Spain and Serbia
Spanish non-recognition of Kosovo is an important element of dialogue with Serbia. Spain supports its European Union candidacy, accompanied by reforms, while economic agreements, diplomatic training and Spanish-language teaching expand a political relationship more developed than business investment.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Spain maintains its non-recognition of Kosovo, which Serbia welcomes as support for its sovereignty and territorial integrity.
What merchandise trade shows
In 2025, goods trade between Spain and Serbia totalled 1,237.6 million current USD.
Documented trade sectors
Within the selected chapters, vehicles and components stands out in shipments from Spain to Serbia, at 88.3 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 1,237.64 M USD | 2025 · Comtrade |
| Goods: Spain to Serbia | 683.79 M USD | 2025 · Comtrade |
| Goods: Serbia to Spain | 553.85 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Spain to Serbia | ||
| Export share: Serbia to Spain | ||
| Investment stock: Spain in Serbia | ||
| Investment stock: Serbia in Spain |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Spain to Serbia
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Serbia to Spain
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Spain | Serbia |
|---|---|---|
| Nominal GDP | 1.91 trillion USD2025 · WB | 99.95 billion USD2025 · WB |
| GDP per capita | 38,627.25 USD2025 · WB | 15,262.05 USD2025 · WB |
| GDP growth | 2.82 %2025 · WB | 2.03 %2025 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | |
| Inflation · annual average | 2.7 %Annual average · 2025 · WB | 3.89 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 4.9 %provisionalprovisionalYear-on-year · Sept. 2026 · INE | |
| Unemployment | 10.38 %ILO est.2025 · WB | 7.12 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -2.5 %IMF est.2025 · IMF | -2.2 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 100.4 %IMF est.2025 · IMF | 42.4 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 2.94 %2025 · WB | -4.9 %2025 · WB |
| Population | 49,355,1432025 · WB | 6,549,143World Bank est.2025 · WB |
| Area | 505,976 km²2023 · BM / FAO | 84,990 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSpain: 2025 · World BankSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personSpain: 2025 · World BankSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Spain: 2025 · World BankSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)Spain: 2026-09-16 · ECB deposit facility; shared euro-area rate · European Central Bank
- Inflation · annual average
- Average annual change in headline CPI (%)Spain: 2025 · Annual average change in CPI (%) · World BankSerbia: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedSpain: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Spain's National Statistics Institute (INE) · Published: 2026-09-29 · provisional · Provisional · Advance indicator of headline CPI; final results pending. Not HICP (5.0%) or core inflation (3.1%). Provisional data or an official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionSpain: 2025 · World Bank · ILO est.Serbia: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Serbia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Serbia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPSpain: 2025 · World BankSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleSpain: 2025 · World BankSerbia: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census for the reference year.
- Area
- Total area in km²; territorial coverage of the sourceSpain: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAOSerbia: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Spain to Serbia
| Product or sector | Value / share |
|---|---|
| Vehicles and components | 88.3 M USD2025 · Source |
| Meat and edible offal | 72.3 M USD2025 · Source |
| Machinery and mechanical appliances | 65.3 M USD2025 · Source |
| Electrical and electronic equipment | 41.9 M USD2025 · Source |
| Pharmaceutical products | 8.2 M USD2025 · Source |
| Mineral fuels and oils | 0.281 M USD2025 · Source |
| Dairy products, eggs and honey | 0.0731 M USD2025 · Source |
| Metal ores | 0.0288 M USD2025 · Source |
Serbia to Spain
| Product or sector | Value / share |
|---|---|
| Vehicles and components | 79 M USD2025 · Source |
| Electrical and electronic equipment | 71 M USD2025 · Source |
| Machinery and mechanical appliances | 28.6 M USD2025 · Source |
| Metal ores | 19.5 M USD2025 · Source |
| Pharmaceutical products | 10.4 M USD2025 · Source |
| Mineral fuels and oils | 1.4 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Spain to Serbia | Serbia to Spain |
|---|---|---|---|
| 2021 | 919.9 | 529 | 390.9 |
| 2022 | 1,141.8 | 591.2 | 550.6 |
| 2023 | 1,070.5 | 650.9 | 419.6 |
| 2024 | 1,100.1 | 655.7 | 444.4 |
| 2025 | 1,237.6 | 683.8 | 553.9 |
Connections between people
Belgrade’s Instituto Cervantes sustains linguistic and cultural ties. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Spain living in Serbia | ||
| Residents from Serbia living in Spain | ||
| Study and training: Spain in Serbia | ||
| Study and training: Serbia in Spain | ||
| Academic stays: Spain in Serbia | ||
| Academic stays: Serbia in Spain | ||
| Travel: Spain to Serbia | ||
| Travel: Serbia to Spain |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Spain is 1,906.5 billion USD (2025), compared with 100 for Serbia (2025). The reference populations are 49.36 and 6.55 million, respectively. In the same year, the economy of Spain was 19.07 times that of Serbia in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
Spain maintains its non-recognition of Kosovo, which Serbia welcomes as support for its sovereignty and territorial integrity. In September 2025, José Manuel Albares and Marko Đurić signed a cooperation agreement between diplomatic schools. [1]
Cooperation and bilateral issues
Spain reiterated support for Serbian European Union entry and necessary reforms, continuing a European integration cooperation agreement signed in 2023. Economic infrastructure includes investment protection, industrial cooperation and transport and tourism conventions. Instruments for technical assistance and infrastructure projects were signed in November 2022. Belgrade’s Instituto Cervantes sustains linguistic and cultural ties. Spain confirmed participation with a pavilion in Belgrade’s Expo 2027, still future at this profile’s cut-off. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Spain and Serbia) totalled 1,237.6 million current USD. Shipments from the first to the second were 683.8 million; those in the opposite direction, 553.9 million. The difference between the two flows was 129.9 million, in favour of Spain. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
Five years of trade trends
The consistent series shows 919.9 million USD in 2021 and 1,237.6 million in 2025. The change between the two endpoints was +34.5 % in current dollars. The highest annual value in the period was recorded in 2025, at 1,237.6 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [2]
Documented trade sectors
Within the selected chapters, vehicles and components stands out in shipments from Spain to Serbia, at 88.3 million USD in 2025. Within the selected chapters, vehicles and components stands out in shipments from Serbia to Spain, at 79 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [3]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Country profile — Serbia
Spain’s Ministry of Foreign Affairs, European Union and Cooperation — Diplomatic Information Office · Institutional source · Accessed: 2026-10-08
- UN Comtrade annual data; reused verified primary payload, not re-downloaded
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.