Serbia’s economy sees 4.4 pct growth in 2018

December 31, 2018 4:00 PM

The economy of Serbia saw 4.4 percent growth this year compared to 2017, the Statistical Office of the Republic of Serbia (SORS) said Friday, highlighting growth in living standard, agricultural production, trade and tourism.

In the annual analysis of the Serbian economy in 2018, SORS estimated that the industrial production in 2018 was higher by two percent compared to last year. At the same time, exports increased by 9 percent and imports by 13.5 percent.

“The intensification of capital investments in the last five-year period (from 2014 to 2018) resulted in an increase in the share of gross fixed capital formation in GDP and this share in 2018 summed up to 18.4 percent,” stated SORS director Miladin Kovacevic at the presentation of the report.

Kovacevic pointed out that in 2018 the volume of production in agriculture increased by 16.3 percent compared to 2017.

Moreover, the employment rate is at 49 percent, with the unemployment rate at 11.3 percent, according to the report.

The number of tourists increased by 11.6 percent from January to November this year, and a total of 3.2 million tourists visited Serbia, half of which are foreigners, according to SORS.

National Bank of Serbia (NBS) commented the report of SORS in a press release, pointing out that it confirms continuation and acceleration of positive trends from previous years.

“The economy of Serbia continues to grow thanks to the preservation of macroeconomic, fiscal and financial stability, and the improvement of the overall business and investment environment,” said NBS.

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