EBRD lowers projected economic growth

The European Bank for Reconstruction and Development (EBRD) has lowered its projections of Serbia's economic growth to 1.4 percent in 2013.

Izvor: Tanjug

Wednesday, 13.11.2013.

14:26

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LONDON The European Bank for Reconstruction and Development (EBRD) has lowered its projections of Serbia's economic growth to 1.4 percent in 2013. EBRD also projected a1.7 percent growth in 2014, adding that Belgrade faces many challenges. EBRD lowers projected economic growth Thanks to export, the Serbian economy recorded a GDP growth of 2.7 percent in the first quarter, but only 0.2 percent in the second. Fiscal problems and a high level of uncollectible loans (20 percent of all credits) are affecting Serbia's economy seriously, according to a statement on the EBRD website. Serbia is getting both positive and negative results this year, the EBRD said. The data from the first six months indicate that export stimulated economic recovery, mostly because of the revival of the automotive industry and a good harvest. Inflation has slowed down significantly in the last few months and is now within the central bank's target tolerance band. There are numerous fiscal issues, and the IMF expects the 2013 budget deficit to be between 7 and 8 percent of GDP. The public debt has reached 60 percent of GDP and continues to grow. The EBRD stated in its May projections the economic growth would be 2.2 percent in 2013 and 1.9 percent in 2014, following a negative growth of 1.7 percent in 201 Tanjug

EBRD lowers projected economic growth

Thanks to export, the Serbian economy recorded a GDP growth of 2.7 percent in the first quarter, but only 0.2 percent in the second.

Fiscal problems and a high level of uncollectible loans (20 percent of all credits) are affecting Serbia's economy seriously, according to a statement on the EBRD website.

Serbia is getting both positive and negative results this year, the EBRD said. The data from the first six months indicate that export stimulated economic recovery, mostly because of the revival of the automotive industry and a good harvest.

Inflation has slowed down significantly in the last few months and is now within the central bank's target tolerance band.

There are numerous fiscal issues, and the IMF expects the 2013 budget deficit to be between 7 and 8 percent of GDP. The public debt has reached 60 percent of GDP and continues to grow.

The EBRD stated in its May projections the economic growth would be 2.2 percent in 2013 and 1.9 percent in 2014, following a negative growth of 1.7 percent in 201

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