economy growth

Real GDP rises 0.7% y/y in 1Q23

Growth remains subdued Statistical Office flash estimate indicates Serbian economy grew 0.7% y/y in 1Q23, thus relatively in line with our expectations (EBCe 1% y/y). While we have to wait for the end of May for the detailed structural performance, high frequency data point to further slowdown of domestic demand activity, which remains under pressure from still high inflation. On the other hand, trade balance data surprised positively, with strong double-digit growth on the exports side, and relatively flattish import…