The real GDP growth in the fourth quarter of 2023, compared to the corresponding period of the previous year, amounted 3.8%.
According to seasonally adjusted GDP data, gross domestic product increased by 0.9% in the fourth quarter of 2023, compared to the previous quarter.
The real GDP growth in 2023, obtained on the basis of quarterly calculation, amounted to 2.5%, compared to the previous year. The annual GDP growth rate, as a result of the annual calculation, will be published on October 1, 2024 in statistical release Gross Domestic Product, 2023.
Observed by activities, in the fourth quarter of 2023, compared to the same quarter of the previous year, significant real growth in the gross value added was recorded in the section of agriculture, forestry and fishing – 7.7%, the section of wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage and accommodation and food service activities – 3.4% and the section of construction – 7.4%.
Observed by expenditure aggregates, in the fourth quarter of 2023, compared to the same quarter of the previous year, real growth was noted as follows: the household final consumption expenditure – 2.5%, the non-profit institutions serving households (NPISH) final consumption expenditure – 3.4%, the general government final consumption expenditure – 5.9%, the gross fixed capital formation – 5.2%, the exports of goods and services – 0.3% and the imports of goods and services – 4.2%
1. Quarterly Gross Domestic Product, real growth rates
| 2022 | 20231) | |||||||
|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | |
| Non-seasonally adjusted growth rates, compared to the same quarter of the previous year | 4.5 | 4.0 | 1.2 | 0.8 | 0.9 | 1.6 | 3.6 | 3.8 |
| Seasonally adjusted growth rates, compared to the previous quarter | 0.1 | 0.7 | -0.7 | 0.7 | 0.2 | 1.3 | 1.4 | 0.9 |
2. Quarterly Gross Domestic Product, at current prices
| 20231) | ||||
|---|---|---|---|---|
| I | II | III | IV | |
| A AGRICULTURE, FORESTRY AND FISHING | 87708.0 | 94558.5 | 118922.7 | 125455.2 |
| B-E - Mining and quarrying; Manufacturing; Electricity, gas and steam supply; Water supply, sewerage, waste management and remediation activities | 398867.5 | 410183.6 | 415961.1 | 455926.5 |
| F CONSTRUCTION | 77144.2 | 114313.6 | 127725.8 | 148205.8 |
| G-I - Wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Accommodation and food service activities | 287919.3 | 311668.9 | 331912.9 | 346247.7 |
| J INFORMATION AND COMMUNICATION | 99332.7 | 110424.5 | 109958.6 | 116483.9 |
| K FINANCIAL AND INSURANCE ACTIVITIES | 60075.7 | 66307.1 | 64363.7 | 68013.7 |
| L REAL ESTATE ACTIVITIES | 141474.3 | 146026.3 | 148364.1 | 149980.7 |
| M-N - Professional, scientific and technical activities; Administrative and support service activities | 104276.9 | 125313.3 | 133231.2 | 133478.8 |
| O-Q - Public administration and defence; compulsory social security; Education; Human health and social work activities | 207552.3 | 235120.1 | 229286.7 | 268225.7 |
| R-T - Arts, entertainment and recreation; Other service activities; Activities of households as employers | 38102.9 | 42057.9 | 50516.4 | 50758.5 |
| Gross value added (GVA) | 1502453.9 | 1655973.7 | 1730243.2 | 1862776.4 |
| Taxes less subsidies on products | 286209.3 | 369383.7 | 365370.3 | 378075.9 |
| Gross domestic product (GDP) | 1788663.2 | 2025357.5 | 2095613.5 | 2240852.3 |
3. Quarterly Gross Domestic Product, real growth rates, compared to the same period of the previous year
| 20231) | ||||
|---|---|---|---|---|
| I | II | III | IV | |
| A AGRICULTURE, FORESTRY AND FISHING | 8.6 | 7.3 | 8.9 | 7.7 |
| B-E - Mining and quarrying; Manufacturing; Electricity, gas and steam supply; Water supply, sewerage, waste management and remediation activities | 2.2 | 0.6 | 3.4 | 2.7 |
| F CONSTRUCTION | -1.6 | 14.8 | 13.0 | 7.4 |
| G-I - Wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Accommodation and food service activities | -1.2 | -2.8 | 1.7 | 3.4 |
| J INFORMATION AND COMMUNICATION | 9.2 | 10.0 | 6.3 | 6.5 |
| K FINANCIAL AND INSURANCE ACTIVITIES | 2.2 | 2.4 | 2.3 | 3.6 |
| L REAL ESTATE ACTIVITIES | 0.8 | 0.7 | 0.5 | 0.3 |
| M-N - Professional, scientific and technical activities; Administrative and support service activities | 5.6 | 5.2 | 4.3 | 3.9 |
| O-Q - Public administration and defence; compulsory social security; Education; Human health and social work activities | -4.4 | -1.1 | 2.1 | 4.5 |
| R-T - Arts, entertainment and recreation; Other service activities; Activities of households as employers | 6.0 | 6.5 | 5.1 | 4.9 |
| Gross value added (GVA) | 1.2 | 2.0 | 4.2 | 4.2 |
| Taxes less subsidies on products | -1.2 | -0.1 | 0.9 | 1.6 |
| Gross domestic product (GDP) | 0.9 | 1.6 | 3.6 | 3.8 |
More tables for this topic:
Methodological explanations
Methodological explanations of quarterly calculations could be found on the SORS website (https://www.stat.gov.rs/en-us/istrazivanja/methodology-and-documents/?a=09&s=090202).
Time series at current prices, previous year prices and chain linked volume measures (reference 2015 year) and seasonally adjusted GDP calculations from the first quarter 1995 are available on the SORS website, in the database (https://data.stat.gov.rs/?caller=090202&languageCode=en-US).
Starting from 1999 the Statistical Office of the Republic of Serbia has not at disposal and may not provide available data relative to AP Kosovo and Metohia and therefore these data are not included in the coverage for the Republic of Serbia.