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NBS: Drop in economic activity in final quarter of 2010

02. February 2011. | 10:24

Source: Tanjug

After a significant GDP growth in the third quarter, current macroeconomic data is pointing towards a drop in economic activity in the last quarter of 2010, the National Bank of Serbia (NBS) said in a release.

After a significant GDP growth in the third quarter, current macroeconomic data is pointing towards a drop in economic activity in the last quarter of 2010, the National Bank of Serbia (NBS) said in a release.

The trend is, in large part, a consequence of the drop in the processing industry and agricultural output, as well the lower production and distribution of electricity.

According to deseasonalized data, industrial output was up 1.1 percent in December, but dropped 0.8 percent compared to the same month last year.

The year-to-year drop comes mostly as a consequence of the eight percent drop in the production and distribution of electricity, gas and water.

According to the official data of the state Statistical Office, industrial output grew 2.9 percent in 2010 from the previous year, while the processing industry gained 3.9 percent.

Retail turnover of goods was up 6.7 percent in December compared to the same month one year earlier. On an annual level, retail turnover dropped 0.9 percent in 2010 compared to 2009.

Export of goods continued growing in December - measured in euros, it recorded a 42.5 percent surge from a year before. At the same time, year-to-year import rose 19 percent.

The deficit in the trade of goods decreased 5.7 percent in 2010 compared to 2009. Export of goods rose 24 percent in 2010, while import rose 9.7 percent.

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