Serbiaʼs GDP grows 5.0% y.o.y. in Q1Christian 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.
GDP Serbiaʼs Ministry of Finance
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. ■