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Economic recovery in third trimester faster than expected

07. January 2011. | 06:16

Source: Tanjug

In the third trimester of 2010 economic activity in Serbia recovered faster than it was expected, the National Bank of Serbia (NBS) released underlining that GDP increased by 2.7 percent according to the year-to-year data.

In the third trimester of 2010 economic activity in Serbia recovered faster than it was expected, the National Bank of Serbia (NBS) released underlining that GDP increased by 2.7 percent according to the year-to-year data.

The sector of transportation and communications, trade, processing industry and financial intermediation gave greatest contribution to GDP growth.

According to the deseasonalized data, industrial production marked a 1.1 percent drop in November 2010, while in comparison to the same month of 2009 the industrial production was 0.5 percent lower.

The drop in industrial production is the result of the decrease in the production and distribution of electric energy, gas and water by 11.4 percent.

The deseasonalized data show that the processing industry registered a 0.4 percent increase in November 2010. The year-to-year data show a 2.1 percent rise in processing industry, which was achieved thanks to the increase in the production of electric devices and appliances, and tobacco.

In the first 11 months of 2010, the commodity deficit was lower in comparison to the same period in 2009. During this time, export of goods increased by 22.3 percent, and import by 8.8 percent.

The data are in line with the NBS projections that this year's GDP growth will amount to 1.5 percent, the NBS released.

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