Industrial turnover in Serbia maintained solid year-on-year growth in February, supported primarily by external demand, although activity showed signs of short-term softening compared to the recent average.
Total industrial turnover increased by 8.0% year-on-year in February 2026, confirming continued expansion across the production base. However, compared with the average level recorded in 2025, turnover was 0.9% lower, indicating a slight cooling in momentum on a sequential basis.
The growth profile remains broad-based across key sectors. Turnover in the mining sector rose by 7.4%, while the manufacturing sector expanded by 7.9%, highlighting stable performance in both upstream resource extraction and downstream industrial processing.
External markets were the primary driver of growth. Turnover on foreign markets increased by 11.1% year-on-year, significantly outpacing the 4.7% growth on the domestic market. This divergence underlines Serbia’s continued reliance on export-oriented industry, particularly in sectors integrated into European and global supply chains.
The data points to a familiar structural pattern. Industrial expansion is being led by external demand, while domestic consumption and internal industrial activity are growing at a more moderate pace. This dynamic reflects both the competitiveness of Serbia’s export sectors and the more constrained growth environment within the domestic economy.
At the same time, the slight decline relative to the 2025 average suggests that industrial activity may be entering a more balanced phase after a period of stronger expansion. Seasonal effects, alongside softer domestic demand and higher input costs, are likely contributing to this moderation.
The overall picture is one of continued growth, but with increasing dependence on export performance. As long as external demand remains supportive, industrial turnover is likely to sustain its upward trajectory, even as domestic conditions remain comparatively subdued.
