Serbia: Industrial output contracts at sharpest pace since May 2020 in March
Industrial production shrank 5.8% year on year in March (February: +8.4% yoy). The figure marked the worst reading since May 2020. The marked downturn was due to a broad-based deterioration. Manufacturing output swung into contraction, while electricity, gas, steam and air conditioning supply fell at a steeper rate, and mining output grew at a slower pace.
Meanwhile, annual average growth of industrial production was unchanged coming in at February’s 0.8% in March. On a monthly basis, industrial production fell 4.4% in seasonally adjusted terms in March, contrasting February’s 0.5% expansion and marking the worst result since May 2021.