Serbia: Industrial output expands at quickest pace since May in November
Industrial output increased 7.0% in year-on-year terms in November, which was above October’s 0.9% increase. The result marked the best result since May. Looking at the details of the release, November’s pick up was broad-based. Mining and quarrying and manufacturing activity gained steam , while electricity, gas, steam and air conditioning production contracted at a softer rate.
On a seasonally-adjusted monthly basis, factory output rose at a softer pace of 0.8% in November (October: +1.3% mom). Meanwhile, annual average industrial production growth rose to 6.2% in November (October: +5.5%), signaling an improving trend in the industrial sector.