Serbia: Economy accelerates in Q3
November 30, 2015
In Q3, the economy expanded 2.2% over the same quarter last year, according to data released by the Statistical Office of the Republic of Serbia (SORS) on 30 November. The print was above the 2.0% increase initially reported and came above the 0.9% increase seen in the second quarter.
Private consumption in Q3 contracted 0.6% in annual terms, which was an improvement over the 1.3% drop seen in the previous quarter. Moreover, government consumption swung from a 2.8% contraction in Q2 to a 0.8% expansion in Q3, thus marking the best figure in three quarters. Growth in fixed investment accelerated from 8.7% in Q2 to 10.1% in Q3.
On the external side of the economy, exports of goods and services accelerated from a 8.4% increase in Q2 to a 8.8% rise in Q3. Moreover, imports improved and grew 5.4% in Q3, which was up from the 2.0% increase seen in Q2. As a result, the net contribution from the external sector deteriorated from 2.6 percentage points in Q2 to 0.8 percentage points in Q3.
Compared to the previous period, GDP dropped a seasonally-adjusted 0.4% in Q3, which contrasted the 2.0% increase recorded in Q2.