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• Real GDP contracted by -3.7% yoy in Q3 down from -1.1% yoy in Q2, as a result of the catastrophic floods
• The long waited budget revision shifted the full year target of the republican budget from 4.6% to 5.4% of GDP, but further consolidation measures are anticipated in the budget of 2015• NBS maintained interest rates at 8.5% for a fourth consecutive month in a row, citing the domestic and external risks for monetary policy• S&P placed Serbia’s ratings on negative credit watch with negative implications
• A new IMF agreement is essential to provide an anchor in the implementation of fiscal policy