Bloomberg News

Serbian GDP Expands Final 2.4% on Year in the Second Quarter

September 30, 2011

(Adds industrial breakdown beginning in second paragraph.)

Sept. 30 (Bloomberg) -- Serbia’s gross domestic product expanded 2.4 percent in the second quarter from a year earlier, final figures show, higher than the flash estimate of 2.2 percent for the period.

Mining quarrying grew the most, by 17.5 percent, while activity in the electricity and gas industries expanded 13 percent. Inflation and Communications rose 9.9 percent and construction expanded 7 percent, its second positive reading in the past three quarters.

Agriculture activity was flat and the biggest decline of 4.6 percent was seen in the trade sector, the Belgrade-based Statistics Office said.

The office also raised the first-quarter growth to 3.7 percent from 3.4 percent. Seasonally adjusted numbers, used to compare activity with the previous quarter, showed the economy contracting 0.1 percent.

The International Monetary Fund has lowered Serbia’s 2011 full-year economic growth to 2 percent from 3 percent, with GDP expected to expand 3 percent in 2012, down from an originally forecast 4.5 percent, due to the global economic slowdown.

--Editor: James M. Gomez

To contact the reporter on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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