Serbia's GDP Down by 3% in 2009

World | March 31, 2010, Wednesday // 16:56|  views

Serbia's GDP registered a 3% drop in 2009. Photo by EPA/BGNES

Serbia’s gross domestic product collapsed by 3% in 2009, according to data of the Serbian Statistical Institute.

The data confirms the forecast of the International Monetary Fund had made for the Serbian economy.

A communique of the Institute informs that Serbia saw its greatest GDP collapse in the second quarter of 2009 – 4,2%; in the fourth quarter, the drop was only 1,6%.

As a result of the economic crisis, Serbia sought a bailout loan from the International Monetary Fund of a total of EUR 3 B. It has already received EUR 1,5 B from it.

In comparison, Serbia’s eastern neighbor, Bulgaria saw its GDP plummet by 5% in 2009. Bulgaria has not sought any IMF assistance.

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Tags: Serbia, GDP, IMF, bailout, IMF loan

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