Serbia: Industrial output declines in February
Industrial output declined 0.7% year-on-year in February, up from January’s 2.6% contraction. The reading came on the back of a stronger drop in electricity, gas, steam and air condition supply production, as output of manufacturing goods rebounded and mining and quarrying production accelerated.
On a monthly basis, industrial output swung to a 4.9% expansion in February from a 9.6% drop in January. This marked the best result since June 2020. Lastly, annual average industrial production growth eased to 5.4% in February from 5.7% in January. While this signals a worsening trend in the sector, the impact of Russia’s invasion on Ukraine will likely weigh further on the reading in subsequent months.