Serbia's annual GDP down 1.8 percent

BELGRADE -- Serbia's GDP at constant prices in 2014, obtained as the sum of four quarters, decreased by 1.8 percent, compared to 2013, the Statistical Office said.

The real fall by quarters in 2014, compared to the same quarters of the previous year, equaled to: the first quarter 0.2 percent, the second quarter 1.2 percent, the third quarter 3.8 percent and the fourth quarter 1.8 percent.

According to seasonally adjusted GDP data, the economic performance increased by 0.4 percent in the fourth quarter of 2014, as compared to the previous quarter.

Observed by activities, in the fourth quarter of 2014, compared to the same quarter of the previous year, significant real fall in the gross value added was recorded in the sector of industry and water supply, sewerage, waste management and remediation – 9.0 percent and the section of wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage and accommodation and food service activities – 1.3 percent.

Significant real growth in the gross value added was recorded in the section of construction – 8.5 percent.

At the same time, Serbia's industrial production in January 2015 went down by 2.4 percent compared to January 2014, and 8.6 percent in relation to the 2014 average.

Observed by sections, January 2015 compared to January 2014 recorded a downward trend in the sectors of mining and quarrying (18 percent), and electricity, gas, steam and air conditioning supply (13.6 percent), while the manufacturing sector noted a growth of 5.3 percent.

The industrial production volume in January 2015, compared to January 2014, expressed the following trends: fall in 15 divisions that amount to 54 percent of the industrial production, and growth in 14 divisions that amount to 46 percent of industrial production.

The main causes of industrial production fall in January 2015 compared to January 2014 are generation of electricity, mining of coal, mining of metal ores, manufacture of motor vehicles and trailers and manufacture of chemicals and chemical products.