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.
Author: Edward Gardner, Economist