Serbia Industry May 2022


Serbia: Industrial output accelerates markedly in May

July 1, 2022

Industrial production growth jumped to 8.7% year on year in May, up from April’s 2.0% increase. The print came on the back of skyrocketing production in the mining and quarrying, and manufacturing sectors. On the other hand, production of electricity, gas, steam and air conditioning dropped markedly. Meanwhile, annual average industrial production growth eased to 2.8% in May, from April’s 2.9%.

Lastly, industrial output contracted 2.0% on a monthly basis in May, up from April’s 2.1% contraction.

Mate Jelic, analyst at Erste Bank, commented:

“Industrial production in Serbia came in above our expectation […]. Strong carry-over of growth was evident in 1Q22 but growth could be losing steam now. Looking ahead, we expect supply-chain disruptions and high production costs will weigh on overall production, while support from public investment will be limited due to narrowing fiscal space.”

FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.6% in 2022, which is up 0.1 percentage points from last month’s estimate. In 2023, the panel sees industrial production rising 3.5%.


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Serbia Industry Chart

Serbia Industry May 2022

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Statistical Office of the Republic of Serbia (SORS).

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