Serbia’s GDP: 2.7% growth in 2016

The realistic GDP growth in the Q4 of 2016 in Serbia, compared to the same period last year, was 2.5% – the Serbian Statistical Office says. The projected GDP for 2016 was 1.75%, but the annual growth actually stood at 2.7%. The projected GDP growth in 2017 is 3%.

Last year, retail sales in Serbia grew by 7.4% in current prices, and 7.5% in constant prices – the state’s Statistical Office announces. Compared to December 2015, the sales grew by 9.0% in current prices, and 6.8% in permanent prices.

In December 2016, industrial production recorded a 3.9% hike relative to the same month in 2015, while the industrial production in processing industry grew by 8.2%. Mining production recorded a 3.1% decline, while the power, gas, steam and HVAC supply also fell by 6.3%.

The value of Serbia’s foreign trade in 2016 amounted to $34.14 billion in 2016, which is an 8.1% growth compared to last year, while, expressed in Euros, it stood at 30.82 billion which is an 8.4% hike.

Serbia exported a total of $14.88 billion worth of goods and services (an 11.2% growth), and imported $19.26 billion (a 5.7% growth compared to 2015).

The export to import ratio stood at 77.3%, compared to 73.5% in 2015. Serbia mainly exported to Italy, Germany, Bosnia and Herzegovina, Romania and the Russian Federation, while  Germany, Italy, China, Russia and Hungary were the country’s main import partners.

(Blic, 31.01.2017)

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