Serbia’s GDP up 1.1% y/y in 3Q22, flash estimate shows

Serbia’s GDP up 1.1% y/y in 3Q22, flash estimate shows
/ bne IntelliNews
By bne IntelliNews October 31, 2022

Serbia's economy expanded by an annual 1.1% in the third quarter of 2022, the statistics office announced in a flash estimate released on October 31. The detailed data for 3Q22 will be released on November 30.

Serbia’s GDP growth has started to slow following the Russian invasion of Ukraine, after the country made it through the coronacrisis relatively unscathed.

Serbia recorded GDP growth of 4.5% in the first quarter and 3.9% in the second quarter of this year, previous data showed.

In early October, the International Monetary Fund (IMF) kept its GDP growth projection for Serbia at 3.5% for 2022.

The World Bank's latest forecast is for growth of 3.2% in 2022 and 2.7% in 2023 but it warned that risks are tilted to the downside.

“The key challenge is the performance of the Serbian energy sector and availability of electricity and gas in the winter of 2022/23. Another challenge will be the availability of financing the fiscal deficit since interest rates increased significantly over recent months and subscription rates to auctions of T-bills remain low,” the World Bank said in October.

Serbia's economy expanded by 7.4% in 2021 after contracting by 0.9% in 2020 due to the coronavirus pandemic.