BELGRADE (Serbia), June 1 (SeeNews) – Serbia's gross domestic product (GDP) grew by a real 5.0% year-on-year in the first quarter of 2020, the country's statistical office said on Monday.
On a quarterly comparison basis, Serbia's economy declined by 0.6% in the first quarter of 2020, the statistical office said.
The first quarter of 2020 saw a significant real growth of gross value added in the construction sector, of 19.6% year-on-year, while the sectors of public administration and defence; compulsory social security; education; human health and social work activities added 11.8% each.
Among GDP components, households' expenditures on final consumption increased by an annual 3.2% in the first quarter, whereas general government expenditures on final consumption grew by 12.0%.
Gross fixed capital formation increased by 10.7% year-on-year in the first quarter, exports of goods and services expanded by 3.1%, while imports of goods and services grew by 8.3%.