Brnabic: The biggest GDP growth in a decade

Serbia’s Prime Minister, Ana Brnabic said she expected the country’s economic growth to accelerate to 4.5% in the first quarter of 2018 from 3.9% that was the projected growth.

The acceleration of Serbia’s gross domestic product (GDP) growth will significantly exceed the average economic growth of EU member states, Brnabic said, as quoted in a statement by the government in Saturday.

The country is expected to generate its highest quarterly economic growth for the last ten years as a result of reforms implemented by the government, Brnabic said.

“This is the highest recorded quarterly GDP growth in the last ten years which is the result of the reforms initiated by the previous government and continued by this one. We have demonstrated that team work and the commitment of all government members can result in the projected GDP growth that enables us to create new jobs and ensure higher salaries and pensions. A strong economy means a strong Serbia,” Brnabic underlined, adding that that result was especially important because it gave young people a hope for the future.

Government spending on capital projects will exceed the budget plan by 2.8% in the first quarter, while budget surplus for the first four months of 2018 amounted to 6.1 billion dinars ($ 62.6 million / 51.6 million euro), compared to a deficit of 40.1 billion dinars in the same period of last year, she added.

“In the first quarter, export of goods increased by more than 10%, while the import of machinery and materials increased, which is accompanied by the growth in the manufacturing industry. The growth of export of services by almost 20% in the first two months of this year is an indicator that the Serbian economy is becoming increasingly knowledge-based. In business and ICT services alone there has been a surplus in the external trade, amounting to around 200 million euro”, the government’s press release reads.

Last month, Brnabic said the government targets the economic growth of 3.9% in the first quarter of 2018, given its objective for a full-year GDP expansion of 3.5%.

“In order to achieve a sustainable economic stability and inclusive growth in the years ahead, the key is to continue with the restructuring of the economy, especially in the public sector, a further improvement of the business environment, putting the focus on strengthening the rule of law, expanding and modernizing production capacities and fostering innovation and development”, Brnabic added.

(N1, SeeNews, 28.04.2018)

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