Makrognosis

Serbia Credit Rating & Sovereign Risk Score

Model scoreCode CREDIT:RS

Model score48 / 1009 Nov 2026
Grade equivalentBB+model-implied
BandSpeculative grade0–100 scale, 100 = strongest
Rank71st of 84economies scored

Makrognosis sovereign credit model scores Serbia at 48 out of 100 as of 9 November 2026, equivalent to BB+ on the familiar letter scale — speculative grade.

The score is down 0.2 points from 48 on 1 October 2026.

That places Serbia 71st of the 84 economies the model scores; Russia has the highest score at 100.

Key inputs include government debt of 43.6% of GDP, a fiscal balance of −2.8% of GDP, a current account balance of −0.04% of GDP.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Serbia sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 20264647484950Robomacro
Serbia sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026. Source: Makrognosis sovereign credit model.

Score history

Assessment dateScoreGrade equivalent
9 November 202648.2BB+
1 October 202648.4BB+
31 July 202648.4BB+
30 July 202648.7BB+
26 July 202650.0BB+
21 June 202646.2BB
18 June 202647.7BB+
Get the Serbia sovereign risk score in your code

Score, grade equivalent and inputs for 84 economies. Free tier available.

curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/credit/RS"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/credit/RS",
                 headers={"X-API-Key": KEY})
score = r.json()["headline"]["score_0_100"]
Get a free API key → · API docs

What drives the score

The model's published inputs for Serbia, from official national and international statistics.

InputValueVintage
GDP per capitaUS$15,3092026
Real GDP growth, 5-year average4.1%2026
Inflation, recent average2.7%2026
Government debt43.6% of GDP2026
Fiscal balance−2.8% of GDP2026
Current account balance−0.04% of GDP2026
External debt62.2% of GDP2026
Foreign-exchange reserves6.2 months of imports2026
Governance (World Bank WGI composite)−0.2032026

How Serbia compares

#EconomyAs ofScore
1Russia9 Nov 2026100
2Turkey9 Nov 2026100
3Denmark9 Nov 202698
4Switzerland9 Nov 202696
5Netherlands9 Nov 202695
66Ivory Coast9 Nov 202652
67Ukraine9 Nov 202650
68Tanzania9 Nov 202650
69Ecuador9 Nov 202649
70Kenya9 Nov 202649
71Serbia9 Nov 202648
72Algeria9 Nov 202648
73Laos9 Nov 202647
74Uganda9 Nov 202646
75Cambodia9 Nov 202646
76Bangladesh9 Nov 202645
77Egypt9 Nov 202643

All 84 economies ranked →

Serbia economic indicators

Serbia GDP (Gross Domestic Product)Serbia Nominal GDP at current prices, annual (RZS)Serbia Nominal GDP at current prices, quarterly, not seasonally adjusted (RZS)Serbia Real GDP, chain-linked volumes (reference year 2021), annual (RZS)Serbia Inflation Rate (CPI)Serbia Core Inflation RateSerbia 10-Year Government Bond YieldSerbia Industrial ProductionSerbia Retail SalesSerbia Current account balance (BPM6, vs rest of world), not seasonally adjusted, million EURSerbia GDP implicit deflator, 2010=100, seasonally and calendar adjustedSerbia Population, 1 JanuarySerbia Sovereign Bond Spread vs US Treasuries

FAQ

What is Serbia's credit rating?
Makrognosis sovereign credit model scores Serbia at 48/100 as of 9 November 2026, equivalent to BB+ (speculative grade). This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.
How is the sovereign risk score calculated?
A statistical model scores each economy from published inputs — government debt and fiscal balance, current account and external debt, GDP per capita and growth, inflation, reserves and governance — on a 0–100 scale where 100 is the strongest credit. It is re-run as the inputs update.
Where can I get the data?
Through the Makrognosis API: GET /v1/credit/RS returns the score history and inputs; /v1/credit/universe lists every economy.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Last assessed 2026-11-09. Source: Makrognosis sovereign credit model.