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2017-03-01 10:05:43.0

Economic Activity

According to the Serbian Statistical Office, real GDP growth in 2016 equalled 2.8%, slightly above the preliminary assessment of 2.7%.

Industrial production in January recorded an s-a drop of 3.1%, mostly due to adverse weather conditions, while relative to January 2016 it was 2.8% higher. In terms of structure, manufacturing posted an increase of 8.2% y-o-y, whereas mining and electricity, gas and steam supply sectors declined 4.4% and 7.0% y-o-y, respectively.

Manufacturing receded by 2.5% s-a in January relative to the previous month. A drop in the production of petroleum derivatives and food products had the largest negative contribution. By contrast, the main impetus to total industry came from the production of electrical equipment.
In January retail trade rose 4.1% y-o-y in real terms.

According to the Labour Force Survey, the unemployment rate in Q4 equalled 13.0%, slightly down from 13.8% in Q3. The employment rate was 45.5%, down by 1.3 pp from Q3, mostly on account of a seasonal decrease in informal employment in agriculture. Compared to Q4 2015, employment rose 2.8 pp.

Governor’s Office