Industrial production in November 2023 recorded year-on-year growth of 3.6 percent. The growth of industrial production in the first 11 months of last year, compared to the same period of the previous year, was 2.6 percent, according to the latest edition of Macroeconomic Analysis and Trends (MAT) magazine.
“However, in the previous ten months, the physical volume of total industrial production was about 2.5 percent higher than last year’s average. If the processing sector doesn’t pick up pace from January 2024, we can expect much more modest year-on-year growth rates of the overall industry,” MAT states.
In November 2023, the manufacturing industry recorded year-on-year (compared to November 2022) growth of 2.5 percent, while mining recorded a decrease of 0.2 percent.
The electricity, gas and steam sectors achieved annual growth of 10.3 percent in November.
When looking at the first 11 months of last year, the total industry growth of 2.7 percent was mostly due to electricity production (2.13 percentage points), processing industry (0.4) and mining (0.14).
The MAT’s analysis points out that mining and the processing industry have been virtually stagnant for at least nine months and that electricity production has experienced the same tendency.
It is also pointed out that the revival of the Eurozone’s manufacturing industry is unlikely.
A turnaround in the Serbian industry could occur in the second half of 2024 if mass production of the Fiat Panda in Kragujevac were to start.
In November, the value of foreign trade decreased for the eighth month in a row, by two percent year-on-year.
Cumulatively observed from January to November 2023, the value of Serbia’s external trade dropped by 1.6 percent compared to the same period in 2023.
The value of imports of goods was reduced by 5.8 percent and the value of exports increased by 4.5 percent.
A positive effect is a significantly lower external trade deficit (a drop of 3.2 billion euros or 31 percent) compared to the same period in 2022.
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