Minister of Finance of the Republic of Srpska Zoran Tegeltija presented today during the press conference in the Administrative Center of the RS Government the macroeconomic indicators for 2016 and the first four months of 2017.
Minister Tegeltija pointed out that GDP of the Republic of Srpska in 2016 rose by 2.9 percent and since 2013 had constantly had a positive trend.
"Our assessments are that the a medium term growth of GDP was between 3.5 and 4 percent and in the long term was five percent which was reflected on the standard of living of citizens and the rise of salaries and pensions. In the course of the last year we had industrial production growth of 8.2 percent and export increase by 9.1 percent what led to a significantly lower foreign trade deficit", Minister Tegeltija said and added that collection of revenues was evidently higher.
According to Minister Tegeltija, the overall scope of foreign trade exchange in 2016 went up by 4.1 percent compared to the previous year whereas the export was 9.1% higher and import by 0.8.
The Minister further said that the number of the unemployed decreased, that the stability of commodity prices had been maintained and that the public debt of the Republic of Srpska which at the moment amounted 4 billion and 346 million BAM had been stabilized and was slightly declining.
Minister Tegeltija emphasized that the foreign trade deficit in relation to GDP was 16.2 percent and was the best since the founding of the Republic of Srpska.
"In the first three months of this year the export-import coverage ratio was 70 percent. I am certain that indicators for this year shall be even better than in 2016", Minister Tegeltija said and added that the average net salary in the Republic of Srpska at the end of the last year was BAM 836, and the average pension was BAM 342.
On this occasion the Minister of Finance also said that the Decision on long term borrowing defined the level of borrowing from all sources for the most important projects and that many other obligations would be serviced from the budget. Minister Tegeltija reiterated that Republic of Srpska would service more obligations from the budget than it would borrow.