This reflects the ongoing weakness in global trade and the prolonged presence of uncertainties that continue to weigh on euro area growth, in particular in the manufacturing sector. Consequently, the Eurosystem staff projections see euro area real GDP growth of 1.2 % in 2019, which will accelerate further, to 1.4 %, in both 2020 and 2021.
Despite hefty interventions in March, Serbia’s FX reserves remained adequate at EUR 14.1 bn at end‐April, covering  5  five months’ worth of the import of goods and services, which is almost twice the level prescribed by the adequacy standard.