Serbia’s economy grows 4.8% in Q3

Analysis

Photo by AlexLMX / Shutterstock.com

Serbia’s gross domestic product grow by a real 4.8% year-on-year in the third quarter of 2019, after it increased 2.2% in the previous quarter, data released by the Statistical Office of the Republic of Serbia (SORS) shows.

Photo by AlexLMX/Shutterstock.com

The construction sector led the economy with a significant real growth of 34.7% year-on-year in the Q3. In addition, the information and communication sector expanded by 7.7%.

The wholesale and retail trade sectors; motor vehicles and motorcycles repair; transportation and storage; accommodation and food service activities all added 5.4% each.

Among GDP components, households’ expenditures on final consumption increased by an annual 3.1% in the third quarter, whereas general government expenditures on final consumption grew by 4.6%.

Gross fixed capital formation increased by 17.3% year-on-year in the third quarter, exports of goods and services expanded by 10.2%, while imports of goods and services grew by 11.4%, the Belgrade-based SORS said.

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