The growth of industrial production in Serbia in April is 33 percent

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Minister of Finance Sinisa Mali reiterated today that Serbia had a GDP growth of 1.7 percent in the first quarter of 2021, despite expectations that predicted a decline of 1.3 percent, and that industrial production in April 2021 is 33 percent higher than in the same month last year. Mali said that Serbia’s public debt is still under control and will remain below 60 percent by the end of the year.

“The growth rate will certainly be above six percent, and it currently represents the biggest challenge for all the world’s economies, where and in what way to find sources of growth despite the crisis and stagnation,” the minister pointed out.

According to him, the Government is fully committed to increasing salaries, pensions and allocations for infrastructure investments through rapid economic growth. Mali added that Serbia will enter the world capital market and demand money from investors, convincing them of the projects it has in the field of the environment, in order to accelerate the implementation of the green agenda.

“Also, we never have more money in the budget for environment and projects related to environmental protection,” said Mali.

He also referred to the fact that the Government is committed to the continuation of structural reforms in Serbia.

“We are working on restructuring public companies, continuing the reform of the Tax Administration, increasing the competitiveness of the economy by reducing tax levies, there are also initiatives of the Ministry such as the new Law on Fiscalization which has already entered into force, E-invoices which will be fully implemented by the end of 2022,” said the minister.

He also stated that the youth unemployment rate was 50 percent seven or eight years ago, while it is now around 20 percent.

“It is still high and that is why we are going with the exemption of the annual income tax for those under 40, as well as with tax incentives in the sense of exemption from paying taxes and contributions for the first employment in a period of three years. Incentives also apply to those who work in the field of research and development, considering that we have identified it as an area that encourages and leads the growth of our economy,” Mali explained, Danas reports.