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November 2023 Marks a 3.6% Rise in Industrial Production for the Republic of Serbia

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Industrial production in the Republic of Serbia in November 2023 increased by 3.6% compared to November 2022. Additionally, when compared to the average for the year 2022, it is higher by 8.4%. The industrial production for the period January to November 2023, compared to the same period in 2022, increased by 2.6%.

Examining the industrial sectors in November 2023 compared to the same month in 2022, the following trends were observed:

The sector of Supply of Electricity, Gas, Steam and Air Conditioning recorded a growth of 10.3%.
The Manufacturing sector showed a growth of 2.4%.
The Mining sector remained at the same level.

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Regarding industrial production by purpose groups in November 2023 compared to the same month the previous year, there was an increase in the production of:

Capital goods, by 4.4%.
Intermediate goods, excluding energy, by 4.2%.
Non-durable consumer goods, by 3.6%.
Energy, by 2.7%.

On the other hand, a decrease was noted in the production of:

Durable consumer goods, by 2.5%.

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In November 2023, compared to November 2022, the volume of industrial production shows growth in 15 sectors (constituting 60% of the industrial production structure) and decline in 14 sectors (constituting 40% of the industrial production structure).

The greatest impact on the growth of industrial production in November 2023, compared to November 2022, was observed in the sectors of Basic Metals Production, Electricity Production, Production of Other Transport Equipment, Production of Basic Pharmaceutical Products and Preparations, and Production of Computers, Electronic, and Optical Products.

The seasonally adjusted index of industrial production for November 2023, compared to October 2023, indicates an overall growth of industrial production by 0.4%, while the Manufacturing sector experienced a decline of 1.2%.

The seasonally adjusted index of industrial production for November 2023, compared to the average of 2022, indicates an overall growth of 3.1% for the entire industry and a growth of 0.4% for the Manufacturing sector.

The production of small enterprises (with fewer than 50 employees), not covered by regular statistical surveys, is monitored based on a sample of selected units in the manufacturing industry sector. When including the estimated industrial production of small enterprises from the sample, industrial production in November 2023, compared to the average of 2022, shows an increase of 8.5% for the overall industrial production and 6.3% for the Manufacturing sector.

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