Serbia’s economy shrank 6.4 percent year-on-year in the second quarter of 2020, after expanding an upwardly revised 5.1 percent in the previous period. It was the steepest contraction since the last quarter of 1999, amid lockdown restrictions due to the coronavirus pandemic. Household consumption plunged 8 percent, after growing 3.2 percent in the first quarter of the year; and gross fixed capital formation slumped 11.9 percent, following a 10.8 percent expansion. In addition, government spending growth slowed (8.9 percent vs 11.8 percent in Q1). Exports of goods and services tumbled 20.7 percent (vs 3 percent in Q1) and imports declined 19.3 percent (vs 8.1 percent in Q1). On a seasonally adjusted quarterly basis, the GDP shrank 9.2 percent, the most since the second quarter of 1999, following a 0.5 percent decline in the prior period.
GDP Annual Growth Rate in Serbia averaged 3.16 percent from 1997 until 2020, reaching an all time high of 26.20 percent in the second quarter of 2000 and a record low of -21.50 percent in the second quarter of 1999. This page provides - Serbia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Serbia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Statistical Office of the Republic of Serbia
GDP Annual Growth Rate in Serbia is expected to be -4.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Serbia to stand at 4.50 in 12 months time. In the long-term, the Serbia GDP Annual Growth Rate is projected to trend around 1.20 percent in 2021 and 2.70 percent in 2022, according to our econometric models.