Remittances, vital to Serbia GDP, grew in crisis

* Serbian remittances grew 10 pct in 2009 despite crisis

* Remittances vital to economies across region

By Aleksandar Vasovic

 

BELGRADE, April 28, (Reuters) - Foreign currency sent home by Serbians working abroad -- an important part of overall GDP in the Balkan country -- rose by 10 percent in 2009 despite the global financial downturn, an official said on Wednesday.

 

Last year, the roughly four million Serbians living abroad, mainly in the European Union, the United States and Australia, sent home about $5.5 billion, or about 15 percent of gross domestic, Srdjan Sreckovic, the diaspora minister told a panel discussion in Belgrade.

 

"Despite the International Monetary Fund's expectations that remittances to Eastern Europe would fall during the crisis, in Serbia they rose by 10 percent in 2009," Sreckovic said. Read more