The Gross Domestic Product (GDP) in Serbia expanded 1.70 percent in the first quarter of 2021 over the same quarter of the previous year. source: Statistical Office of the Republic of Serbia

GDP Annual Growth Rate in Serbia averaged 3.06 percent from 1997 until 2021, 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 July of 2021.

GDP Annual Growth Rate in Serbia is expected to be 6.50 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 2.20 in 12 months time. In the long-term, the Serbia GDP Annual Growth Rate is projected to trend around 3.70 percent in 2022, according to our econometric models.

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Serbia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.70 -1.10 26.20 -21.50 1997 - 2021 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2021-02-01 11:00 AM YoY Flash Q4 -1.3% -1.4% -1.5%
2021-03-01 11:00 AM YoY Q4 -1.1% -1.4% -1.3%
2021-05-05 10:00 AM YoY Flash Q1 1.2% -1.1%
2021-05-31 10:00 AM YoY Final Q1 1.7% -1.1% 1.2%
2021-08-31 10:00 AM YoY Q2 1.7%
2021-11-30 11:00 AM YoY Q3

News Stream
Serbia Economy Contracts Less than Initially Thought
Serbia's gross domestic product shrank by 1.1 percent from a year earlier in the fourth quarter of 2020, below a preliminary estimate of a 1.3 percent decline and following a 1.4 percent contraction in the previous period. Household consumption (-2.7 percent vs -1.1 percent) and fixed investment (-4.1 percent vs -4.5 percent) continued to decrease, while government spending rebounded (4.6 percent vs -1.1 percent). Meantime, exports rose 2.1 percent (vs -8.3 percent in Q3) while imports went up at a much slower 0.8 percent (vs -2.6 percent in Q3). On a seasonally adjusted, the economy grew 2.2 percent, slowing from a 7.2 percent expansion in the previous quarter.
Serbia GDP Contracts at Softer Pace in Q3
Serbia's gross domestic product shrank by 1.4 percent from a year earlier in the third quarter of 2020, easing from a sharp contraction of 6.3 percent seen in the previous period due to the coronavirus crisis. Household final consumption expenditure dropped at a softer pace (-0.9 percent vs -8.2 percent in Q2) as well as fixed investment (-5.5 percent vs -12.9 percent). Meanwhile, public spending fell 1.0 percent, after an 8.5 percent growth in the previous three-month period. Net external demand also contributed negatively to the GDP as exports plunged 8.5 percent and imports dropped at a slower 2.7 percent.
Serbia Economy Contracts the Most in Nearly 21 Years
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.

Serbia GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of Serbia's GDP and accounts for 76 percent of its total use, followed by gross fixed capital formation (17 percent) and government expenditure (18 percent). Exports of goods and services account for 44 percent of GDP while imports account for 54 percent, subtracting 10 percent of total GDP.