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 - November 2019, Belgrade, 14 November 2019.

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

Ladies and gentlemen, esteemed members of the press, dear colleagues,

Welcome to the presentation of the November Inflation Report.

Since our last gathering in August, inflation has remained low and stable, favourable fiscal trends have continued, while economic, investment and export activity gathered momentum. Stepped up investment deserves a special note, as it pushed GDP growth in Q3 beyond our expectations, prompting an upward revision of the 2019 growth forecast - to 3.6%, instead of the previous 3.5%. Given that domestic factors successfully compensate for the weaker external demand, favourable macroeconomic trends are expected to continue in the period ahead. 

At this press conference we will present our view of the current and expected macroeconomic developments.

Inflation is low and stable for the sixth consecutive year and is expected to remain so in the period ahead.

Same as in the neighbouring countries, lower contributions of unprocessed food and energy prices set the y-o-y inflation in Serbia on a downward path over the past months.