Serbia's real gross domestic product (GDP) grew by 4% in the second quarter of 2024 (chart) compared to the same period last year, according to data released by the Republic Institute of Statistics on September 2.

Serbia’s economy remains among the fastest-growing in Europe, demonstrating resilience in the face of a challenging global economic environment. Although the growth rate slightly missed the earlier flash estimate of 4.2%, the overall figures reflect positive economic momentum.

The latest data indicates a 0.8% increase in GDP from the first quarter of 2024, highlighting a consistent upward trend in the country’s economic performance.

Key drivers of this growth include the construction sector, which posted a strong y/y expansion of 7.2%. Similarly, the wholesale and retail trade sector, coupled with motor vehicle repair, transport, storage, accommodation, and catering services, recorded a 7.1% increase, underscoring robust consumer demand and infrastructure development.

The public sector, comprising healthcare, education, state administration, and social security, showed a 4.4% rise in gross value added, suggesting stable investment in public services and consistent demand from the population.

Not all sectors fared well. The agriculture, forestry, and fishing sector experienced a significant 4.1% decline in gross value added compared to the previous year. This downturn highlights ongoing challenges, potentially stemming from unfavourable weather conditions and persistent structural inefficiencies within the sector.