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Serbia Q4 GDP annual growth at 11-year high

Serbia’s gross domestic product grew by a real 6.2% year-on-year in the fourth quarter of 2019, the Statistical Office of Serbia (SORS) said on Monday. 

It was the strongest GDP growth rate since the third quarter of 2008, boosted by increases in fixed investment (29.6% vs 17.5%), household consumption (3.1% vs 3.0%), and public spending (2.5% vs 4.7%).

Meanwhile, net external demand contributed negatively to the GDP as imports jumped 11.4% and exports advanced at a softer 8.7%.

According to the Belgrade-based statistics office, the last quarter of 2019 saw a significant real growth of gross value added in the construction sector, 48.3% annually, while the sector of information and communication expanded by 8.2%. I

n another report, SORS said that Serbia’s unemployment rate rose to 9.7% in the Q4, up by 0.2 of a percentage point compared to the previous quarter. In the fourth quarter of 2018, Serbia’s jobless rate was 12.9%, the statistical office said. The employment rate increased to 49.7% in the Q4, up from 47.4% a year earlier, SORS added.