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Sep 27, 2023 11:03 EEST
September 27 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday that it expects Serbia's economic output to increase by 1.8% in 2023, lowering its May forecast by 0.2 percentage points.
"GDP growth is forecast to reach 1.8% in 2023, reflecting muted global growth prospect and high inflation, before rising to 3.5% in 2024, a rate closer to the medium-term potential," the EBRD said in its Regional Economic Prospects report.
"The current account deficit narrowed significantly in the first half of 2023 thanks to declining imports, lower global energy prices, and significant electricity exports," the lender added.
The construction sector rebounded and supported growth in the second quarter of 2023 as several large public infrastructure projects were launched, though inflation has been slower to decelerate partly due to the increases in regulated energy prices, a structural benchmark under the standby deal with the IMF, it added.
Serbia’s economic output grew by a real 1.7% year-on-year in the second quarter of 2023, the country’s statistical office said in August.
The economic output of the EBRD's region of Western Balkans is expected to decrease to 2% in 2023, revised downwards from an estimated growth rate of 2.2% in May. It is then projected to expand 3.4% in 2024.
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