In 2021, GDP grew by 7.4 percent, and data on industrial production for January were published

, News

The Republic Bureau of Statistics announced that the real growth of the gross domestic product of Serbia in 2021 amounted to 7.4 percent compared to the previous year. Industrial production in January this year was 2.6 percent lower than in January 2021.

According to the SSO, in the fourth quarter of last year, Serbia’s real economic growth was 7.0 percent annually, while compared to the third quarter, GDP grew by 1.7 percent, according to a series of seasonally adjusted data.

The final annual GDP growth rate for 2021 will be announced on September 30, 2022, it is stated in the announcement.

Observed by activities, in the fourth quarter of 2021, there was a significant year-on-year real growth of gross value added recorded in the wholesale and retail trade and repairs of motor vehicles, transport and storage and accommodation and food services, of 14.7 percent, then in industry and water supply and wastewater management by 4.3 percent and in the construction sector by 10.9 percent.

Observed by aggregates of GDP use, in the period October-December 2021, real growth was recorded in all aggregates on an annual level.

Expenditure on final consumption of households increased by 7.3 percent, expenditure on final consumption of non-profit institutions serving households (NPID) increased by 3.7 percent, for final consumption of government by 5.8 percent, for gross fixed capital formation for 9.8, for exports of goods and services by 13.9 percent, and for imports of goods and services by 15.5 percent.

Industrial production fell 2.6 percent year-on-year in January

In January this year, industrial production in Serbia was 2.6 percent lower than in January 2021, while it fell by 12.3 percent compared to last year’s average, according to the data of the Republic Bureau of Statistics.

According to the SBS, January saw an annual decline in the electricity, gas, steam and air conditioning supply sector of 18.7 percent, and in the manufacturing industry by 0.8 percent, while mining registered a growth of 30.6 percent. percent.

Data on industrial production show that January’s production of durable consumer goods fell by 18.6 percent compared to the same month last year, while energy production fell by 17.6 percent.

On the other hand, the production of non-durable consumer goods was higher by 1.2 percent on an annual level, the production of intermediate goods, except energy, increased by 10.3 percent, and capital goods by 16.4 percent year-on-year.

The biggest impact on the decline in industrial production in January 2022 on an annual basis had the production of electricity, production of coke and petroleum products, coal exploitation, wood processing and wood products, except furniture, and the production of electrical equipment.

According to seasonally adjusted data, total industrial production in January fell by 3.4 percent compared to December, while processing fell by 2.7 percent.

Compared to the average in 2021, January’s industrial production fell by 2.3 percent in total, and processing by 1.9 percent, according to seasonally adjusted data, according to a statement from the SSO, Blic reports.