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Post by radovic on Apr 1, 2008 11:46:52 GMT -5
Serbia: GDP in 2007 up 7.5% Economy >> News The Serbian Statistics Office stated today that Serbia’s GDP rose 7.5% in 2007 when compared with the previous year.
GDP in the first quarter of the year rose 8.2%, in the second 7.6%, in the third 7.5% whereas the fourth quarter of the year saw a 6.9% increase compared with the same period in 2006.
By sectors, the largest growth in the fourth quarter was recorded in transportation (29.4%), financial transactions (21.9%), trade (18.9%) hotels and restaurants (7.3%), electrical power production (3.5%), processing industry (1.6%) and construction (1.2%).
Ore and stone mining saw a 3.2% decline in the fourth quarter of 2007. (Economy, March 31.)
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stickinthemud
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Post by stickinthemud on Apr 1, 2008 12:41:04 GMT -5
Serbia: GDP in 2007 up 7.5% Economy >> News The Serbian Statistics Office stated today that Serbia’s GDP rose 7.5% in 2007 when compared with the previous year. GDP in the first quarter of the year rose 8.2%, in the second 7.6%, in the third 7.5% whereas the fourth quarter of the year saw a 6.9% increase compared with the same period in 2006. By sectors, the largest growth in the fourth quarter was recorded in transportation (29.4%), financial transactions (21.9%), trade (18.9%) hotels and restaurants (7.3%), electrical power production (3.5%), processing industry (1.6%) and construction (1.2%). Ore and stone mining saw a 3.2% decline in the fourth quarter of 2007. (Economy, March 31.) I've learned never to really rely on GDP statistics. For one, its contrary to how the markets really work. Given the diversity in hundreds of thousands of markets its virtually impossible to measure growth in aggregate and take that result seriously without looking at the details. It doesn't tell us how much of this is deficit spending or what is the correlation between the public sector spending and private capital investment.
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Post by Emperor AAdmin on Apr 1, 2008 16:11:56 GMT -5
SerbiaGDP - per capita (PPP): $7,700 (2007 est.) GDP - real growth rate: 7% (2007 est.) Unemployment rate: 18.8% (2007 est.) Population below poverty line: 6.5% (2007 est.) Inflation rate (consumer prices): 10.1% (2007 est.) Investment (gross fixed): 20.1% of GDP (2007 est.) Public debt: 37% of GDP (2007 est.) Industrial production growth rate: 1.8% (2007 est.) Exports: $8.824 billion (2007 est.) Imports: $18.3 billion (2007 est.) Reserves of foreign exchange and gold: $14.22 billion (2007) Debt - external: $26.24 billion (includes debt for Montenegro and Kosovo) (2007 est.) Stock of direct foreign investment - at home: $11.95 bil.(2006 est.) Market value of publicly traded shares: $5.409 billion (2005) Currency (code): Serbian Dinar (RSD) Exchange rates: Serb. dinars per US $ - 54.5 (2007), 59.98 (2006) www.cia.gov/library/publications/the-world-factbook/geos/rb.html#EconAnalysis: After going through similar analysis several days back with other Balkan countries (certainly western Balkan countries) Serbia is don't doing bad at all, on contrary, it is steadily improving.
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stickinthemud
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Post by stickinthemud on Apr 1, 2008 17:36:39 GMT -5
SerbiaGDP - per capita (PPP): $7,700 (2007 est.) GDP - real growth rate: 7% (2007 est.) Unemployment rate: 18.8% (2007 est.) Population below poverty line: 6.5% (2007 est.) Inflation rate (consumer prices): 10.1% (2007 est.) Investment (gross fixed): 20.1% of GDP (2007 est.) Public debt: 37% of GDP (2007 est.) Industrial production growth rate: 1.8% (2007 est.) Exports: $8.824 billion (2007 est.) Imports: $18.3 billion (2007 est.) Reserves of foreign exchange and gold: $14.22 billion (2007) Debt - external: $26.24 billion (includes debt for Montenegro and Kosovo) (2007 est.) Stock of direct foreign investment - at home: $11.95 bil.(2006 est.) Market value of publicly traded shares: $5.409 billion (2005) Currency (code): Serbian Dinar (RSD) Exchange rates: Serb. dinars per US $ - 54.5 (2007), 59.98 (2006) www.cia.gov/library/publications/the-world-factbook/geos/rb.html#EconAnalysis: After going through similar analysis several days back with other Balkan countries (certainly western Balkan countries) Serbia is don't doing bad at all, on contrary, it is steadily improving. Ok, let me explain a few things here for those not familiar with Economics. First of all, GDP is statistic that measures the consumption of wealth in an entire 'national economy.' It puts this measurement in numbers by measuring the value (actually price) of all final goods in services produced in the 'national economy.' * I put national economy in quotations because I believe economic nationalism is a stupid concept has no real relevance to the market in general. GDP is a Keynesian( or neo-Keynesian) construction named after the British economist John Maynard Keynes. True to Keynes' General Theory, economic growth has nothing to do with investment and savings ( Keynes actually believed this inhibits growth) but growth is determined only by mass consumption of goods and hence this is how we get the fallacy of GDP. However, focusing only on final goods and services opens a world of fantasy and avoids reality because it ignores the higher order of production ( stages of production) up to the final good. In other words the GDP model focuses entirely on demand and gives little heed to supply. There are various intermediate goods ( usually capital goods) that are necessary for the production of final goods. In short, GDP ignores the fact that individuals participate in the production of goods and the consumption of capital goods which is created through savings and investment. GDP statisticians ( usually neoclassical economists) pretend that the production phase has nothing to do with consumption, or at least ignore it, and only focus on the final product which is speculation anyways. An economy is not an aggregate but rather a vast decentralized network of individuals saving, investing, and indeed, consuming wealth in all stages of production and , finally, consumption. GDP would say that an 'aggregate economy' can produce X amount of tomatoes at $5 a piece and assume that these tomatoes will be consumed without fluctuation in price. Of course this ignores the basic law of supply and demand. I don't want to get into it too deeply but you can see how GDP models can totally botch proper information on government spending ( since government is a non productive entity). Anyway, thats my two cents.
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Post by Novi Pazar on Apr 1, 2008 17:43:50 GMT -5
I'm somewhat surprised with serbia's performance to date, especially with all these threats from the west recently.
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stickinthemud
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Post by stickinthemud on Apr 1, 2008 17:51:57 GMT -5
I recommend a book Capitalism: A Treatise on Economics by George Reisman. Chapter 15 deals with GDP very thoroughly.
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Post by c0gnate on Apr 1, 2008 17:52:04 GMT -5
Ok, let me explain a few things here for those not familiar with Economics. Greetings, Stickinthemud! Who is Ludwig von Mises? Ayn Rand? Murray Rothbard? Friedrich von Hayek? Henry Hazlitt? Andrew J. Galambos?
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stickinthemud
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Post by stickinthemud on Apr 1, 2008 18:00:22 GMT -5
Ok, let me explain a few things here for those not familiar with Economics. Greetings, Stickinthemud! Who is Ludwig von Mises? Ayn Rand? Murray Rothbard? Friedrich von Hayek? Henry Hazlitt? Andrew J. Galambos? Mises, Rothbard, and Hayek are personal heroes of mine and probably the most famous economists to emerge from the Austrian school.I like Hazlitt a lot too and Economics In One Lesson is one of the first excellent books I ever read on the subject. Rand was a novelist and I've read Fountainhead. I'm not an Objectivist or a 'Randroid' though. Galambos was crazy. ;D
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Post by c0gnate on Apr 1, 2008 18:46:33 GMT -5
And who might Ron Paul be?
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stickinthemud
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Post by stickinthemud on Apr 1, 2008 22:53:22 GMT -5
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Post by radovic on Apr 1, 2008 22:55:56 GMT -5
And who might Ron Paul be? The best person who ran to be a presidential candidate. A man of many great ideas, non-interventionist, libretarian economics. Sadly, given what the U.S. elite believe most of his ideas were unfeasible and would have led to his assasination in a CIA coup had he been elected. He supported massive cuts in U.S. military spending and the abolishment of the CIA, FBI and other intelligence agencies, as well as withdrawing U.S. troops serving aborad starting with Europe, Japan & S. Korea.
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Post by c0gnate on Apr 1, 2008 23:02:08 GMT -5
Mises, [...] are personal heroes of mine and probably the most famous economists to emerge from the Austrian school.I suppose then that you are familiar with Human Action, Theory and History, Socialism, Theory of Money and Credit, Anti-Capitalistic Mentality, and Planning for Freedom?
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Post by c0gnate on Apr 1, 2008 23:06:31 GMT -5
And who might Ron Paul be? The best person who ran to be a presidential candidate. He is still running, though he doesn't stand a chance of being elected. Instead we will get more of the same old disastrous warfare-welfare or welfare-warfare statism, depending on whether McCain or Obama/Hillary wins.
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stickinthemud
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Post by stickinthemud on Apr 2, 2008 0:28:32 GMT -5
Mises, [...] are personal heroes of mine and probably the most famous economists to emerge from the Austrian school.I suppose then that you are familiar with Human Action, Theory and History, Socialism, Theory of Money and Credit, Anti-Capitalistic Mentality, and Planning for Freedom? Indeed. I have read every one of those except Theory and History and I haven't read Theory of Money and Credit all the way through though being familiar with so much of his work the ideas are overlapped in other works so I'm confident I can give a full account of Theory of Money and Credit. Judging by your negative opinion of the welfare-warfare state it would appear to me that you have an interest in the Austrian school and/or libertarianism in general. Is this correct? ;D
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Post by c0gnate on Apr 2, 2008 7:26:46 GMT -5
Judging by your negative opinion of the welfare-warfare state it would appear to me that you have an interest in the Austrian school and/or libertarianism in general. Is this correct? ;D I wouldn't have listed those books if I hadn't read and studied them. Capitalism is the only moral social system, though on a forum teeming with nationalistic ideology you won't find many who will agree. In fairness, perhaps one should start with a definition of capitalism as well as of morality.
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stickinthemud
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Post by stickinthemud on Apr 2, 2008 9:53:05 GMT -5
Judging by your negative opinion of the welfare-warfare state it would appear to me that you have an interest in the Austrian school and/or libertarianism in general. Is this correct? ;D I wouldn't have listed those books if I hadn't read and studied them. Capitalism is the only moral social system, though on a forum teeming with nationalistic ideology you won't find many who will agree. In fairness, perhaps one should start with a definition of capitalism as well as of morality. I agree very much. Free Market Capitalism is superior when it comes to resolving social issues. On the other thread I stated the basic definition of capitalism detaching it from whole ideologies centered on capitalism or anti-capitalism. The issue of morality is a healthy philosophical debate and deserves a thread of its own. Unfortunately, I am uncertain if most people here would engage in such a discussion.
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Post by terroreign on Apr 2, 2008 15:43:26 GMT -5
Yea serbia is looking forward to a crappy economic future
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Post by radovic on Apr 2, 2008 16:04:33 GMT -5
^ That coming from a man who knows nothing about economics and made absurd claims that Greece, Bosnia and Serbia are weaker economically then Montenegro.
In other words economic claims not based on fact.
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Post by terroreign on Apr 2, 2008 17:18:52 GMT -5
I never made claims that they are weaker economically, I said that due to Montenegro's fast growth, in some time they will be. Bosnia on a seperate note even sooner.
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Anthologic
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Ha!
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Post by Anthologic on Apr 2, 2008 17:30:40 GMT -5
Do you honestly believe that a tourism based economy will be stronger than industrial/financial economies, or are you just trying to be a pest as usual?
This is a serious question.
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