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Serbia's GDP, trade and production show growth

posted onMarch 9, 2018

Serbia's economic parameters reveal trade, and production growth in 2017. According to figures published by the state Statistical Office (RZS) the country's real GDP growth in the fourth quarter of 2017 was 2.5 percent up compared to the same period of the previous year.

In the fourth quarter of 2017, compared to the same quarter of the previous year, significant real growth in the gross value added was recorded in construction (17.8%), wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage and accommodation and food service activities (4.9%) and industry; water supply, sewerage, waste management and remediation  (3.7%).

Real fall in the gross value added was recorded in agriculture, forestry and fishing (9.5%). Real growth was noted in household final consumption expenditure (1.9%), non-profit institutions serving households (NPISH) final consumption expenditure (0.9%), general government final consumption expenditure (1.1%), gross fixed capital formation (12.4%), exports of goods and services (7.5%) and import of goods and services (12.0%). 

World Bank: GDP growth in Serbia in 2018 at 3%

The World Bank forecasts that in 2018 Serbia will have GDP growth rate of 3%. In its January 2018 Global Economic Prospects report the institution said  Serbia's GDP will grow by 3.5% in 2019 and by 4% in 2020.  GDP Growth Rate in Serbia averaged 0.65 percent from 1996 until 2017, reaching an all time high of 6.90 percent in the fourth quarter of 1997 and a record low of -13.30 percent in the second quarter of 1999 according to Trading Economics.

Serbia's external trade in 2017

Figures published by the state statistics bureau showed that Serbia's overall trade in 2017 increased by 15.3 percent from the year before,  amounting to 38,939 million U.S. dollars, while industrial production increased by 6.9 percent. During the same period, the exports increased by 14.2 percent reaching 16,992 million dollars, while imports increased by 16.1 percent, amounting to 21,947 million dollars.

The deficit in trade decreased by 1.4 percent, and export-import ratio now revolves around 77.4 percent. Serbia mostly exported to Italy, Germany, Bosnia and Herzegovina, Russia and Romania while importing from Germany, Italy, China, Russia and Hungary.

The first five sections in exports accounted for 31.9% of the overall exports and were electrical machines and apparatus, Road vehicles, Fruit and vegetables, Non-ferrous metals, Rubber products  Imports of the first five sections accounted for 26.7% of total imports and were road vehicles, Oil and oil derivatives, Electrical machines and apparatus, General purpose machinery, Medical and pharmaceutical products.

Serbia has also climbed four positions to 43rd place in the Doing Business 2018: Reforming to Create Jobs report of the World Bank Group which covers 190 economies. It measures regulations affecting the life of a business, such as starting a business, dealing with construction permits, acquiring electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.