Serbia GDP contracts at softer pace in Q3

Figures

Serbiaʼs gross domestic product (GDP) shrank by 1.4% from a year earlier in the third quarter of 2020, easing from a sharp contraction of 6.3% seen in the previous period due to the coronavirus crisis, the countryʼs Central Statistical Office (SORS) said in a statement on Monday.

On a quarterly comparison basis, Serbiaʼs economy rose by 7.4% in Q3, after falling 9.2% in April-June.

The third quarter of 2020 saw a significant decline of gross value added in real terms in the construction sector, of 18% year-on-year; in the sector of professional, scientific and technical activities, as well as administrative and support service activities, down 7.9%; and in the wholesale and retail trade and repair of motor vehicles, of 3.0%.

Meantime, industry and water supply, sewerage and waste management rose by an annual 3.2%, as well as the sector of information and communication also increased by 6.0%. Among the GDP components, household final consumption expenditure dropped at a softer pace (-0.9%) as well as fixed investment (-5.5%)

Meanwhile, public spending fell 1.0%, after an 8.5% growth in the previous three-month period. Net external demand also contributed negatively to the GDP as exports plunged 8.5% and imports dropped at a slower 2.7%. 

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.