Serbia's GDP up by 2.7% y/y in Q3 .

By bne IntelliNews January 3, 2011
Serbia's GDP growth accelerated to 2.7% y/y in Q3, from 2% y/y in Q2 and 0.3% y/y in Q1, the statistics office reported. The Q3 GDP growth was revised up from a flash estimate of 2.1%. In seasonally adjusted terms, GDP rose by 1.6% q/q. On an aggregate basis, the country's economy expanded by 1.7% y/y in January-September. The services sector was again the biggest contributor to GDP growth in Q3. The output of financial intermediation rose by 8.7% y/y (from 6.9% y/y in Q2), while that of communications and transport sector rose by 7.4% y/y (from 6.6% y/y in the previous quarter). The output rebounded in retail trade and tourism sector, growing by 6.2% and 4.8% y/y in Q3 thus reflecting recovery of domestic demand. We note that the domestic demand has been subdued so far, and the growth in the first half of the year was mainly driven by the recovery of foreign demand. The real estate sector also recorded mild output expansion of 1.6% y/y in Q3. Mining and manufacturing output expansion decelerated to 6.2% y/y and 5% y/y, respectively, in Q3. Agriculture output declined by 1.4% y/y in Q3, after growing by 0.2% y/y in Q2. The utilities output narrowed by 4.4% y/y in Q3. The construction sector still lagged behind the other sectors in terms of recovery, with its output remaining negative at 9.2% y/y, which nevertheless was an improvement compared to the double-digit declines recorded in Q1 and Q2.

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