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Serbia: One of Fastest Growing Economies

Published: January 8, 2014; 11:53 · (Vindobona)

Last year Serbia was among the ten fastest growing economies in Europe, as pointed out by Deputy Prime Minister Aleksandar Vucic.

Serbia: One of Fastest Growing Economies / Picture: © Vindobona.org

In 2013 Serbia was among the top ten of European countries in regard to GDP growth, which, according to Vucic, amounted to 2.4 percent. Real year-on-year GDP growth has been revised upwards for all three quarters of the year – from 2.7 percent to 3.0 percent in the first quarter, from 0.2 percent to 0.6 percent in the second quarter and from 3.2 percent to 3.7percent in the third quarter.

According to the Deputy Prime Minister Vucic, Serbia could considerably improve its economic situation by the successful realization of the planned projects this year. In regard to data of the unemployment rate, published by the statistical office, which dropped from 25.5 percent in April 2013 to 20.1 percent at the end of December, Vucic expressed his doubts that the figures were correct and said that more persons than projected are currently looking for a job.

However, the drop in unemployment was the result of policital stability, according to Vucic, and the authorities’ determination to tackle the grey economy as well as investments made by major manufacturing enterprises.

This year’s draft budget is, according to Prime Minister Ivica Dacic, the opportunity for a new beginning and a turning point in a responsible approach to running the Serbian economy. During the presentation of the budget earlier last month, Dacic said the draft budget covered all aims claimed by the government. Dacic pointed out that mistakes have been made in the past. "In the years behind us, this seemingly simple task was not done in the right way, and we feel the consequences of that even today, and that is why the government is now determined not to repeat such mistakes again, and the government reshuffle also proves that," he said.

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