
  • Petrodollars and Bank Lending to Emerging Markets
  • Inflation and food prices across the region
  • (Non)achievement of inflation targets across the world
  • Is the exclusion-based method adequate for calculating core inflation?
  • Monetary policy response to oil and agricultural shocks (August 2007 - June 2008)
  • Is strong dinar an “enemy” of the Serbian economy?
  • Economic policy response to rising commodity prices
  • The Provision of Long-term Financing, Institutions, and Inflation
  • Price of Oil and Economic Growth
  • Macroeconomic effects of government bond issues
  • Labour Market in Serbia and Countries of the Region
  • Meat price growth: causes and duration?
    Effects of the global financial crisis on Serbia
  • Why are natural gas prices heading up while crude oil prices are heading down?
  • Global financial crisis and action taken by central banks and governments
  • Price of iron and its impact on inflation
  • Is the financial stability of Serbian economy under threat?
  • Impact of budget revision on inflation
    Impact of level of pensions on fiscal result
  • Price Growth Components
  • Consumer Price Index
  • Methodological Differences in Calculating Fiscal Result
  • Inflation Targeting Regimes
  • Retail and Consumer Price Indices
  • Price of Stability Equals Sterilization Costs
  • Real Exchange Rate, Trend and Gap
  • Change in the Manner of Announcing and Applying the Decision on the Level of the Key Policy Rate
  • Consequences of Drought and Role of Monetary Policy
  • Consumer Price Index
  • Distribution of Core Price Growth in September
  • Drought Effects in the Region
  • Disinflation and Optimal Monetary Policy Flexibility
  • Consequences of the World Financial Crisis
  • September Effects of Prudential Measures to Curb Household Lending
  • Why Have Unemployment Figures Declined?