MAT: Estimate of Growth of Industrial Production in Serbia in January Biggest in Three Decades

The growth of industrial production in Serbia in January 2024 of 6.9% is the highest one in the past three decades, according to the latest issue of the Makroekonomske analize i trendovi (MAT) monthly. This industry growth was led by the manufacturing sector, and products of medium-high technological complexity led the way when it comes to exports. The value of those products, whose growth amounted to 12.5% compared to the previous year, was EUR 1.16 billion.

The growth of the production of high-tech goods was 15.6%, and the value placed in the foreign market was EUR 135.7 million.

The export of products of medium-high technological intensity broke the record when it comes to the scope last year, and for the first time in history, a full export-import coverage was secured for this group of products.

– The slowing down of the inflation is producing positive effects on the y-o-y calculation of the real salaries, which increased 4.9% in December – MAT says.

The inflation, as pointed out, increased in January 2024 m-o-m and decreased y-o-y. In December 2023 and January 2024, m-o-m inflation of 0.1% and 0.3% was recorded, and y-o-y inflation amounted to 7.6% and 6.4% respectively. In January 2024, the reducing of y-o-y inflation, which had begun in April 2023, continued, so y-o-y inflation in February 2024 was 5.5%.

In both December 2023 and January 2024, Serbia had a higher y-o-y inflation than the EU average and lower m-o-m inflation than only one EU member state. In December 2023 and January 2024, y-o-y inflation, according to the concept of a harmonized consumer price index amounted to 7.5% and 6.4% in Serbia, and 3.4% and 3.1% in the EU.

Serbia had a lower y-o-y inflation than the Czech Republic in December 2023 and a lower y-o-y inflation than Romania in January 2024. In December 2023, y-o-y inflation reached 7.6% in the Czech Republic, and in January 2024, it reached 7.3% in Romania.

Ekonomski Institut a.d. Beograd

industrial production

growth of industrial production

manufacturing sector

year on year inflation