Serbia Industry November 2020


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

January 4, 2021

Industrial output decreased 1.4% in year-on-year terms in November, which contrasted October's 1.9% increase. November's result marked the steepest drop since May. November's notable downturn largely reflected a deterioration in electricity, gas, steam and air conditioning and manufacturing output. However, mining and quarrying output rose.

On a seasonally-adjusted monthly basis, factory output fell 2.0% in November (October: +0.2% mom), the worst result since April. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 0.7% in November, down from October's 0.9% reading.

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 November 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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