Serbia: Industrial production grows for eleventh consecutive month in March
Industrial production expanded 4.1% in March from the same month last year, a small acceleration from February’s 3.3% increase and the eleventh consecutive month of expansion.
According to the Statistical Institute, the result in March was due to a largely broad-based expansion across industrial sectors. The electricity, gas, steam and air conditioning supply sector grew year-on-year at a quickened pace of 21.6% in March, up substantially from February’s 3.7% increase. The mining and quarrying sector swung to growth of 9.2% in March from a contraction of 9.5% in February, while output in the manufacturing sector remained steady in March.
In month-on-month terms, industrial production increased a seasonally-adjusted 0.9% in March, a swing from February’s contraction of 4.3%. Annual average growth in industrial production rose to 4.9% in March from 4.7% in February.