Economic activity in Serbia up by 3.9 pct in 2024

BELGRADE - Measured by GDP movements, total economic activity in Serbia in 2024 grew by an estimated 3.9 pct y-o-y, the national statistical office RZS said on Monday.

Gross fixed capital formation rose by 9.2 pct in real terms y-o-y.

The physical volume of agricultural production fell by 8.8 pct, industrial production was up by 3.0 pct and manufacturing was up by 4.4 pct.

Construction works in 2024 rose by 8.6 pct in real terms y-o-y.

Retail trade turnover rose by 5.9 pct in real terms, while the wholesale trade turnover increased by 5.0 pct in nominal terms.

Y-o-y, goods exports rose by 1.7 pct and imports were up by 5.6 pct.

In the section of accommodation and food service activities, the catering industry rose by an estimated 8.3 pct in real terms, while the number of tourist overnight stays increased by 1.4 pct.

Relative to 2023, the physical volume of transportation rose by 9.3 pct, while the physical volume of the telecommunications sector dropped by 0.9 pct.

According to figures from the Labour Force Survey, the Q3 employment rate was at 51.9 pct and the unemployment rate stood at 8.1 pct.

Y-o-y, average salaries not including taxes and contributions increased by 14.2 pct in nominal terms and by 9.2 pct in real terms.

The estimated annual inflation rate is 4.3 pct, the RZS also said.