NBS: Serbian Q1 real GDP up by 4.7 y-o-y

BELGRADE - Quoting figures from the national statistical office, the National Bank of Serbia (NBS) says Serbia's real GDP growth in Q1 2024 amounted to 4.7 pct y-o-y, slightly exceeding the flash estimate of 4.6 pct y-o-y.

"Industrial production increased by 2.9 pct y-o-y in January–April 2024, on the back of the expansion in mining (6.1 pct) and manufacturing (3.9 pct), while the production in the energy sector contracted (-3.3 pct), in part due to the base effect.

Observing only April 2024, industrial production increased by 2.9 pct y-o-y, receiving impetus from manufacturing (6.6 pct y-o-y) and mining (5.3 pct y-o-y), while the energy sector saw a decline of 15.0 pct y-o-y," the NBS said in a statement.

"Within manufacturing, growth was recorded in as many as 20 out of 24 branches, with the strongest contributions coming from the production of metal products, computers and electronic products, as well as the food industry. The greatest negative contributor was the production of petroleum products, since the overhaul of Pancevo refinery extended into April.

Retail trade in April rose 11.1 pct in real terms y-o-y, while in January–April the real increase measured 8.0 pct y-o-y. In April, the total number of tourist arrivals and overnight stays increased by 7.1 pct and 9.1 pct, respectively. In January–April, the total number of tourist arrivals and overnight stays was up 9.0 pct and 6.3 y-o-y, respectively.

In terms of foreign trade developments, Statistical Office of the Republic of Serbia data indicate that April saw goods exports and imports in euros increase by 10.1 pct and 15.8 pct y-o-y, respectively. Manufacturing and agricultural exports recorded further growth, with mining exports also recovering, while on the other hand, higher import of goods is attributable to increased import of capital and consumer goods.

According to the Labour Force Survey, the unemployment rate was 9.4 pct in Q1 2024, down by 0.6 pp from Q1 2023, while in the same period the employment rate rose 1.4 pp to 50.9 pct, its highest level on record," the NBS also said.