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Raiffeisenbank releases new economic report on Serbia

SerbiaPosted by Chambers of Commerce Sweden - Southeast Europe Sat, February 20, 2010 23:48:00

Below are some highligts from the fresh report that members can download here.

- The IMF completed the second review of Serbia’s economic performance enabling Serbia to draw second SBA’s tranche (EUR 349.6 mn).

- CPI finished 2009 slightly above the lower level of the targeted range (6 10%) hitting 6.6% yoy whilst RPI hit 10.4% yoy.

- Real GDP (in price of 2002) declined by 2.3% yoy in 3Q 09. Serbia is the country with the lowest negative yoy growth in 3Q 09 in CEE. Industrial production fell by 4.2% yoy in November.

- Unemployment rate reached 16.6% in October 2009 giving an increase of 2.6 percentage points yoy. The average monthly net wage paid in November 2009 amounted to EUR 333.

- CA reached EUR 165.8 mn in November whilst it nose dived by 71.3% yoy hitting EUR 1.6 bn in Jan Nov 09. External trade volume reached EUR 15.6 bn in Jan Nov 09 slumping by 26.3% yoy.

- Budget realisation made savings of RSD 10.2 bn in 2009, being doubled yoy coming to RSD 95.3 bn. External debt swelled by EUR 137 mn mom in November to EUR 22.0 bn.

- NBS slashed the key interest rate, 2 week repo, by 50 bps, down to 9.5%. FCY savings hit all time record at EUR 5.74 bn.

- According to Credit Suisse statistics, Serbian 5:year CDS traded levels declined by some 10 bps in previous one month period coming to 347 bps. NBS was forced to intervene on FX market selling EUR 100.5 mn.

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