Realistic Serbia’s GDP growth of 2,6% in 2013

Serbia transferred to new methodology of national accounts, ESA 2010, according to which realistic GDP growth in 2013 compared to previous year, totaled - 2,6%and nominally 8,2%, the Republic Statistical Bureau announced.

According to preliminary results of 2013 calculation, gross domestic product totaled in current prices RSD 3.876,4 billion (EUR 25,21billion). As of September, Serbia moved to the new methodology of national accounts along with the EU member-states.

Essential condition to move to new methodology, as it was announced, is the existence of consistent time series of data on gross domestic product (GDP) calculated inline with ESA 2010, starting from 19995.

Therefore, the Republic Statistical Bureau carried out the audit of the data published so far for the period 1997-2012 and for the first time calculated GDPfor 1995 and 1996, as well as calculation of previous results for 2013.

Calculations in current prices through implementation of new sources and scope improvement have significantly improved. In stable prices, double deflation as of 2005 was implemented, a method which is a current standard in EU member-states and is recommended by the international organizations.

One of the results of this audit is set up of balance between production and expenditure aspect of GDP in current and stable prices, in the entire timeline series;it was stated in the announcement of the Republic Statistical Bureau.