Serbias GDP contracts by real 2.3% y/y in Q3.

By bne IntelliNews January 4, 2010
Serbian economy has contracted by 2.3% y/y in Q3, after a 4.6% y/y GDP growth posted a year earlier, the data from the Statistics Office showed.  Traditionally, the strongest performance in Q3 was recorded in transport and telecom sector (8.5% y/y) and financial intermediation (4.2% y/y). However, in both cases there was a notable slowdown compared to the same quarter last year. On the other hand, the main sectors that contributed to the GDP contraction were construction (-18.5% y/y), manufacturing (-14.1% y/y) and retail sales (-8.6% y/y). Moreover, manufacturing has slightly improved its performance compared to Q2. The growth in agriculture has reached 2.4% y/y as of Q3, slightly decelerating from the previous quarter. According to the preliminary assessment of the Statistical Office, Serbia s GDP shrank by 2.9% y/y in 2009. The annual figure is slightly below the projections of the cabinet for economic contraction of 3% this year. The statistical office noted that transport and telecommunications, financial intermediation and agriculture posted growth, while all other sectors underperformed, led by manufacturing. We recall that Serbia posted 5.5% GDP growth in 2008. The economy has started to slow down in H2/2008 due to the global crisis. However, we note that the country posted a weaker GDP drop than most of the copuntries in the region. Serbia is projected to post 1.5% GDP growth in 2010, due to higher investment spending and revived export demand.

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