Serbia: Finance minister Dinkic, economy in recession

08 August, 16:01

(ANSAmed) - BELGRADE, AUGUST 8 - Serbian Minister of Finance and Economy Mladjan Dinkic stated Wednesday that Serbia is in recession as the data showed that the GDP drop in the first quarter amounted to 1.3 percent, and 0.6 percent in the second.

Dinkic said these are preliminary data, but added that the precise figures can only be worse. The economic situation is additionally aggravated by the draught, Dinkic said, and announced measures such as a cut in procurement of fertilizers, seeds and fuel.

Speaking about the budget, Dinkic said that the deficit of the consolidated account amounts over seven percent of the GDP, while the deficit of the Republic of Serbia surpasses five percent of the GDP, and noted that the planned deficit was 4.25 percent.

Serbia's public debt amounted around 30 percent of the GDP five years ago, and today it is about 55 percent of the GDP, according to the NBS data, and 53.5 percent according to the data of the Ministry of Finance, Dinkic stated.

Dinkic said that Serbia should allocate around EUR 3.4 billion this year, and about EUR 3.6 next year, stressing that these figures have to be reduced in spite of huge needs. (ANSAmed)

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