Belgrade, Dec 8 (IANS): Serbia's economy grew by an estimated 3.8 per cent year-on-year in the first ten months of 2024, placing it among the fastest-growing economies in Europe, according to the country's latest Macroeconomic Analyses and Trends (MAT) report.

The December edition of MAT, published Friday by the Chamber of Commerce and Industry of Serbia and the Economics Institute, noted that this growth was achieved despite challenges faced by key Eurozone trading partners, Xinhua news agency reported.

Serbia successfully redirected its exports to markets in China and Turkey, offsetting reduced demand from the European Union.

"Without this strategic diversification, Serbia's goods exports would have declined in the first nine months of the year," the report said.

Serbia's foreign trade continued to improve, marking its fourth consecutive month of growth in October, with a 6.8 per cent year-on-year increase, equivalent to approximately $412 million.

In the first ten months of 2024, Serbian goods exports reached $2.72 billion, up 4.4 per cent, while goods imports amounted to $3.73 billion, reflecting an 8.7 per cent rise. The trade deficit widened to approximately one billion US dollars, an increase of 22 per cent.

Industrial production also performed well, rising by 3.3 per cent from January to October. October saw a particularly strong year-on-year surge of 8.1 per cent, it said.