Serbian town in the winter

Serbia Industry

Serbia Industry

Industrial Production in Serbia

Serbia recorded average industrial production growth of 2.6% in the decade to 2022, below the 3.2% average for Eastern Europe. In 2022, Serbia's industrial production growth was 1.6%. For more industry information, visit our dedicated page.

Serbia Industry Chart

Note: This chart displays Industrial Production (annual variation in %) for Serbia from 2014 to 2023.
Source: Statistical Office Serbia.

Serbia Industry Data

2018 2019 2020 2021 2022
Industrial Production (ann. var. %) 1.5 0.2 0.4 6.1 1.6

Industrial output records lowest expansion since June in December

Industrial production rose 1.7% year on year in December (November: +3.6% yoy). December's figure marked the worst reading since June. The deceleration was driven by a sharp contraction in mining and quarrying output, and a softer expansion in electricity, gas steam and air conditioning supply expanded. More positively, manufacturing output growth gained traction. Meanwhile, the trend improved, with the annual average growth of industrial production coming in at an over one-year high of 0.8% in December, up from November's 0.7%. On a monthly basis, industrial production grew 1.1% in seasonally adjusted terms in December, which was above November’s 0.5% expansion.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Serbian industry projections for the next ten years from a panel of 3 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Serbian industry.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Serbian industry projections.

Want to get access to the full dataset of Serbian industry forecasts? Send an email to

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