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Economic growth in Serbia is 7.5 percent in 2021

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The total economic activity in Serbia in 2021, measured by the real movement of the gross domestic product (GDP), recorded a growth of 7.5 percent compared to 2020, it was published today on the website of the Republic Statistical Office (SORS).
As it is stated, gross investments in fixed assets in 2021 show a real growth of 14.1 percent, compared to the previous year.
In 2021, agricultural production fell by five percent, while in the same period, industrial production recorded a growth of 6.3 percent, and the processing industry grew by 5.5 percent.
The value of performed works in construction in 2021 recorded a real growth of 17.1 percent, compared to the previous year.
Turnover in retail trade achieved a real growth of 9.8 percent, while turnover in wholesale trade was nominally higher by 22 percent.
Foreign trade in euros, in 2021, in relation to 2020, shows an increase in exports by 25.5 percent and an increase in imports by 24 percent.
Within the sector of accommodation and food services in 2021, the real growth of catering is estimated at 72.7 percent, while the number of tourist nights increased by 29.7 percent.
In 2021, compared to 2020, there was an increase in traffic of 39.9 percent, and telecommunications by 2.9 percent.
According to the results of the labor force survey, in the third quarter of 2021, the employment rate is 50 percent, while the unemployment rate is 10.5 percent.
Average salaries without taxes and contributions in 2021, compared to the previous year, are nominally higher by 8.9 percent, and really by 4.6 percent.
The estimated annual inflation rate is 7.8 percent.
Serbia’s exports jumped 26.8 percent in 11 months this year.
In the period January-November 2021, the total foreign trade of Serbia increased by 24.8 percent year on year, to 45.32 billion euros, while exports jumped by 26.8 percent, and imports increased by 23.4 percent.
According to today’s data from the Republic Bureau of Statistics, the value of 11 month export of goods amounted to 19.62 billion euros, while the import of goods was worth 25.69 billion. The deficit in foreign trade in the observed period amounts to 6.06 billion euros, which is an increase of 13.6 percent compared to the same period in 2020.
The coverage of imports by exports is 76.4 percent and is higher than the coverage in the same period last year, when it was 74.4 percent.
Expressed in dollars, the total trade with the world from January to the end of November amounted to 53.82 billion, and it is higher by 30.5 percent on an annual level.
Goods worth 23.31 billion dollars were exported, which is an increase of 32.5 percent compared to the same period last year, and 30.51 billion dollars were imported, which is 29.1 percent more.
The deficit is 7.20 billion euros, up 19 percent from a year earlier.
The region of Vojvodina had the largest share in Serbia’s exports (35.0%), and the Belgrade region in imports (45.9%).
Foreign trade was the largest with countries with which Serbia has signed free trade agreements. EU member states account for 60.7 percent of total trade.
Germany’s largest single foreign trade partner remained Germany, to which we exported goods worth 2.5 billion euros and imported 3.4 billion euros.
The second most important partner are the CEFTA countries, with which we have a trade surplus of almost 2.0 billion euros. Serbia’s exports to CEFTA countries amounted to 3.09 billion euros, and imports from those countries to 1.09 billion. The coverage of imports by exports is 282 percent.
In November of this year alone, Serbia recorded a 24.9 percent year-on-year increase in merchandise exports to 2.01 billion euros, and imports increased by 22.6 percent to 2.70 billion euros.
Compared to October, November’s exports increased by 0.8 percent, and imports by 2.0 percent, according to seasonally adjusted data, the Republic Bureau of Statistics announced, Dnevnik reports.

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