Serbia GDP Q3 2017


Serbia: GDP growth jumps in Q3

November 30, 2017

According to comprehensive data released on 30 November by the Statistical Institute, year-on-year economic growth in Q3 was confirmed at 2.1%, unchanged from the preliminary estimate released on 31 October at 2.1%. It was up from 1.4% growth in Q2.

Private consumption and fixed investment boosted the economy in Q3. Private consumption grew 1.7% compared to the same quarter last year, a slight improvement from Q2’s 1.6% growth. Government consumption growth, on the other hand, ticked down to 1.0% in Q3, from 1.5% in Q2. Fixed investment, meanwhile, grew an impressive 6.2% in the quarter, significantly higher than the 2.6% growth achieved in Q2.

Year-on-year export growth accelerated in Q3 to 11.4% from Q2’s revised 11.2% growth rate (previously reported: +11.5% year-on-year). Import growth accelerated from Q2’s revised 9.0% expansion (previously reported: +10.3% yoy) to 10.7%. As a result, the external sector’s net contribution to growth deteriorated from a revised minus 0.1 percentage points (previously reported: minus 0.2 percentage points) in the second quarter to minus 0.9 percentage points in the third quarter.

The National Bank of Serbia expects the economy to grow 3.5% in 2018 and 2019. FocusEconomics Consensus Forecast panelists see lower growth of 3.0% for 2018, which is unchanged from last month’s projection. For 2019, the panel sees GDP again increasing 3.0%.

Author:, Economist

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Serbia GDP Chart

Serbia GDP Q3 2017 0

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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