Serbia Industry March 2021


Serbia: Industrial output expands at fastest pace in over a year in March

May 4, 2021

Industrial output expanded 6.1% compared to the same month a year earlier in March, which followed February's 2.6% increase. March's print marked the best result since February 2020. March's upturn was primarily due to a pick-up in mining and quarrying and manufacturing output.

On a monthly basis, factory output fell 3.5% in seasonally-adjusted terms in March, contrasting February’s 2.2% expansion and marking the worst result since April 2020. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at plus 0.1%, contrasting February's minus 0.4% 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 March 2021

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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