Serbia Industry December 2020


Serbia: Industrial activity contracts at sharpest rate since May in November

January 29, 2021

Industrial production grew 4.1% year-on-year in December, swinging from the 1.4% contraction in November. December’s print marked the best result in three months and was driven by robust growth in the manufacturing sector, which more than offset a drop in mining and quarrying output.

On a seasonally-adjusted monthly basis, factory output increased at a six-month high of 3.5% in December, contrasting the 2.6% fall in November.

Meanwhile, the trend pointed down as annual average growth of industrial output came in 0.4% in December, down from November’s 0.7%.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 3.9% in 2021, which is up 0.6 percentage points from last month’s estimate. In 2022, the panel sees industrial production rising 3.5%.


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Serbia Industry Chart

Serbia Industry December 20 20

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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