GDP drops 1.6 percent, unemployment rate down

GDP drops 1.6 percent, unemployment rate down

BELGRADE -- Real year-on-year drop in Serbia's GDP in the fourth quarter of 2014 was 1.6 percent, the national statistical office has stated.

The calculation of the fourth quarter GDP, which is more detailed and compiled at lower levels of aggregation by deflation method, will be published in statistical release Quarterly GDP on February 27, it has been announced.

At the same time, the total foreign trade in 2014 reached EUR 26.68 billion - 0.8 percent more year-on-year.

The Statistical Office data shows that trade deficit went down 2.3 percent in this period, to reach EUR 4.36 billion.

The Ministry of Finance announced on Friday that the country's public debt at the end of 2014 amounted to EUR 22.76 billion - 70.9 percent of GDP.

The Statistical Office also said today that unemployment rate in the last quarter of 2014 totaled 16.8 percent and was by 0.8 percent lower relative to the third quarter of the year.

Employment rate was down to 40.4 from 40.6 percent in the third quarter, while informal employment rate in the fourth quarter of 2014 was up 0.8 percent relative to the previous quarter.

In 2014, unemployment rate totaled 20.8 percent in Q1, 20.3 percent in Q2, and 17.6 percent in Q3 quarter, shows the workforce survey carried out in the fourth quarter of 2014 with participation of some 10,500 households in Serbia.