The Serbian Ministry of Finance estimates, taking into account current economic trends and international projections, the GDP growth in 2023 will amount to 2.5 percent, while in 2024, it will stand at 3.5 percent.
Macroeconomic trends in early 2023 were generally at the projected level, it was stated in the document “Instructions for the drafting the 2024 Republic of Serbia’s budget and projections for 2025 and 2026”.
However, the uncertainty in the projections remains far greater than usual due to the nature and extent of the shocks at the global level.
As stated, the risks of the macroeconomic framework mostly stem from uncertainty regarding the development of the situation in Ukraine and the impact of new international economic and political relations, as well as from the stability of the global financial system.
According to the data collated by the State Statistics Office, GDP growth in the first quarter of 2023 was 0.7 percent year-on-year.
Viewed from the production side, economic growth in the first quarter of 2023 was driven by service activities and additionally supported by the growth of industrial production.
The information and communication technologies sector (ICT), tourism, as well as administrative and professional services sectors continued to make a positive contribution to growth, while a negative contribution came from commerce, as well as from activities with dominant state participation (education, health, public administration).
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