Serbia Industry May 2021

Serbia

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.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 6.3% in 2021, which is from last month’s estimate. In 2022, the panel sees industrial production rising 3.8%.


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Serbia Industry May 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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