Serbia Industry February 2022


Serbia: Industrial output declines in February

March 31, 2022

Industrial output declined 0.7% year-on-year in February, up from January’s 2.6% contraction. The reading came on the back of a stronger drop in electricity, gas, steam and air condition supply production, as output of manufacturing goods rebounded and mining and quarrying production accelerated.

On a monthly basis, industrial output swung to a 4.9% expansion in February from a 9.6% drop in January. This marked the best result since June 2020. Lastly, annual average industrial production growth eased to 5.4% in February from 5.7% in January. While this signals a worsening trend in the sector, the impact of Russia’s invasion on Ukraine will likely weigh further on the reading in subsequent months.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 3.1% in 2022, which is down 0.8 percentage points from last month’s estimate. In 2023, the panel sees industrial production rising 3.4%.


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Serbia Industry Chart

Serbia Industry February 2022

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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