According to a new inflation report by the National Bank of Serbia, Serbia’s exports almost reached pre-pandemic levels.
As the NBS emphasizes, the recovery of the auto industry’s exports contributed to that, which, after a significant stagnation in April, almost completely normalized in September.
Serbia’s total exports to the EU, after a year-on-year decline of 37.4 percent in April, recovered over the next five months and even recorded a year-on-year growth of 6.7 percent in September. Exports to countries such as China and the United States remained strong during the pandemic, and exports to Russia are also recovering, and exports to the CEFTA region are on the way to recovery.
According to the words of the governor of the Central Bank, Jorgovanka Tabakovic, the realization of the first nine months is in line with the projection of reducing the current account deficit to about five percent of GDP this year. They state that the coronary virus pandemic did not significantly affect the domestic labor market, so formal employment increased by 44,000 people from February to September.
Almost the entire increase was realized in the private sector, primarily in the processing industry, the central bank notes.
