Serbia GDP Increases by 5.7% Last Year against 2005

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Serbia GDP Increases by 5.7% Last Year against 2005

Director of the Serbian Statistical Office Dragan Vukmirovic has stated that gross domestic product (GDP) stood at RSD 1,273, 211.9 million, which is a 5.7% growth against 2005. The biggest growth rate was seen in the sectors of transport, financial mediation and trade, ie. 28.5%, 14% and 10.5% respectively.

The data of the Serbian Statistical Office was obtained through a poll on household consumption, which has been carried out since 2003 according to international standards and recommendations of EUROSTAT, the average monthly available funds in 2006 amounted to RSD 35,263, Vukmirovic said.

In 2006, households from city areas had the average monthly income of RSD 37,395, and households from other areas RSD 32,205. The income mainly consisted of salaries (45.1%) and pensions (24.5%). The greatest part of income was spent on food and non-alcoholic beverages (39%).
 
In March this year, retail prices of goods and services increased by 0.8% in relation to the previous month, and 1.2% in relation to December 2006. Costs of living in March 2007 increased by 0.4% against the previous month and by 0.6% against December 2006.
 
Vukmirovic said that prices of agricultural products rose by 0.9%, prices of beverages by 0.5% and tobacco by 1.2%, while the prices of industrial food products on average remained at the same level. The prices of non-industrial products in March 2007 rose by 1.1%, including oil derivatives, while the prices of other products did not change significantly.
 
Concerning foreign trade in the period from January to February 2007, Vukmirovic said that it totalled $3,352.1 million, up 47.3% compared to the same period last year. Exports stood at $1,106.5 million, up 50.8% compared to the same period last year, while imports totalled $2,245.6 million, a 45.6% increase in relation to the same period last year.

The trade deficit for the period January-February 2007 stood at $1,139.1 million, up by 40.8% against the same period last year, Vukmirovic said and added that the exports-to-imports ratio was 49.3%, showing a mild rise against the same period last year, when it stood at 47.6%.

Major importers of goods from Serbia were Italy ($171.1 million), Germany ($114.8 million) and Bosnia-Herzegovina ($114.3 million). The largest exporters to Serbia were Russia ($361.8 million), the European Union ($241.9 million) and Italy ($174.8 million).

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