Serbia Industry April 2020

Serbia

Serbia: Industrial activity drops at sharpest rate since May 2009 in April

May 29, 2020

Industrial output fell 16.6% in year-on-year terms in April, which followed March's 0.1% decrease. April's figure marked the worst reading since May 2009.

Looking at the details of the release, April's downturn was driven by a steep drop in manufacturing output—likely affected by lockdown measures at home and abroad. Furthermore, production also contracted in the electricity, gas, steam and air conditioning; and mining and quarrying sub-sectors.

On a monthly basis, industrial production plunged 16.4% in seasonally-adjusted terms in April, which was notably below March’s 4.6% fall. The reading marked the worst result on record. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 0.5%, down from March's 1.8% reading.

FocusEconomics Consensus Forecast panelists expect industrial production to decrease 4.5% in 2020. In 2021, the panel sees industrial production rising 3.9%.


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Serbia Industry April 20 20 1

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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