Serbia Industrial Output Falls to Near 2-Year Low

Industrial production in Serbia declined 5.7% year-on-year in December 2025, following a 3.4% drop in the previous month. This marked the steepest fall in industrial activity since March 2024, as output decreased further in energy output (-23.4% vs -15% in November), durable consumer goods (-13.8% vs -9.9%), and non-durable consumer goods (-7.7% vs -4.8%). Additionally, production of intermediate goods, excluding energy, rose at a slower pace (1.0% vs 2.5%). In contrast, output growth accelerated in capital goods (25.2% vs 11.4%). On a seasonally adjusted monthly basis, industrial activity dropped by 4.4% from a 1.3% fall in November. Over the full year of 2025, industrial production was 0.9% higher than in 2024.

Industrial production in Serbia declined by 2.3% year-on-year in October 2025, marking the first decline since February and reversing a 2.5% growth in the previous month. The decline was driven by a sharp drop in energy output (-17% vs -1% in September) and a modest contraction in durable consumer goods (-0.2% vs -5.7%). Production of intermediate goods, excluding energy, rose at a slower pace (0.9% vs 7.9%). In contrast, output growth accelerated in capital goods (16.2% vs 11.3%) and rebounded in non-durable consumer goods (2.7% vs -4.2%). On a seasonally adjusted monthly basis, industrial activity contracted 2.1%, reversing a 1.1% growth in September. For the first ten months of 2025, industrial production was 2.1% higher compared with the same period last year.

Industrial production in Serbia rose by 5.5% year-on-year in July 2025, accelerating from 2.5% in the previous month. This marked the strongest growth since March, as output rebounded for energy (7.1% vs -3.1% in June) and non-durable consumer goods (2.7% vs -0.8%). On the other hand, output continued to fall for durable consumer goods (-10.5% vs -0.8%) and moderated for both intermediate goods, excluding energy (8.7% vs 9.2%), and capital goods (3.2% vs 3.9%). On a seasonally adjusted monthly basis, industrial activity increased by 1.8% in July from 1.2% in June. Considering the first seven months of the year, industrial production was 3% higher compared to the same period a year earlier.