According to Serbia’s Statistical Office data, Serbia’s real y-o-y GDP growth in Q1, at previous-year constant prices, was adjusted downward relative to the flash estimate – from 0.4% to 0.1%.
In May, industrial production declined 8.8% s-a, or 7.0% y-o-y. In terms of structure, manufacturing contracted 3.0% y-o-y, while mining and electricity, gas and steam supply were down 18.7% and 20.3% respectively. The decline in industrial production, both in total and sectoral terms, was primarily the consequence of floods.
Manufacturing lost 3.0% s-a in May. Within manufacturing, the largest negative contribution to total industry came from the production of food and beverages. A positive impetus was provided by the production of petroleum products and motor vehicles.
As suggested by Statistical Office data, retail trade dropped 0.3% in real, y-o-y terms in May.
In May, euro-denominated s-a exports declined 1.4% m-o-m, while imports rose 2.9%. In y-o-y terms, euro exports and imports increased 12.1% and 5.4% respectively.
Source National Bank of Serbia
