Serbia: Industrial production grows for tenth consecutive month in February but at a slower pace than in January
Industrial production expanded 3.3% in February from the same month last year, in what represented a significant deceleration from January’s 10.6% increase but still amounted to the tenth consecutive month of expansion.
According to the Statistical Institute, the slowdown in February was broad-based across industrial sectors. The manufacturing sector expanded 4.7% from the same month last year, less than January’s 11.3% increase. Growth in the electricity, gas, steam and air conditioning supply sector also slowed. Meanwhile, the mining and quarrying sector swung to a 9.5% contraction in February from a 9.3% expansion in January.
In month-on-month terms, industrial production decreased a seasonally-adjusted 2.8% in February, a deterioration from January’s 2.5% expansion. Annual average growth in industrial production rose to 4.7% in February from 4.3% in January.