Economic growth in two to three quarters of 2023 in the OECD, the EU, and the Balkans

Gross Domestic Product (GDP) in the OECD grew by 0.5% in the third quarter of 2023, at the same pace as the previous quarter.

In the G7, quarterly GDP growth rose to 0.6% in the third quarter, from 0.4% in the second quarter, driven by a sharp acceleration in GDP growth in the United States (1.2% in the second quarter third, compared to 0.5% in the second quarter).

The rest of the G7 countries posted zero, near zero or negative growth in the third quarter. Growth was unchanged in Canada, Italy, and the United Kingdom, 0.1% in France and negative in Japan and Germany (-0.5% and -0.1% respectively).

In the countries of the Western Balkans (BP6), we see a slight increase in the second quarter in three of the Balkan countries compared to the first quarter, specifically in Albania, Serbia, and Montenegro. The Gross Domestic Product in the first quarter increased by 2.86% and in the second quarter of 2023, it decreased by 0.28% compared to the previous quarter.

In Serbia, economic growth continued to strengthen even in the third quarter. According to a preliminary estimate, GDP growth accelerated to 3.5% in the third quarter of 2023, from 1.7% in the second quarter and 0.9 percent in the first quarter.

The Gross Domestic Product in Albania expanded by 0.40 percent in the second quarter of 2023 compared to the previous quarter.

The Gross Domestic Product in Montenegro expanded by 6.90 percent in the second quarter of 2023 compared to the same quarter of the previous year.

In the second quarter of 2023, economic activity has slowed down compared to the same period a year ago. KAS estimates suggest that the economy of Kosovo recorded an economic growth of 2.0%, in Tr. II, mainly because of the increase in the deficit of net exports.

According to the estimated data, the growth rate of the Gross Domestic Product in the second quarter of 2023 in North Macedonia was 1.1%.
In this quarter 2023, wholesale and retail trade, repair of vehicles and motorcycles, transport and storage, accommodation, and food service activities with 7.6% and financial and insurance activities with 5.0% recorded the greatest growth.
In the second quarter of 2023, the final consumption of households, including non-profit institutions serving households, increased by 9.9% in nominal terms and its weight in the GDP structure was 73.9%.
In the same period, the export of goods and services increased by 2.6% in nominal terms, while the import of goods and services decreased by 3.0%.

The Gross Domestic Product in Bosnia and Herzegovina expanded by 1 percent in the second quarter of 2023 compared to the previous quarter.