Industrial production declines in February, higher export and import

Industrial production in Serbia in February fell by 1.7% relative to the same month last year, and by 2.8% compare to the 2016 average.

In January and February of this year, industrial production grew by 0.7% compared to the same period last year. According to the de-seasoned data, the industrial production in February grew by 1.7% on a month-on-month basis, while the processing industry recorded a 2.1% growth. Compared to the 2016 average, industrial production and processing industry grew by 0.7% and 4.3% respectively.

The biggest decline was recorded in the following sectors: electricity production, printing and reproduction of audio and video recordings, production of oil derivatives, repair and assembly of machines and equipment, and wood processing (furniture excluded).

In February 2017, Serbia exported 1.3 billion EUR worth of goods and services, which is a 6.9% growth in relation to the same month in 2016, while it imported 1.47 billion EUR worth of goods and services, a 8.5% hike.

According to the de-seasoned indicators, the export in February (calculated in Euros) recorded a 7.1% growth, while import grew by 7.8%.

The region of Vojvodina had the biggest share in Serbian export of 32.6%, while Belgrade had the biggest share in import – 45.9%.

Serbia exported the most to Italy, Germany, Bosnia and Herzegovina, Russia, and Romania. On the other hand, the country mostly imported from Germany, Italy, China, Russia and Hungary. Two thirds of foreign trade (65.7%) was carried out with the EU countries.

(Nova Ekonomija, Blic, 03.04.2017)

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