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Sep 27, 2023 11:01 EEST
September 27 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it sees Bosnia and Herzegovina's economic output expanding by 1.5% in 2023, revising downwards its May forecast by 0.5 pp.
"The short-term outlook is dimmed by the ongoing slowdown in key export markets, with industrial production contracting in year-on-year terms in the first half of 2023," the EBRD said in its Regional Economic Prospects report.
GDP growth is expected to recover to 3% in 2024.
Bosnia's economy expanded by 1.1% on the year in the first quarter of 2023, on account of a slowdown in both external and domestic demand. Industrial production fell and the growth of imports exceeded that of exports.
Due to high inflation, household spending decreased, prompting growth to hinge on investment and sectors such as retail, tourism, and information and communication services, the EBRD said.
In 2022, Bosnia's GDP grew by an estimated 4.1%, the EBRD said.
The EBRD expects the economic growth of the Western Balkans region to slow to 2% in 2023 from the estimated rate of 3.2% in 2022. Economic growth for the region in 2024 is projected at 3.4%.
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