BELGRADE (Serbia), November 30 (SeeNews) – Serbia's gross domestic product (GDP) declined by a real 1.4% year-on-year in the third quarter of 2020, after shrinking by 6.4% in the previous quarter, the country's statistical office said on Monday.
On a quarterly comparison basis, Serbia's economy rose by 7.4% in the third quarter of 2020, after falling 9.2% in April-June, the statistical office said in a statement.
The third quarter of 2020 saw a significant decline of gross value added in real terms in the construction sector, of 18% year-on-year; in the sector of professional, scientific and technical activities, as well as administrative and support service activities, down 7.9%; and in the wholesale and retail trade and repair of motor vehicles, of 3.0%.
The gross value added in the sector of industry and water supply, sewerage and waste management rose by an annual 3.2%, while in the information and communication sector it increased by 6.0%.
Among the GDP components, household expenditure on final consumption decreased by an annual 0.9% in the third quarter, whereas general government expenditures on final consumption fell by 1.0%.
Gross fixed capital formation declined by 5.5% year-on-year in July-September, exports of goods and services fell by 8.5%, while imports of goods and services went down by 2.7%.