Serbia’s gross domestic product of Serbia grew 5 percent in the first quarter of 2020, compared to the same period for 2019, according to the Statistical Office of the Republic of Serbia. However, seasonally adjusted data also revealed a decline of 0.6 percent in Q1 compared to the fourth quarter of 2019 and an overall fall is anticipated for 2020.
The biggest growth in gross value in Q1 was added by the construction sector (19.6 percent), communications (11.8 percent) state administration and compulsory social security, education, health, and social protection (11.8 percent). For the same period, household expenditures grew 3.2 percent y-o-y while government expenditures rose 12 percent. Meanwhile, gross fixed capital formation grew by 10.7 percent, exports of goods and services rose by 3.1 percent and imports of goods and services by 8.3 percent.
