Serbia: Industrial output growth ebbs in May
June 30, 2021
Industrial output increased 9.4% year-on-year in May (April: +33.9% yoy). Looking at the details of the release, manufacturing output rose robustly in the month, likely influenced by healthier external demand amid the gradual easing of restrictive measures. In addition, production of electricity, gas, steam and air condition supply also ticked up. On the other hand, mining and quarrying output contracted. Meanwhile, annual average industrial production growth rose to 5.9% in May (April: +4.4%), signaling an improving trend in the industrial sector.
On a seasonally-adjusted monthly basis, industrial output plummeted 6.5% in May (April: +1.4% mom), the worst result since April last year.