Serbia GDP Q2 2016


Serbia: Economy improves in Q3

January 3, 2017

In the third quarter, the Serbian economy expanded 2.6% over the same quarter of 2015, according to data released by the Statistical Office of the Republic of Serbia (SORS). The figure nearly doubled the previous quarter’s 1.9% increase on the back of a rebound in the external sector, while domestic demand disappointed.

Private consumption in the third quarter expanded 0.5%, halving the 1.0% increase recorded in the second quarter and marking the slowest increase in three quarters. Moreover, growth in government consumption slowed from 4.1% in Q2 to 1.2% in Q3. On the other hand, fixed investment improved in the third quarter and expanded 6.2% on an annual basis, which was up from the 4.4% rise seen in Q2.

On the external side of the economy, exports of goods and services decelerated slightly and expanded 10.5%, down from Q2’s 11.0% rise. Moreover, growth in imports dropped from 11.3% in Q2 to 5.9% in Q3. As a result, the external sector’s contribution to overall growth rebounded from minus 1.5 percentage points in Q2 to plus 1.5 percentage points in Q3.

Compared to the previous period, GDP recorded 0.3% growth, slightly up from the second quarter’s 0.2% increase.

The National Bank of Serbia expects the economy to expand 3.0% in 2017. FocusEconomics Consensus Forecast panelists expect the economy to record 2.5% growth in 2017, which is up 0.1 percentage points from last month’s projection. For 2018, the panel sees GDP increasing 2.6%.

Author:, Senior Economist

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Serbia GDP Chart

Serbia GDP Q3 2016

Note: Year-on-year changes of GDP in %.
Source: Statistical Office of the Republic of Serbia (SORS) and FocusEconomics Consensus Forecast.

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