Serbia Industry August 2020

Serbia

Serbia: Industrial output grows at quickest pace since February in August

September 30, 2020

Industrial output rose 4.2% compared to the same month a year earlier in August, which followed July's 0.4% increase and marked the strongest expansion since February.

Looking at the details of the release, August's pick up was broad-based, with mining and quarrying; electricity, gas, steam and air conditioning; and, manufacturing output gaining traction.

On a monthly basis, industrial production grew 3.5% in seasonally-adjusted terms in August, which was below July’s 3.6% expansion. Meanwhile, annual average industrial production growth rose to 0.6% in August (July: +0.2%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists expect industrial production to decrease 5.1% in 2020, which is up 0.8 percentage points from last month’s estimate. In 2021, the panel sees industrial production rising 4.7%, which is also up 0.8 percentage points from last month’s estimate.


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Serbia Industry August 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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