The real decrease of gross domestic product in Serbia in the second quarter of 2020 was 6.4% compared to the same period of the previous year, announced the State Statistical Office (RZS).
According to seasonally adjusted data, in the second quarter and compared to the previous quarter, the national GDP decreased by 9.2%.
In the second quarter, the Serbian economy suffered a decline due to the pandemic and the emergency measures implemented to curb the coronavirus contagion, although, despite the decline, the economic results were the second-best in Europe.
Observed by economic activity, at an annual level, the real decrease in gross value added was recorded in the wholesale and retail trade and car repairs, transport and garages, as well as in accommodation and catering services, amounting to 16.7%.
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In industry, water supply and wastewater management, the decline stood 7.7% and 20.6% in the sector of professional, scientific, innovative and technical activities and administrative and auxiliary services.
Significant real growth in gross value added was achieved in the information and communication sector with a 5.4% increase, as well as in state administration and compulsory social insurance, education and healthcare and social protection with 7.1%.
In the second quarter, real growth was also recorded only in the government final consumption expenditure, amounting to 8.9%, while a real decrease was recorded in all fixed aggregates.
Household final consumption expenditure decreased by 8.0%, final consumption expenditure of non-profit institutions serving households (NPIDs) by 4.7%, gross fixed capital formation by 11.9%, exports of goods and services by 20.7%, and imports of goods and services by 19.3%, the RZS’ statement says.
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