GDP of Serbia Drops 1.1% in Q4 2020

The real GDP fall in the fourth quarter of 2020, compared to the corresponding period of the previous year, amounted 1.1%, whereas, according to seasonally adjusted GDP data, gross domestic product increased by 2.2% in the fourth quarter of 2020, compared to the previous quarter, the Statistical Office of the Republic of Serbia announced today.

Observed by activities, in the fourth quarter of 2020, compared to the same quarter of the previous year, significant real fall in the gross value added was recorded in the section of construction – 9.1% and section of wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage and accommodation and food service activities – 3.6%.

Significant real growth in the gross value added was recorded in the section of industry and water supply, sewerage, waste management and remediation activities – 1.5%, the section of information and communication – 5.5% and the section of public administration and defense; compulsory social security; education and human health and social work activities – 3.9%.

Observed by expenditure aggregates, in the fourth quarter of 2020, compared to the same quarter of the previous year, real growth was noted for the general government final consumption expenditure – 4.6%, the exports of goods and services – 2.1% and the import of goods and services – 0.8%.

Real fall was registered for the household final consumption expenditure – 2.7%, the non-profit institutions serving households (NPISH) final consumption expenditure – 2.9% and gross fixed capital formation – 4.1%.

Republički zavod za statistiku

Statistical Office of the Republic of Serbia

gross domestic product

GDP

GDP value fourth quarter 2020

GDP drop

GDP fall