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Serbiaʼs GDP declines in Q2

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. 

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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.