IT IS OFFICIAL: The decline in year of the pandemic is 1.1 percent, but that’s why salaries HAVE INCREASED
A total economic activity in Serbia in 2020, measured by real movement of the gross domestic product (GDP), recorded a decrease of 1.1 percent when compared to 2019, the Statistical Office of the Republic of Serbia announced.
Gross fixed assets investments in 2020 had a real decline of 2.8 percent.
The volume of agricultural production this year increased by 4.4 percent, while the industrial production recorded an increase in physical volume of 0.2 percent.
The value of completed works in the construction industry in 2020 is realistically lower by 4.3 percent when compared to the previous year.
The retail trade turnover achieved a real growth of five percent, while the wholesale trade turnover nominally decreased by 6.1 percent.
A real decline of 26.8 percent is estimated in the accommodation and food services sector in 2020, while the number of tourists’ overnight stays decreased by 37.5 percent when compared to 2019.
In the sector of transport and storage, a decrease in physical volume of 33.4 percent was registered, and a growth of 15.1 percent in the field of telecommunications.
Foreign trade in euros had a decline in exports by 3.5 percent and a decline in imports by three percent in 2020, when compared to the previous year.
According to the results of the Labour Force Survey, the employment rate has increased and the unemployment rate has decreased – in the third quarter of 2020, the employment rate is 49.9 percent, while the unemployment rate is nine percent.
Earnings without taxes and contributions in 2020, compared to the previous year, are nominally higher by 9.4 percent and 7.7 percent in real therms.
The annual inflation rate at the end of 2020 was 1.2 percent.