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Serbia's economy to expand by at least 10% y/y in Q2 - fin min

Author Radomir Ralev
Serbia's economy to expand by at least 10% y/y in Q2 - fin min Sinisa Mali; Source: Serbian finance ministry

BELGRADE (Serbia), June 3 (SeeNews) - Serbia's economy is expected to grow by at least 10% year-on-year in the second quarter of 2021, finance minister Sinisa Mali said on Thursday.

"Given the growth in the first quarter, given the 33.9% annual rise of industrial output in April, given the higher-then expected budget revenue in May [...], we expect an annual economic growth of between 10% and 11% in the second quarter," Mali said in a video file posted on the website of public broadcaster RTS.

Serbia's gross domestic product (GDP) is expected to expand by at least 6% in 2021, which means that the country will have the highest economic growth in Europe, Mali said.

The GDP of Serbia rose by a real 1.7% year-on-year in the first quarter of 2021, after shrinking by 1.1% in the previous quarter, the country's statistical office said earlier this week. The first quarter of 2021 saw a significant rise of gross value added in real terms in the construction sector, of 19.5% year-on-year, as well as 5.3% in the sector of wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Accommodation and food service activities.

Last month, the Serbian central bank, NBS, said it expects the country's gross domestic product to grow by at least 6% in 2021, backed by the recovery of external demand.

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