Source: Tanjug | Monday, 31.12.2018.| 09:27
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Serbian economy grows by 4.4% in 2018 – Agricultural sector grows by 16%

(Photo: Denphumi/
The overall economic activity in 2018, measured by gross domestic product (GDP) and expressed at constant prices, was estimated to reach a real growth of 4.4% when compared to 2017, according to the Statistical Office of the Republic of Serbia.

According to estimations, gross fixed capital formation in 2018, related to 2017, expressed a real growth that equals 9.1%, whereas industrial production expressed physical volume growth of 2.0% in comparison to the previous year, the Statistical Office says in its preliminary assessment of economic trends in 2018.

For agricultural production in 2018 related to 2017 a physical volume growth of 16.3% was recorded. The value of construction works carried out in 2018 noted a real growth of 10.9% in comparison to 2017.

The retail trade turnover expressed real growth of 4.5%, while the wholesale trade turnover expressed nominal growth of 9.1%.

In 2018 the section of accommodation and food service activities expressed real growth of 10.1%, while the number of tourist overnight stays increased by 12.3% when related to 2017.

For the section of transportation and storage estimated is physical volume growth of 4.9%, and for the division of telecommunications growth of 1.0%.

The estimated external trade in goods in 2018 related to 2017 and given in EUR value expressed growth of exports by 9.0% and growth of imports by 13.5%.

Based on the results of the Labor Force Survey, expressive is increased employment and decreased unemployment rate. In the third quarter 2018 the rate of employment reached 49.2% and unemployment rate equaled 11.3%.

Net salaries and wages in 2018 related to 2017, increased by 5.9% in nominal terms and by 3.8% in real terms.

Annual inflation rate was estimated to equal 2.1%.

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