NBS: GDP projection for 2020 from -1.5 to -1 pct, one of best results in Europe

Source: N1

The National Bank of Serbia (NBS) revised the GDP growth projection for 2020, putting it at -1.5 to -1 percent, which would be "one of the best results in Europe," the Bank has said on its website on Wednesday.

It added the result was made possible primarily by the timely and adequate economic support to the domestic corporate sector and financial stability. 

“We expect more than full recovery from the crisis next year, with the GDP growth rate of around percent,” the Bank said.

It added that “favourable trends even during the pandemic are supported primarily by the faster than anticipated recovery of investments.”

“In line with our expectations, external imbalances narrowed – in the first nine months, the current account deficit was lower by 15 percent y-o-y, and was fully covered by the net Foreign Direct Investments (FDI( inflow, which remained solid even amidst the pandemic,” NBS said.

It added that “as in the past seven years, inflation in Serbia is low and stable, even during the pandemic. It will continue to move in the lower half of the target band, and will be closer to the lower bound of the target in the remainder of this and during next year.”

For the full statement, click here.