Real GDP growth of Serbia 3.5% in the first quarter of 2016

The real Gross Domestic Product (GDP) growth of Serbia in the first quarter of 2016 was 3.5% relative to the same period last year, announced the Statistical Office of the Republic of Serbia.

According to the deseasonalized data, the first three-month period saw the growth of GDP by 1.6% relative to the previous quarter.

The biggest contribution to the growth of GDP was made by the construction industry, which saw the real growth of Gross Value Added (GVA) by 15% on an annual level, and the water supply and sewage management industry with a growth of 6.6%.

Worth noting is the growth in the sectors of wholesale and retail, motor car service, transport and storing and food and accommodation services which reached 4.1%.

The interannual real growth was seen in all aggregate expenditures in the first three-month period.

The final consumption expenditures of households increased by 0.7%, the final consumption expenditure of non-profit institutions serving households by 0.3%, the final consumption expenditures of the state by 3.2%, gross investments in basic funds by 7.9%, the export of goods and services by 11.5% and the import of goods and services by 4.7%, the announcement says.