Serbia: Industrial output contracts in July
August 31, 2022
Industrial production contracted 1.6% year on year in July, swinging from the 3.7% expansion recorded in June and suggesting that the economy got off on the wrong foot at the start of the third quarter. The headline reading was driven by contractions in manufacturing and electricity, gas, steam and air condition supply production. This more than offset a strong increase in mining and quarrying output. Meanwhile, annual average industrial production growth moderated to 2.5% in July from 2.8% in June.
Lastly, industrial output contracted 2.2% on a monthly basis in July, down from June’s 0.3% contraction.