Serbian economy grows by 4.4% in 2018 – Agricultural sector grows by 16%

The overall economic activity in 2018, measured by gross domestic product (GDP) and expressed at constant prices, was estimated to reach a real growth of 4.4% when compared to 2017, according to the Statistical Office of the Republic of Serbia.

According to estimations, gross fixed capital formation in 2018, related to 2017, expressed a real growth that equals 9.1%, whereas industrial production expressed physical volume growth of 2.0% in comparison to the previous year, the Statistical Office says in its preliminary assessment of economic trends in 2018.

For agricultural production in 2018 related to 2017 a physical volume growth of 16.3% was recorded. The value of construction works carried out in 2018 noted a real growth of 10.9% in comparison to 2017.

The retail trade turnover expressed real growth of 4.5%, while the wholesale trade turnover expressed nominal growth of 9.1%.

In 2018 the section of accommodation and food service activities expressed real growth of 10.1%, while the number of tourist overnight stays increased by 12.3% when related to 2017.

For the section of transportation and storage estimated is physical volume growth of 4.9%, and for the division of telecommunications growth of 1.0%.

The estimated external trade in goods in 2018 related to 2017 and given in EUR value expressed growth of exports by 9.0% and growth of imports by 13.5%.

Based on the results of the Labor Force Survey, expressive is increased employment and decreased unemployment rate. In the third quarter 2018 the rate of employment reached 49.2% and unemployment rate equaled 11.3%.

Net salaries and wages in 2018 related to 2017, increased by 5.9% in nominal terms and by 3.8% in real terms.

Annual inflation rate was estimated to equal 2.1%.

Republički zavod za statistiku

Statistical Office of the Republic of Serbia

agricultural production

growth of construction sector

trade volume

growth of transport

growth of IT sector

foreign trade

reduction of unemployment

growth of net salaries

annual inflation rate