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The Government of the Republic of Serbia

In the service of citizens

Serbia has highest growth rate in Europe for the first time

Belgrade, 16 July 2020

Minister of Finance Sinisa Mali assessed today, on the occasion of the latest data from the European Commission, that Serbia achieved a GDP growth of five percent in the first quarter of this year, that this is a great result and that our country has a largest growth rate in Europe.

In a live appearance on Prva TV, Mali said that we expect results for the second quarter as well, and added that our country, according to all forecasts and projections, whether by the IMF or the World Bank, will have the best result in Europe this year.

According to him, a lot of work needs to be done in order to maintain that result, but next year we will go with high growth rates of 6.5 and seven percent.

He recalled that Serbia had a budget surplus in the previous four years, and noted that a low level of public debt made it possible to support the economy with €5.1 billion at the onset of the coronavirus pandemic.

Serbia avoided the worst case scenario. We do not have mass closures of factories and dismissals of employees, which is all a consequence of responsible economic policy, the Minister underlined.

Mali pointed out that the relevant ministry, together with the Statistical Office and the Serbian Chamber of Commerce, is conducting a survey until 10 August in which more than a thousand companies will say what challenges they are facing and based on that, a projection for the 2021 budget will be made.