Serbia Industry May 2018


Serbia: Growth in industrial output slows in May

June 29, 2018

Industrial production expanded 0.5% over the same month last year in May. While the figure was a sharp deceleration from April’s 3.1% increase, it nonetheless represented the 13th consecutive month of expansion.

According to the Statistical Institute, May’s slowdown was driven by a 10.3% year-on-year contraction in mining and quarrying output, which fell at the fastest rate in over a year (April: +1.7% year-on-year). Electricity, gas, steam and air conditioning supply also swung to contraction in May, falling 0.3% following April’s 13.0% expansion. Meanwhile, manufacturing output expanded 1.6% in May, up from 1.0% in April.

In month-on-month terms, industrial production expanded a seasonally-adjusted 3.4% in May, in contrast to April’s downwardly revised 4.1% contraction (previously reported: -1.7% month-on-month). Annual average growth in industrial production fell from 5.4% in April to 5.0% in May.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 4.3% in 2018, which is down 0.1 percentage points from last month’s estimate. In 2019, the panel sees industrial production growth at 5.6%.


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Serbia Industry Chart

Serbia Industry May 2018

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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