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Serbiaʼs GDP grows 5.0% y.o.y. in Q1

Serbiaʼs gross domestic product grew by a real 5% year-on-year in the first quarter of 2020, the Statistical Office of the Republic of Serbia  (SORS) says. On a quarterly comparison basis, Serbiaʼs economy declined by 0.6% in the Q1.

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The first quarter of 2020 saw a significant real growth of gross value added in the construction sector, of 19.6% y.o.y., while the sectors of public administration and defense; compulsory social security; education; human health and social work activities added 11.8% each.

Among GDP components, householdsʼ expenditures on final consumption increased by an annual 3.2% in the Q1, whereas general government expenditures on final consumption grew by 12%.

Gross fixed capital formation increased by 10.7% year-on-year in the first quarter, exports of goods and services expanded by 3.1%, while imports of goods and services grew by 8.3%, SORS said on June 1.

In a separate statement, released on May 29, the Belgrade-based agency said, that unemployment rate in Serbia dropped to 9.7% in the Q1 from 12.1% in the corresponding period of the previous year.

The number of unemployed persons declined by 79,600, or 19.8% to 310,300 and the number of employed rose by 66,900, or 2.4% to 2,877,400.

At the same time, the labor force participation rate went up to 54% from 53.9% a year ago and the employment rate advanced 1.4% from a year earlier to 48.7%, SORS said.