Economic and Foreign Trade Activity
According to the data of the Serbian Statistical Office, real y-o-y GDP growth in Q3 2017 was 2.1%, unchanged from the preliminary estimate. Real y-o-y growth of GDP in Q2 and Q3 was revised upward to 1.1% and 1.4%, respectively.
In October, industrial production rose by 4.4% compared to the same month the year before. Observed sector-wise and in y-o-y terms, manufacturing rose by 6.1%, mining by 7.9%, while electricity, gas and steam supply dropped by 3.4%. In the period January–October, compared to the same period last year, total industrial production increased by 3.5%.
In the period January–October, manufacturing recorded y-o-y growth of 6.8%, with contributions stemming from over 90% branches. The greatest positive contributors were machinery and equipment, rubber and plastic products, chemical, pharmaceutical and metal products, electrical equipment, base metals and petroleum products.
The data of the Statistical Office show that retail trade grew by 3.9% y-o-y in real terms in the period January–October.
The data of this institution for the period January–October also show that commodity exports rose by 13.5% and imports by 13.9% y-o-y.
The Labour Force Survey reports that in Q3 2017 the unemployment rate measured 12.9%, which is a decrease of 0.9 pp compared to the same quarter the year before. In the same period, the employment rate edged up by 1.4 pp and reached 48.2%.