Serbia Industry April 2022


Serbia: Industrial output softens markedly in April

May 31, 2022

Industrial production growth cooled markedly to 2.0% year on year in April, down from 7.7% in March. The print reflected a swing from expansion to contraction in manufacturing output, while energy production contracted again. On the other hand, mining and quarrying output accelerated, softening the headline moderation. Meanwhile, annual average industrial production growth eased to 2.9% in April, from March’s 5.5%.

Lastly, industrial output contracted 2.3% on a monthly basis in April, swinging from March’s 4.4% expansion.

Mate Jelic, analyst at Erste Bank, commented:

“Industrial production in Serbia came in below our expectation […]. Strong carry-over of growth was evident in 1Q22 but growth could be losing steam now. Looking ahead, performance of the local industry will mostly depend on developments in key trading partner countries in the EU as well as global chain developments. We continue to expect a mid-single digit expansion of the industry on average for the whole year.”

FocusEconomics Consensus Forecast panelists expect industrial production to increase 3.1% in 2022, which is down 0.8 percentage points from last month’s estimate. In 2023, the panel sees industrial production rising 3.4%.


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Serbia Industry Chart

Serbia Industry April 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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