Serbia: Growth in industrial production holds up well in July
August 31, 2015
In July, industrial production expanded 13.0% over the same month last year. The print followed the 18.6% surge tallied in the previous month, which had marked an all-time high. The slight slowdown was mainly due to weaker growth in electricity, gas, steam and air conditioning as well as in manufacturing output. Conversely, mining and quarrying expanded strongly in the same month.
On a monthly basis, industrial production in July declined 1.7% in seasonally-adjusted terms, matching June’s drop. As a result of the strong annual increase observed in the three months up to July, the overall trend improved as annual average growth in industrial production rose from minus 3.1% in June to minus 0.9%, the highest reading in 11 months.