Statistical Office: GDP of Serbia Drops 1.1% in 2020

The total economic activity of the Republic of Serbia in 2020, measured by the real movements of the Gross domestic product (GDP), was estimated to have made the real fall of 1.1% when related to 2019, the Statistical Office of the Republic of Serbia announced. In 2020 gross fixed capital formation recorded the real fall equaling 2.8% in comparison to 2019.

In 2020 industrial production expressed the physical volume growth of 0.2% if related to 2019. In 2020 agricultural production made the physical volume growth of 4.4% when related to 2019.

The value of construction works carried out in 2020 recorded the real fall of 4.3% in comparison to 2019.

Retail trade turnover expressed real growth equaling 5.0%, while for the wholesale trade turnover recorded was fall by 6.1% in nominal terms.

For the section of accommodation and food service activities the real fall equaling 26.8% was estimated, while the number of tourist overnight stays fell by 37.5% when related to 2019.

For the section of transportation and storage estimated was physical volume fall of 33.4%, and the division of telecommunications expressed growth of 15.1%.

When 2020 is related to 2019, external trade in goods expressed in euros indicated the fall of exports by 3.5%, and the fall of imports by 3%.

According to the data of the Labor Force Survey, the rate of employment was recorded to increase, and the rate of unemployment was noted to decrease. The rate of employment in the third quarter 2020 equals 49.9%, and the rate of unemployment 9%.

When 2020 is related to 2019, taxes and contributions deducted salaries and wages increased by 9.4% in nominal terms, and by 7.7% in real terms.

The estimated annual inflation rate equals 1.2%.

Republički zavod za statistiku

economic activity in Serbia in 2020

economic activity

gross domestic product

GDP

gross fixed capital formation

agricultural production

industrial production

value of construction works

exported construction works

retail trade turnover

wholesale trade turnover

retail

wholesale

accommodation

food services

number of overnight stays

transport

storage

telecommunications

foreign trade

external trade

labor force

workforce

employment

unemployment

salaries

inflation