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%. 

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