Economic and Foreign Trade Activity
According to the Serbian Statistical Office, real y-o-y GDP growth in Q1 and Q2 2017 equalled 1.0% and 1.3% respectively.
In s-a terms, industrial production stagnated in July, whereas relative to the same month a year earlier it was up by 4.2%. By structure, mining and electricity, gas and steam supply recorded growth of 3.2% and 3.1%, respectively, whereas manufacturing accelerated 4.5%.
Seasonally adjusted data indicate that manufacturing stalled in July. The largest positive contribution to growth came from the production of metal products and base metals, while the production of motor vehicles and rubber and plastic products acted as a drag on output performance.
According to the Statistical Office, July retail trade rose 4.1% in real terms relative to the same period last year.
The Statistical Office also reported that July commodity exports outperformed the figures from July 2016 by 10.3%, while imports were 14.1% higher.
According to the Labour Force Survey, unemployment equalled 11.8% in Q2, down by 2.8 percentage points q-o-q and 3.4 percentage points y-o-y. Employment rose 3.9 percentage points relative to Q1 and equalled 48.1%.