Serbia: Industrial output growth softens in August
Industrial output grew 0.1% in year-on-year terms in August, which is down from July’s 1.7% increase. The outturn marked the worst reading since November 2020. The print was driven by a marked drop in electricity, gas, steam and air conditions output, while growth in the mining and quarrying softened. Meanwhile, output growth in the manufacturing sector inched up.
On a monthly basis, industrial production grew 0.3% in seasonally-adjusted terms in August, which is below July’s 1.3% expansion. Meanwhile, annual average industrial production growth eased form 6.2% in July to 5.8% in August, signaling a worsening trend in the industrial sector.