Serbia: Industrial output growth ebbs in May
Industrial output increased 4.4% year-on-year in June (May: +9.4% yoy). Looking at the details of the release, manufacturing output rose robustly in the month and solely drove the result. Mining and quarrying output as well as the production of electricity, gas, steam and air condition supply contracted. Meanwhile, annual average industrial production growth rose to 6.1% in June (May: +5.9%), signaling an improving trend in the industrial sector.
On a seasonally-adjusted monthly basis, industrial output swung from a 6.5% contraction in May to a 3.0% expansion in June.