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UniCredit lifts Serbia's 2024, 2025 GDP growth f'casts

Jul 10, 2024, 5:41:09 PMArticle by Valentina Bajic
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July 10 (SeeNews) - Italian financial group UniCredit said it has improved its 2024 economic growth forecast for Serbia to 3.4% from 3.0% projected in April, as the recovery in consumption and investment has been stronger than anticipated.

UniCredit lifts Serbia's 2024, 2025 GDP growth f'casts
Source: Serbian Government

UniCredit also lifted its gross domestic product (GDP) growth estimate for Serbia in 2025 to 3.8% from the previously estimated 3.6%, it said in its CEE Quarterly economic report published on Wednesday.

"Serbia will have one of the smallest deficits in the region in 2024, it is planned to amount to 2.2% of GDP, and this is likely to narrow to 1.5% of GDP in 2025," the report read.

UniCredit noted that Serbia's current account deficit will continue to be financed by foreign direct investment (FDI) in 2024.

Inflation is expected to slow further towards 3.5% and Serbia's central bank is anticipated to continue to ease monetary policy.

UniCredit said they expect consumption to become the main driver of GDP growth in 2024 as disinflation and wage growth boost real income and as financial conditions ease.

"Investment growth is also likely to pick up. Public investment is planned to rise by around 7% in nominal terms, to around 7% of GDP, due to the implementation of infrastructure projects. Private-investment growth is expected to increase, supported by strong FDI, easing financial conditions and a recovery in exports," UniCredit said.

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