Source: eKapija | Monday, 03.08.2020.| 09:17
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Serbia Second Fastest Growing Economy in Europe in 2Q

Illustration (Photo: eivanov/
Serbia recorded a slight GDP growth of 0.1% in June, which, according to the flash estimate of the Ministry of Finance, ended the second quarter with a drop in GDP of 6.5%, which are much better results than expected, Serbian Prime Minister Ana Brnabic said this Sunday, August 2.

At the press conference dedicated to macroeconomic indicators in Serbia, Brnabic said that it is a great thing for the economy and citizens, since this result was achieved in extremely difficult circumstances when the whole world suffers and when many economies, including the strongest ones, have a decline of double-digit percentage, the Government of Serbia says on its website.

– Despite the crisis, Serbia has a stable number of employees in the second quarter of this year, and compared to the same period last year, there is an increase of 1.6% – the prime minister said, adding that she encourages how the labor market behaves, since this is the greatest crisis the world remembers.

According to her, the economy of Serbia in the first quarter was the fastest growing in Europe with a growth of 5%, followed by Ireland, Turkey, Romania, Montenegro, Lithuania.

In the second quarter of this year, as she pointed out, Serbia is the second fastest growing economy in Europe, Lithuania was better than Serbia in that period, it had a smaller decline of 3.1%, followed by Latvia with 9.6%.

– We have not had any cancellations of foreign direct investments and it is encouraging that in September and October we will have the laying of the foundation stone for new plants. All indicators show that, if we continue like this, we will have a good result – said the prime minister.

She also said that in the second quarter of 2020, 72% of surveyed companies increased or kept their investments at the same level, almost 56% plan to invest in the third quarter, and as many as 65% plan to increase the volume of investments in the third quarter compared to the second quarter.

According to her, in that sense, the state has additional support programs that are being worked on, including the program "My first salary", additional retraining, construction of regional training centers instead of training centers, as well as expanding the scope of seasonal employment reforms, which, as she says, has given excellent results in agriculture.

– This will accelerate the progress, but it also depends on the recovery of the EU's economy, primarily Germany and Italy – Brnabic said.
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