August 14, 2019 / 8:30 AM / 4 months ago

Serbia's second-quarter GDP rose 3.1% y-o-y, central bank estimates

BELGRADE, Aug 14 (Reuters) - Serbia’s gross domestic product grew 3.1% year-on-year in the second quarter of 2019, up from 2.5% in the previous quarter, the central bank said on Wednesday.

The growth was spurred by accelerating construction, investments in infrastructure and domestic spending. Agriculture and manufacturing declined, the bank said in its inflation report for August.

“We expect that gross GDP growth would be entirely driven by domestic demand,” the report said.

Last week, the bank lowered its benchmark interest rate by 25 basis points to 2.5%, the second cut in as many months, to bolster lending and growth.

The Statistics Office will announce its own estimate of GDP growth in the second quarter on Sept. 2.

In the report, the bank also reaffirmed its growth forecast for 2019 oft 3.5%, in line with expectations of the International Monetary Fund and the government. (Reporting by Aleksandar Vasovic; editing by Larry King)

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