up by 10. 9 %, аnd those destined to the eu by 10. 6 % compared to the same period last year. thus, the overall export growth rate stepped up compared to 2018, coming close to the import growth rate ( 11. 6 % y - o - y ). import dynamics is determined primarily by the investment cycle at home and the consequently higher needs for equipment and intermediate goods, which is connected with the high fdi inflow and partly also fuelled by the rising consumer demand. on those grounds, the current account deficit will expand in the chart 6 fdi structure by sector ( in % ) chart 5 movement of indicators of external demand for serbian exports ( 3m moving avarage, s - a ) ( 2008 = 100 ) ( long - term average = 100 ) goods exports, 3m average ( lhs ) core exports *, 3m average ( lhs ) external demand from the euro area ( rhs ) external demand from cesee ( rhs ) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 sources : european commission, sors and nbs. * core exports are total exports excluding exports of agricultural products, base metals, motor vehicles, petroleum products and electricity. 2005 - 2008 2009 - 2012 construction and real estate finance manufacturing tradeable goods and services * 2013 - 2017 2018 - h1 2019 other trade mining source : nbs. note : preliminary data for h1 2019. * agriculture, industry, mining, transportation, catering. short run, but given that the imported equipment continuously increases export capacities of the serbian economy, it is reasonable to expect that the deficit will decrease in the medium - run. since the start of the year fdi inflow has reached eur 2. 9 bn, covering, in net amount, the current account deficit for the fifth year in a row. together with reduced internal and external imbalances, fx reserves, which reached the record eur 13. 5 bn at end - october, have additionally increased the resilience of our economy to potential adverse developments in the international environment. favourable macroeconomic landscape is crowned by the elimination of fiscal imbalances, thanks to the full coordination of monetary and fiscal policy measures. as the previous two years, 2019 has seen a fiscal surplus which on consolidated level reached 0. 9 % of gdp concluding with september. central government public debt was reduced additionally, to 52. 0 % of gdp at end - september. it is important to note that these results

in % ) 21. 4 21. 5 21. 6 19. 0 18. 6 16. 9 17. 0 15. 7 11. 3 9. 9 total domestic loans * 5. 7 4. 7 - 5 total domestic loans * * - 10 sources : nbs. * excluding the exchange rate effect. * * excluding the effect of npl w rite - off and sale since early 2016. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 * other sectors household sector corporate sector source : nbs. npl share in total loans ( rhs ) * september 2019. ladies and gentlemen, dear colleagues, allow me to round off this part of the conference by concluding that the results achieved have been enabled by the full coordination of monetary and fiscal policy measures, which has strengthened the credibility of economic policy. this credibility is confirmed by the already mentioned credit rating upgrade, low risk premium, more favourable position of serbia in the international financial market, as well as by the high fdi inflow. such approach to the conduct of economic policy has ensured an adequate response to the challenges from the international environment which the country faced in the past and will surely face going forward. in the period ahead, you can count on our full commitment to the safeguarding of the achieved stability which, along with further implementation of structural reforms, will boost the competitiveness of our economy, as well as employment and the living standard of our citizens. i will now hand over to my colleagues from the economic research and statistics department to give you a detailed account of our latest macroeconomic projections.