Economic growth

BELGRADE - The World Bank has revised upward its 2024 GDP growth projection for Serbia from 3 pct to 3.5 pct.

At a presentation of the institution's regular economic report for the Western Balkans, World Bank Senior Economist Lazar Sestovic said the projection had been revised following an increase in investments that was expected to result in slightly stronger economic growth.

The government is determined to achieve a more sustainable and balanced growth, Vice President Cevdet Yılmaz has said.

Commenting on the latest industry production data, Yılmaz reiterated the government's commitment to the fight against inflation "with determination" in the period ahead.

Development Minister Kostas Skrekas, addressing the Panhellenic Exporters Association on Wednesday, said that sustainable growth rates cannot be ensured without expanding the country's production base, underlining the effort being made to sustain the growth rate over time.

Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, the World Bank said in a report released on April 1. 

Canadian credit rating agency DBRS Morningstar has affirmed the Republic of Cyprus' long-term ratings, maintaining it at BBB (high) with a stable economic outlook.

BELGRADE - Serbian Deputy PM and Finance Minister Sinisa Mali said on Wednesday all indicators of the Serbian economy were absolutely positive and that the International Monetary Fund and all other international financial institutions had confirmed this.

KOPAONIK - Serbian Finance Minister Sinisa Mali said on Monday Serbia's goal was to achieve 3.5 pct GDP growth this year and return to a high-growth zone of 6 to 7 pct by 2027.

Speaking at the Kopaonik Business Forum, Mali noted that Serbia had had 6 pct GDP growth in 2019, just before the outbreak of the coronavirus.

Cyprus' economic growth is estimated at 2.5% in real terms in 2023. At current prices, the increase in gross domestic product (GDP) is estimated at 7.1%, according to the Statistical Service of Cyprus (CyStat).

BELGRADE - The Serbian economy continues to grow and develop, as confirmed by the latest statistical data indicating that Serbia's GDP grew by 3.8 pct in Q4 2023, compared to 2.5 pct growth during the entire last year, Serbian Finance Minister Sinisa Mali said in a statement.

The Turkish economy grew by 4.5 percent last year after expanding 5.5 percent in 2022, the data from the Turkish Statistical Institute (TÜİK) have shown, slightly exceeding the government's forecast.

In the medium-term program, the government had predicted a growth rate of 4.4 percent for 2023.