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Serbia's GDP growth quickens to 4.4% in 2018 - preliminary data

Author Radomir Ralev
Serbia's GDP growth quickens to 4.4% in 2018 - preliminary data Source: bibiphoto/shutterstock.com

BELGRADE (Serbia), December 28 (SeeNews) – Serbia's gross domestic product (GDP) grew by a real 4.4% year-on-year in 2018, compared with an increase of 2.0% last year, the country's statistical office said on Friday, quoting preliminary estimates.

Gross fixed capital formation marked growth of 9.1%, industrial production expanded 2.0%, and agricultural production rose 16.3% in 2018, the statistical office said in a statement.

The value of construction works increased 10.9%, retail trade turnover went up 4.5%, while exports increased by 9.0%.

Net wages grew by 5.9% in nominal terms and by 3.8% in real terms in 2018, whereas the annual inflation rate is estimated at 2.1%, the statistical office added. 

Last month, Serbia's central bank, NBS, raised its economic growth forecast for 2018 to 4.2% from 4.0% predicted in August on the back of a faster-than-expected rise in investments.

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