Serbia’s industrial production grows 1.5% in May

In May, industrial production increased by 1.5 percent year-on-year, which was contributed by higher production of electricity (17.2 percent year-on-year), announced the National Bank of Serbia.

On the other hand, the processing industry declined by 0.6 percent year-on-year, as did mining by 3.3 percent year-on-year.

The manufacturing industry recorded growth in 13 out of 24 branches, with the biggest contribution to this growth coming from the production of basic metals, computers and electronic products and motor vehicles, while the largest negative contribution came from the production of oil derivatives, metal products and construction materials.

From January to May 2023, the industry recorded a year-on-year growth of 2.0 percent, led by the growth of the energy sector (17.5 percent) and mining (2.1 percent).

The turnover in retail trade in May 2023, compared to the same month of the previous year, was lower in real terms by 6.2 percent, while in the period from January to May, it dropped in real terms by 4.9 percent year-on-year.

The total number of tourist arrivals in May was 8.0 percent higher year-on-year and the total number of overnight stays by 3.8 percent.

In the observed period, the total number of tourist arrivals increased by 16.5 percent year-on-year, and the number of overnight stays by tourists increased by 13.2 percent year-on-year.

When it comes to the external trade trends of the Serbian economy, exports in May recorded an annual growth of 0.9 percent, while from January to May this year, the export of goods was higher by 10.5 percent compared to the same period of the previous year.

The import of goods in May was lower by 11.6 percent year-on-year and observed since the beginning of the year, it decreased by 5.0 percent year-on-year. The processing industry and electricity sector both recorded increased export in May.

(Biznis i Finansije, 02.07.2023)

This post is also available in: Italiano

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