Government Consumption in Serbia
The Serbian economy recorded an average growth rate of 1.1% in government consumption over the past decade. In 2022, the growth rate was 0.2%.
Serbia Government Consumption Chart
Serbia Government Consumption Data
|Government Consumption (ann. var. %)
GDP growth ticks up in Q4
According to a flash estimate, GDP growth accelerated to 3.8% year on year in Q4 2023 from 3.6% in the third quarter. The print was broadly in line with market expectations.
Absent a detailed breakdown, monthly data suggests that private consumption led the improvement, as retail sales rebounded in the quarter amid lower price pressures. On the flip side, softer growth in industrial output likely capped the overall improvement. Lastly, trade data hints at a weaker contribution from the external sector: Merchandise exports fell at a faster clip, while the downturn in imports softened. A full breakdown is set to be published on 29 February.
Mate Jelic, analyst at Erste Bank, commented on the outlook: “Consumption should become the main driver of GDP growth in 2024, as disinflation and wage growth boosts real disposable income and credit conditions improve. Moderate boost to growth is expected from the investment side as well. The new EU growth plan for the Western Balkans represents a unique and lucrative opportunity for Serbia to make decisive steps towards EU accession and frontload some of the benefits of EU membership.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Serbian government consumption projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable government consumption forecast available for Serbian government consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Serbian government consumption projections.
Want to get access to the full dataset of Serbian government consumption forecasts? Send an email to firstname.lastname@example.org.
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