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The Government of the Republic of Serbia

In the service of citizens

Salaries up in March, prices remain stable

Belgrade, 30 April 2004

Serbia’s prices remained stable in March, with the cost of living edging up 0.5 percent and monthly salaries rising 1.6 percent, said Serbian Minister of Trade, Tourism and Services Bojan Dimitrijevic.

Consumer purchasing power continued to grow in March, said Dimitrijevic, adding that monthly salaries in industrial sectors increased by 3.3 percent, while non-industrial sectors reported a 0.3 percent raise in salaries.

Citizens needed 0.89 average monthly salaries to cover the minimum consumer price basket which increased by 0.76 percent, to 11,431 dinars. At the same time, 1.43 salaries were required to cover the average consumer price basket which inched up 0.8 percent, to 18,507 dinars.

Stressing that the country’s industrial production in March increased by an encouraging 11.7 percent from a month earlier, the Minister said he expects good results in agriculture to push GDP growth to six percent this year, compared with a GDP growth of between two and three percent in 2003.

Serbia’s retail prices edged up 0.8 percent in April following a 0.4 percent increase in March. If the same trend continues into the second half of the year, the annual inflation rate will stand at some eight percent, in line with the government’s projections and the agreement with the International Monetary Fund (IMF), said Dimitrijevic.