GDP (Pixabay)
On May 15, the European Bank for Reconstruction and Development (EBRD) announced that it has revised its estimate for Serbia’s 2024 gross domestic product growth rate from 2.5 to 3.5 percent. The forecast, it was said, is based on the strong growth of the country’s industrial output as well as on its retail economy and tourism.
The EBRD further predicted that Serbia’s BDP growth will reach four percent in 2025.
The statement specified that the previous 2.5 growth forecast for 2024 was done in September of last year, while the revised figure reflects Serbia’s significant economic development over the past five months – caused by domestic demand and investments financed by the European Union, and also in part by the reduced inflation and the country’s relatively mild fiscal policy.
These estimates were included in the EBRD’s latest report on regional economic perspectives, which also predicts that growth in the Western Balkans will drop from 3.4 percent in 2022 to 2.5 percent in 2023, since the consistently high inflation rate is holding back domestic demand and suppressing demand in the EU.
The predicted leap of Serbia’s BDP to four percent in 2025 is based on an expected increase in household expenditures and public investments, coupled with a further drop in inflation and the fact that preparations for Belgrade international EXPO 2027 are gaining momentum.
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