Serbia Industry August 2022


Serbia: Industrial output rebounds in August

September 30, 2022

Industrial production rose 0.3% year on year in August, contrasting July’s 1.6% contraction. The rebound was driven by a swing in manufacturing output, while mining and quarrying output continued to expand as well. Less positively, electricity, gas, steam and air conditioning supply dived. Meanwhile, annual average industrial production growth was stable at July’s 2.5% in August.

Lastly, industrial output contracted 1.0% on a monthly basis in August. While this was up from July’s 2.2% contraction, the monthly print pointed to a further loss of momentum in the period.

Mate Jelic, analyst at Erste Bank, added:

“From the production side, companies are battling high input prices alongside still present, although easing, supply chain issues. Going forward, the outlook remains challenging. Due to limited supply of key energy commodities, economies are supporting a voluntary reduction in energy demand, suggesting overall production will be suppressed during the winter months.”

FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.8% in 2022, which is down 0.3 percentage points from last month’s estimate. In 2023, the panel sees industrial production rising 2.7%.


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