Jorgovanka Tabaković: Overview of recent monetary and macroeconomic trends in Serbia

Speech by Dr Jorgovanka Tabaković, Governor of the National Bank of Serbia, at the presentation of the Inflation Report - May 2018, Belgrade, 17 May 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen, representatives of the press, dear colleagues,

Welcome to the presentation of the May Inflation Report. We will give you an overview of the current macroeconomic developments, our new projections and monetary policy decisions. 

Low inflationary pressures, with anchored inflation expectations, a sustained fiscal surplus in conditions of high growth of domestic GDP, and credit growth, with an extended fall in the share of non-performing loans.

To begin with, I would like to share with you our overall assessment that economic developments in the past months of 2018 have been favourable and that the positive trends are expected to continue for the remainder of the year. GDP growth particularly stands out given that, according to the preliminary estimate of the Serbian Statistical Office, it accelerated considerably in the first quarter of 2018, to 4.5% year-on-year. The favourable structure of its sources is indicated by stepped-up growth in investment and activity in production sectors, primarily construction and manufacturing.