Serbian economy exits recession - Industrial production in Q1 2013 up 5.2 percent

The Serbian Ministry of Finance and Economy stated today (6 May 2013) that there had been a rise in industrial production and the GDP in the first three months of 2013, meaning that Serbia’s economy had formally exited recession, it was announced on the Serbian government's website.
According to the data provided by the Serbian Statistics Office, industrial production grew 5.2% in the first three months of this year, which contributed to a modest GDP growth of 1.9%.

In that way, Serbia’s economy has formally exited recession after struggling the entire last year, when there was a drop in the GDP in all four quarters.

Production in the automotive industry almost trippled during the first three months of this year, when a high growth rate was also achieved in the production of oil derivatives, chemical industry, pharmaceutical industry, tobacco industry, textile industry and furniture production.

In the first quarter of 2013 domestic exports rose 22% from the same period last year, whereas imports almost stagnated, which has led to a fall in the foreign trade deficit by a fourth.

As it was announced, exports in March hit a record high of EUR 857 million.

Ministarstvo finansija Republike Srbije

Vlada Republike Srbije

Republički zavod za statistiku Beograd

Finance Ministry

industrial production

recession

industrial production 2013

GDP

gross national product

Republic Statistics Office

automotive industry

tobacco industry

chemical industry

textile industry

exports

imports

foreign trade deficit

car exports

reindustrialization