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Serbia’s industrial output hits 30-year high, driven by processing sector

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In January 2024, Serbia witnessed a significant surge in industrial production, recording a remarkable 6.9% increase compared to the same month the previous year. This growth represents the highest volume of industrial output in the country over the past three decades, with the processing sector leading the industry’s expansion, as reported in the March edition of Macroeconomic Analysis and Trends (MAT).

Despite facing external challenges, Serbia experienced a continuous rise in merchandise exports in the previous year. Notably, the processing sector’s export growth was driven by products with medium-high technological complexity, reaching 1.16 billion euros, reflecting a 12.5% increase. Additionally, high-tech product exports surged to 135.7 million euros, marking a substantial growth of 15.6%. The analysis from MAT highlighted that last year saw a record volume of exports for products with medium-high technological intensity. For the first time in history, the export of this product category fully covered imports.

The report also pointed out the positive impact of slowing inflation on real wages, which registered a 4.9% increase in December on a year-on-year basis. In January 2024, inflation continued to decrease year-on-year, and the National Bank of Serbia anticipates a further decline to around 5.5% in February 2024.

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