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Serbiaʼs GDP grows 5.0% y.o.y. in Q1

Christian Fernsby ▼ | June 4, 2020
Serbiaʼs gross domestic product grew by a real 5% year-on-year in the first quarter of 2020, the Statistical Office of the Republic of Serbia (SORS) says.
Serbiaʼs Ministry of Finance
GDP   Serbiaʼs Ministry of Finance
The first quarter of 2020 saw a significant real growth of gross value added in the construction sector, of 19.6% y.o.y., while the sectors of public administration and defense; compulsory social security; education; human health and social work activities added 11.8% each.

Topics: Serbia GDP

Among GDP components, householdsʼ expenditures on final consumption increased by an annual 3.2% in the Q1, whereas general government expenditures on final consumption grew by 12%.

Gross fixed capital formation increased by 10.7% year-on-year in the first quarter, exports of goods and services expanded by 3.1%, while imports of goods and services grew by 8.3%, SORS said on June 1.

In a separate statement, released on May 29, the Belgrade-based agency said, that unemployment rate in Serbia dropped to 9.7% in the Q1 from 12.1% in the corresponding period of the previous year.

The number of unemployed persons declined by 79,600, or 19.8% to 310,300 and the number of employed rose by 66,900, or 2.4% to 2,877,400.

At the same time, the labor force participation rate went up to 54% from 53.9% a year ago and the employment rate advanced 1.4% from a year earlier to 48.7%, SORS said.