Serbia among Europe's fastest-growing economies: report
Dec 08, 2024
Serbia [Belgrade], December 8: Serbia's economy grew by an estimated 3.8 percent year-on-year in the first ten months of 2024, placing it among the fastest-growing economies in Europe, according to the country's latest Macroeconomic Analyses and Trends (MAT) report.
The December edition of MAT, published Friday by the Chamber of Commerce and Industry of Serbia and the Economics Institute, noted that this growth was achieved despite challenges faced by key Eurozone trading partners. Serbia successfully redirected its exports to markets in China and Türkiye, offsetting reduced demand from the European Union.
"Without this strategic diversification, Serbia's goods exports would have declined in the first nine months of the year," the report said.
Serbia's foreign trade continued to improve, marking its fourth consecutive month of growth in October, with a 6.8 percent year-on-year increase, equivalent to approximately 412 million U.S. dollars.
In the first ten months of 2024, Serbian goods exports reached 2.72 billion U.S. dollars, up 4.4 percent, while goods imports amounted to 3.73 billion U.S. dollars, reflecting an 8.7 percent rise. The trade deficit widened to approximately one billion U.S. dollars, an increase of 22 percent.
Industrial production also performed well, rising by 3.3 percent from January to October. October saw a particularly strong year-on-year surge of 8.1 percent, it said.
Source: Xinhua News Agency
