Serbia’s quarterly GDP growth 1%

NEWS 30.11.2022 14:00
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Serbia’s real GDP growth in the third quarter of 2022, compared to the corresponding period of the previous year, amounted 1 percent, said the Statistical Office of the Republic of Serbia (RZS).

According to seasonally adjusted GDP data, gross domestic product decreased by 0.7 percent in the third quarter of 2022, compared to the previous quarter.

Observed by activities, in the third quarter of 2022, compared to the same quarter of the previous year, significant real growth in the gross value added was recorded in the section of wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage and accommodation and food service activities – 5.1 percent, the section of professional, scientific and technical activities; administrative and support service activities – 8.5 percent and the section of information and communication – 8.1 percent.

Significant real fall in the gross value added was recorded in the section of construction – 12.4 percent, the section of agriculture, forestry and fishing – 7.7 percent and the section of public administration and defense; compulsory social security; education and human health and social work activities – 3.6 percent.

Observed by expenditure aggregates, in the third quarter of 2022, compared to the same quarter of the previous year, real growth was noted for the household final consumption expenditure – 3.1 percent, the non-profit institutions serving households (NPISH) final consumption expenditure – 2.2 percent, the exports of goods and services – 14.9 percent and the imports of goods and services – 7.8 percent.

Real fall was registered for the general government final consumption expenditure – 4.5 percent and the gross fixed capital formation – 2.2 percent.

The industrial production in Serbia in October 2022 decreased by 0.1 percent relative to October 2021, and relative to 2021 average, it increased by 6.6 percent, said the Statistical Office of the Republic of Serbia.

Industrial production in the period January – October 2022, relative to the same period 2021, increased by 1.7 percent.

Observed by sections, in October 2022 compared with October 2021, the following trends were noted: there was a fall of 2 percent the section of manufacturing and a fall of 1.2 percent in the section of electricity, gas, steam and air conditioning supply. The section of mining and quarrying recorded growth of 18.4 percent.

Industrial production volume in October 2022, compared to October 2021, expressed fall in 17 divisions that in the structure of industrial production participate with 68 percent and growth in 12 divisions that in the structure of industrial production participate with 32 percent.