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2018-10-08 10:30:00

SERBIA'S GDP UP AT 4.2%

SERBIA'S GDP UP AT 4.2%

IMF - An International Monetary Fund (IMF) mission, led by James Roaf, visited Belgrade during September 24 – October 4, 2018, to hold discussions on the first review under Serbia's Policy Coordination Instrument (PCI). At the conclusion of the visit, Mr. Roaf issued the following statement:

"The IMF mission held constructive discussions with the authorities and reached staff-level agreement on policies needed to complete the first review under the PCI. End-September 2018 quantitative targets are expected to have been met, and implementation of program reforms has continued, although with delays in some areas. The agreement is subject to completion of key policy actions, and approval by IMF management and Executive Board. Consideration by the Board is tentatively scheduled for mid-December.

"Strong macroeconomic performance continues. Growth accelerated in 2018 supported by private consumption and strong investment and exports. Labor market conditions continue to improve, with robust employment growth in the formal sector, declining unemployment, and private sector wages rising steadily. We project real GDP growth at 4.2 percent in 2018 and 3.5 percent in 2019. Full implementation of the structural reform agenda will further boost growth potential. Headline inflation has increased to 2.6 percent in August and is expected to remain close to the center of the inflation target range of 3 percent over 2018 and 2019.

"Fiscal performance has remained strong. The general government is projected to record a surplus of 0.6 percent of GDP this year, with capital spending execution exceeding expectations. Public debt is projected to fall below 55 percent of GDP by end-year, while yields on government securities have stabilized around record-low levels. In view of the positive fiscal results, the government has unwound the crisis-era temporary pension cuts, effective in November 2018, while ensuring that the pension bill does not increase in percent of GDP.

"The mission agreed with the authorities on the key parameters of the 2019 budget, targeting an overall fiscal deficit of ½ percent of GDP–a level consistent with further public debt reduction. This would preserve fiscal discipline, while allowing space for implementing growth-enhancing measures, such as further increasing public investment and moderately reducing the tax burden on labor. The wage and pension bills are expected to increase in line with nominal GDP. To ensure a more rules-based pension system, the government will reintroduce indexation of pensions from 2020 onwards.

"Financial sector indicators continue to improve. Non-performing loans in the banking sector continue to decline, and the updated non-performing loans resolution strategy will focus on bad loans in state-owned financial institutions, including the Deposit Insurance Agency. The National Bank of Serbia's planned new instant payments system will help modernize transactions in the economy and lower their cost, and help reduce informality.

"Structural reforms continue to advance, but further efforts are needed to sustain strong growth in the coming years. The privatization of RTB Bor and PKB mark important steps in the resolution of state-owned enterprises. The authorities remain committed to the privatization of Komercijalna Banka and Petrohemija and are considering resolution options for MSK. Tax administration reforms are advancing with support of IMF and World Bank technical assistance. The authorities remain committed to implement the wage system reform, which will allow for higher pay for sectors which deserve it most. Looking forward, the authorities' program also focuses on strengthening public investment management, addressing the grey economy, and strengthening corporate governance in EPS and other key public enterprises.

"The mission is grateful for the authorities' hospitality and close cooperation."

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Earlier:

 СОТРУДНИЧЕСТВО ГАЗПРОМА И СЕРБИИ
2018, October, 4, 14:30:00

GAZPROM - SERBIA COOPERATION

GAZPROM - The parties pointed to the high efficiency of the bilateral cooperation in the gas industry, emphasizing, inter alia, the reliability of gas supplies, the amount of which had increased by 41 per cent from 2014 to 2017. In the first nine months of 2018, Gazprom had exported 1.5 billion cubic meters of gas to Serbia, a 2.9 per cent rise against the same period of 2017.

 РУССКИЙ ГАЗ ДЛЯ СЕРБИИ: +5.3%
2018, July, 16, 10:40:00

RUSSIAN GAS FOR SERBIA: +5.3%

GAZPROM - According to preliminary data, in the period from January 1 through July 12, 2018, gas exports to Serbia totaled 1.2 billion cubic meters, an increase of 5.3 per cent from the same period of 2017.

 ROSATOM IS GLOBAL
2018, May, 18, 08:35:00

ROSATOM IS GLOBAL

WNN - Rosatom, the Russian state nuclear corporation, signed a series of agreements with overseas companies during the Atomexpo conference and exhibition being held this week in Sochi, Russia. The agreements, with Chile, China, Cuba, Finland, Hungary, Iran, Italy, Kazakhstan, Saudi Arabia, Serbia, Spain and Zambia, include the engineering and medical sectors, among others.

 РУССКИЙ ГАЗ В СЕРБИЮ: + 42%
2017, June, 5, 14:45:00

RUSSIAN GAS TO SERBIA: + 42%

In 2016 Gazprom’s gas deliveries to Serbia had added 4.3 per cent compared to 2015. On top of that, the first half of 2017 saw a considerable increase in the demand for Russian gas: from January through May 2017 Gazprom’s gas supplies to Serbia climbed 42.2 per cent compared to the same period of 2016.

 GAZPROM DISCOVERS SERBIA
2016, December, 26, 18:35:00

GAZPROM DISCOVERS SERBIA

A new deposit in Serbia’s Pannonian oil and gas basin may contain recoverable reserves of 432,000 tonnes, according to Russia's PJSC Gazprom Neft. The Idos-X-4 well was drilled to the Neogene-aged formation at a depth of 2,268-2,287 m in the Idos-Sever (Northern Idos) field.

 SOUTH  STREAM  FOREVER
2015, April, 9, 19:15:00

SOUTH STREAM FOREVER

Representatives of five countries - Hungary, Serbia, Macedonia, Greece and Turkey - met in Budapest on Tuesday, announcing the formation of a working group to facilitate natural gas deliveries - specifically infrastructure development - to their markets from gas emanating from Turkey including possible participation in the Turkish Stream pipeline.

 RUSSIA & SERBIA: SOUTH STREAM
2014, October, 27, 20:30:00

RUSSIA & SERBIA: SOUTH STREAM

Although it is in Serbia’s interest that the South Stream gas pipeline is built, the government in Belgrade faces the fine balance between the interest of providing energy security and the need to harmonize with the policy of the EU, which it is looking to join.

 

Tags: SERBIA, GDP, IMF

Chronicle:

SERBIA'S GDP UP AT 4.2%
2018, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

SERBIA'S GDP UP AT 4.2%
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

SERBIA'S GDP UP AT 4.2%
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

SERBIA'S GDP UP AT 4.2%
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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