BELGRADE (Serbia), May 31 (SeeNews) – Serbia's economy expanded by a real 3.5% year-on-year in the first quarter, speeding from a growth of 1.2% in the previous three-month period, on the back of consumption and exports, the country's statistics office said on Tuesday, confirming its flash estimate released earlier this month.
According to seasonally adjusted data, Serbia turned to a quarterly GDP growth of 1.6% through March from a 0.6 contraction in the October-December period, the office said in a statement.
The acceleration in annual GDP growth was supported by all expenditure components.Household consumption grew 0.7%, reversing a 0.3% contraction in the fourth quarter of 2015, while the growth in general government expenditure quickened to 3.2% from 0.8%.
Gross fixed capital formation growth edged up by 0.1 percentage points on the quarter to 7.9%, while exports growth more than doubled to 11.5% from 5.5%. Imports growth eased to 4.7% from 5.1%.
In the first quarter of 2015, Serbia's GDP narrowed 1.8% on the year, but expanded 0.2% on a quarterly basis.
GDP growth by expenditure components, real growth rates, year-on-year:
|
Q1'16 |
Q4'15 |
Q1'15 |
Household final consumption expenditure |
0.7 |
-0.3 |
-0.2 |
NPISH final consumption expenditure |
0.3 |
-2.0 |
-3.0 |
General government final consumption expenditure |
3.2 |
0.8 |
-3.8 |
Gross fixed capital formation |
7.9 |
7.8 |
3.8 |
Exports of goods and services |
11.5 |
5.5 |
10.9 |
Imports of goods and services |
4.7 |
5.1 |
10.4 |