Excellent GDP growth: This is the best economic year for Serbia in the last 25 years

According to the Survey about labour force, there was a significant increase in employment and reduce in unemployment

Overall economic activity in 2016, as measured by Gross Domestic Product (GDP), and expressed in constant prices, achieved an estimated real growth of 2,744 percent compared to 2015, announced today the Republic Statistical Office.

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Director of the Republic Statistical Office Miladin Kovacevic said in the government of Serbia that 2016 is the best economic year in the past 25 years. 

- I could compare 2016 to, let's say, 1990. Based on the data of the first 11 months, the Gross Domestic Product growth was precisely 2.744 percent. It may be even higher in January when we get the data for December 2016 - said Kovacevic on the yearly press conference about economic movement estimates in Serbia in 2016.

He said that, even though there is still no data for December 2016, the estimate is for the entire 2016 based on the current available data.  

- Foreign direct investments grew according to the balance of payment of National bank of Serbia and they will reach 2 billion euros this year - said Kovacevic.

It is estimated that earnings without taxes and contributions in 2016 compared to 2015 are nominally higher by 3.7 percent and really by 2.5 percent.

Agricultural production in 2016 compared to 2015 recorded a growth of physical volume by 8.1 percent, which was a great year.

Also, it is estimated that industrial production in 2016 had physical volume growth of 4.3 percent compared to the previous year, which was also a record year, said Kovacevic.

It is estimated that the value of construction works in 2016 recorded real growth of 6.0 percent compared to the previous year.

Turnover in retail trade recorded real growth of a record 7.8 percent, while turnover in wholesale trade recorded a growth of 0.9 percent in current prices.

- Revival of traffic comes thanks to the revival of production and the resurgence in household income. This revival is apparent in average wages, as well issuing loans to citizens and businesses - pointed Kovacevic.

In the sector of accommodation and food services in 2016 recorded real growth of 7.4 percent, while the number of overnight stays from tourists was increased by 13.5 percent compared to the previous year.

Transportation and warehousing sector had the physical volume growth of 8.1 percent, the telecommunications sector rose by 1.3 percent.

Estimated foreign trade in euros in 2016, compared to 2015, shows that exports increased by a record 9.9 percent and import growth by 4.4 percent.

The employment rate in the third quarter of 2016 amounted to 46.8 percent, and the unemployment rate is 13.8 percent. 

According to Kovacevic, average prices in 2016 compared to last year recorded a growth of 1.2 percent. 

It is estimated that the annual inflation rate is 1.6 percent. 

(Telegraf.co.uk / Tanjug)