The most important economic results of Serbia and the progress of the most important projects were analyzed at the session of the Council for Coordination of Activities and Measures for Gross Domestic Product (GDP) Growth, chaired by Prime Minister Ana Brnabic.
The government said that Serbia “recorded a significant growth of industry of 4.2 percent in August, while the results in the agricultural sector are better than expected, which means that this year will probably be a record in agricultural production.”
“The goal is for Serbia to be among the leading countries and economies in Europe in terms of economic growth in 2020, and we are on the right track,” the Prime Minister believes.
She assessed that the fact that Serbia “achieved success in three quarters of this year” will have significant positive effects on the economy, and that this is “another proof that Serbia is going in the right direction, and that the reforms and vision of the Government are yielding results.”
The statement estimates that the results during August were better than expected, despite the coranavirus pandemic.
The labor market continued to grow steadily, so that the number of employees in that month was higher by 1.8 percent compared to the same period last year.
Although the number of foreign tourists who visited Serbia was expected to fall, the number of domestic tourists increased by more than 25 percent.
Due to all these results, the Ministry of Finance and the National Bank of Serbia have revised their estimates of GDP for the whole year to a drop of only 1.0 percent, it is written in the announcement.
GDP in 2019 by 6.8 percent higher than in 2018
In 2019, Serbia had a GDP at current prices of 45 million euros, which was nominally 6.8 percent higher than in 2018, and 4.2 percent higher in real terms, the Republic Statistical Office (SORS) announced.
The most significant share in the formation of last year’s GDP had the manufacturing sector (13.7 percent), the wholesale and retail trade and repair of motor vehicles (11.4 percent), the real estate sector (6.9 percent), followed by the agricultural sector, forestry and fisheries (six percent) and the construction sector (5.7 percent).
In 2019, the real growth of gross value added (GVA) of 33.7 percent was achieved in construction, followed by the information and communication sector with 8.3 percent, then the state administration and compulsory social insurance sector with 7.5 percent, the trade sector wholesale and retail and motor vehicle repairs 6.2 percent and accommodation and food services with six percent, BizLife reports.
