Serbiaʼs economy shrank 6.4% year-on-year in the second quarter of 2020, after expanding an upwardly revised 5.1% in the previous period, data from the Serbian Statistical Office (SORS) showed on Monday.
It was the steepest contraction since the last quarter of 1999, amid lockdown restrictions due to the coronavirus pandemic. On a seasonally adjusted quarterly basis, the GDP shrank 9.2%, following a 0.5% decline in the prior period.
In another report, the Belgrade-based statistics agency said that unemployment rate in Serbia fell to 7.3% in the Q2 from 10.3% in the corresponding period of the previous year and down by 2.4 percentage points compared to the previous quarter.
The number of inactive people rose by 153.800, or 5.7% to 2,831000 due to the coronavirus crisis.
Meantime, the labor force participation rate decreased to 52% from 54.8% a year ago and the employment rate declined to 48.2% from 49.2% in Q2 2019.