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Serbian industrial production surges, service sectors and foreign trade trends on the rise

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In February of this year, the National Bank of Serbia (NBS) reported a notable 8.4 percent year-on-year growth in industrial production, citing data from the Republic Institute of Statistics. The primary drivers behind this expansion were the processing industry, which grew by 10.8 percent year-on-year, and mining, which saw a 14.9 percent increase. However, there was a decline in activity observed in the energy sector, with a 2.9 percent decrease year-on-year. Within the processing industry, production growth was evident in 19 out of 24 sectors, with significant contributions from the production of metal products, food, oil derivatives, chemical products, as well as computers, electronic, and optical products.

For the first two months of the year, industrial production recorded a 7.9 percent year-on-year growth, indicating sustained positive momentum. Moreover, growth persisted in February across service sectors, retail trade, and tourism. Retail trade saw an increase in turnover by 8.8 percent compared to the same period last year, while the number of tourist arrivals rose by 9.2 percent.

Regarding foreign trade trends, data from the Republic Institute of Statistics show that in February, goods exports experienced a 6.6 percent year-on-year growth, while imports grew by 4.3 percent. The rise in exports was primarily driven by manufacturing and agriculture, while import growth was attributed to increased imports of machinery and equipment.

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These developments signify a promising economic trajectory for Serbia, with robust industrial production, growing service sectors, and positive trends in foreign trade contributing to overall economic expansion.

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