Švabo

1. colloq. German
   Komšija radi u Nemačkoj, pa ga zovu Švabo. — My neighbour works in Germany, so they call him the German.
   Švabe su tačni, sve rade po planu. — Germans are punctual; they do everything by the plan.
2. derog. (of German soldiers) Kraut; Jerry
   U filmu partizani napadaju Švabe iz zasede. — In the film, the partisans ambush the Krauts.
3. (historical) Swabian; Danube Swabian
   Pre rata su u ovom selu živeli Švabe. — Before the war, Danube Swabians lived in this village.

The word is colloquial and often sounds dismissive or jokey; the neutral word is Nemac.