Serbia Industry November 2021

Serbia

Serbia: Industrial output expands at quickest pace since May in November

December 30, 2021

Industrial output increased 7.0% in year-on-year terms in November, which was above October's 0.9% increase. The result marked the best result since May. Looking at the details of the release, November's pick up was broad-based. Mining and quarrying and manufacturing activity gained steam , while electricity, gas, steam and air conditioning production contracted at a softer rate.

On a seasonally-adjusted monthly basis, factory output rose at a softer pace of 0.8% in November (October: +1.3% mom). Meanwhile, annual average industrial production growth rose to 6.2% in November (October: +5.5%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 4.2% in 2022, which is unchanged from last month’s estimate. In 2023, the panel sees industrial production rising 4.2%.


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Serbia Industry November 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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