GDP in Serbia increased by 2.5% y/y in the fourth quarter of 2016, the Serbian Statistical Office announced in a flash estimate released on January 31.
GDP in Serbia increased by increased by 2.6% y/y in the third quarter and by 2% y/y in the second quarter of 2016, maintaining the positive trend since Q2 2015. Previously, Serbia’s GDP contracted in 2014 and the first quarter of 2015, as a result of the devastating floods that hit the country in May 2014.
The statistical office said that more detailed calculations will be published in its quarterly GDP statistical release on February 28.
The Serbian economy expanded by a real 0.8% y/y in 2015, the country's statistics office announced on September 30 as it released the first annual estimate. In nominal terms, GDP expanded by 3.5% to RSD4.403,47bn (€32.87bn).
While Serbia’s government hopes to see the country’s GDP growth accelerating to 3%-4% in upcoming years, international financial institutions are less enthusiastic but still expect economic growth to exceed 2%.
Most recently, the World Bank estimated Serbia’s economy would grow by 2.5% in 2016 and speed up to 2.8% in 2017 and to 3.5% in 2018 and 2019, in its latest Global Economic Prospects report published on January 11.