Serbia's GDP growth revised down to 1.7% y/y in Q4 2010.

By bne IntelliNews April 1, 2011
Serbia's GDP growth was revised down to 1.7% y/y in Q4/2010, compared to an earlier flash estimate of 1.8% y/y, the statistics office reported. In seasonally adjusted terms, GDP fell by 1.1% q/q in Q4. In the entire 2010, GDP grew by 1.8% y/y, after a 3.1% y/y drop in 2009. We note that this is higher than the official and the IMF's GDP growth projection for the year, which was 1.5%. The biggest growth in Q4/2010 was recorded in the hospitality sector (7.4% y/y), transport and telecommunications sector (7.2% y/y) and financial intermediation (6.3% y/y). The biggest decline was registered in the utilities sector, down 8.1% y/y. The construction sector contracted by 3.2% y/y, although the pace of contraction moderated in comparison to the previous quarters. Agriculture output dropped 1.5% y/y in Q4/2010. IntelliNews comment : The economy is expected to post a 3% y/y GDP growth in 2011, driven by a moderate recovery of domestic demand and continued increase in exports on the back of recovery of external demand. There are indications that this year's harvest will be better and the agriculture would thus have a positive contribution to GDP.

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