MAT: ‘Industrial production in Serbia continues to decline’

Industrial production in Serbia in August this year continued to decline, although the general trend of decline was not detected in July – says the latest issue of Macroeconomic Analyses and Trends (MAT) magazine.

The volume of industrial production in August 2022, compared to August of the previous year, showed growth in 14 segments, which have a 40% share in the structure of total industrial production, and a decrease in 15 segments, with also 40% share in industrial production of the country.

Basic metal production, the chemical industry and wood processing recorded the largest year-on-year decline in August, of 10% or more each. In all segments, as mentioned, the seasonally adjusted decline in August was exceptional and fell significantly below the previous year’s average.

In external trade, in contrast to July when export growth exceeded import growth, the year-on-year import growth rate in August returned to the June level and again exceeded the export growth rate. The high increase in import prices was also reinforced by the effort to secure enough goods through import due to possible shortages, mainly energy products, on the world market.

Inflation went up in August 2022 on both a monthly and annual basis. Monthly inflation in July and August 2022 was 1 and 1.2 per cent respectively, and year-on-year inflation in the same months was 12.8 and 13.2 per cent respectively.

Year-on-year inflation in July and August 2022 was higher in Serbia than in the EU, but also lower in Serbia than in ten EU Member States. In July and August 2022, year-on-year inflation calculated on the basis of the harmonised consumer price index was 12.5% and 12.8% in Serbia, and 9.8% and 10.1% in the EU.

Compared to Serbia, Croatia had a higher year-on-year inflation (12.7%), as did Slovakia (12.8%), Romania (13%), Poland (14.2%), Hungary (14.7%), Bulgaria (14.9%), the Czech Republic (17.3%), Lithuania (20.9%), Latvia (21.3%) and Estonia (23.2%) in July.

By contrast, and also compared to Serbia, Romania (13.3%), Slovakia (13.4%), the Netherlands (13.7%), Poland (14.8%), Bulgaria (15%), the Czech Republic (17.1%), Hungary (18.6%), Lithuania (21.1%), Latvia (21.4%) and Estonia (25.2%) recorded higher year-on-year inflation in August.

(Blic, 11.10.2022)


This post is also available in: Italiano

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