November 21 (SeeNews) - Serbia's central bank, NBS, said on Monday it expects the country's GDP to grow by 2.7% in 2016 due to the performance of the agriculture sector which expanded above expectations.
The NBS upgraded in May its forecast for the country's economic growth in 2016 to 2.3-2.5%, from 1.8% projected earlier. Back then, the central bank projected 3.0% GDP growth for 2017, a forecast that it keeps unchanged in a report issued on Monday.
Serbia's GDP growth in 2016 and 2017 will be driven by investments, exports and final consumption, the central bank said in its latest report.
In 2015 the country's GDP expanded by a mere 0.8% after contracting by 1.8% in 2014, due to the devastating floods that hit the country, causing damages and economic losses amounting to some 1.5 billion euro ($1.6 billion).
($ = 0.9397 euro)