Serbia’s real GDP grows by 4% in Q2 2024
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Loading... - Willow Cook
- 06 Sep 2024
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Serbia's real GDP grew by 4% in the second quarter of 2024 compared to the same period in the previous year, as reported by the Republic Institute of Statistics on September 2. This growth rate, while slightly below the initial flash estimate of 4.2%, reflects the country's robust economic performance amidst a challenging global environment. Additionally, the data showed a 0.8% increase in GDP from the first quarter of 2024, indicating steady economic momentum.
The construction sector was a significant contributor to this growth, posting a 7.2% year-on-year expansion. The wholesale and retail trade sector, along with motor vehicle repair, transport, storage, accommodation, and catering services, also demonstrated strong performance with a 7.1% increase, highlighting the strength of consumer demand and ongoing infrastructure development.
The public sector, including healthcare, education, state administration, and social security, experienced a 4.4% rise in gross value added, indicating stable investment in public services and consistent demand from the population.
However, the agriculture, forestry, and fishing sector faced challenges, registering a notable 4.1% decline in gross value added compared to the previous year. This sector's downturn points to ongoing difficulties, possibly due to unfavorable weather conditions and structural inefficiencies within the industry.
