Serbia’s GDP growth slows down in Q4 of 2016

Serbia’s real GDP growth slowed to an annual 2.5% in the fourth quarter of 2016, from 2.8% in the previous quarter, the country’s statistic office said on Tuesday.

According to seasonally adjusted data, annual economic growth in the fourth quarter stood at 0.2%, following an increase by 0.5% in the third quarter of the year, data published on the statistics office website showed.

The fourth quarter of 2016 saw significant real growth in gross value added in agriculture – by 8.1%, and in wholesale and retail trade – by 3.9%. A real decline in the gross value added was recorded in the real estate sector – by 0.1%.

Household final consumption expenditure increased by a real 1.0% annually in the fourth quarter, whereas general government final consumption expenditure grew by 2.3%.

Gross fixed capital formation rose 2.6%, the exports of goods and services expanded by 13.8% and the import of goods and services increased by 5.9% annually in the fourth quarter of 2016.

On the other hand, industrial production grew by 2.8% in January 2017 relative to the same month in 2016, but compared to last year’s average it fell by 12.7%. The growth in processing industry was 8.2% higher than in January 2016, while the mining production fell by 4.4%. Other segments that recorded a drop are electricity and gas supply and HVAC.

(SEENews, Vecernje Novosti, 28.02.2017)

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