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Serbia records highest industrial growth in three decades: January 2024 surges by 6.9%

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In January 2024, Serbia experienced its highest industrial production growth in the last three decades, with a notable surge of 6.9%, as reported in the latest issue of the monthly publication “Macroeconomic Analysis and Trends” (MAT).

The upswing in industrial output was primarily led by the manufacturing sector, and high-tech products dominated the export market. The value of these products, exhibiting a growth rate of 12.5% compared to the previous year, amounted to €1.16 billion.

The production of high-tech goods witnessed a notable increase of 15.6%, with an exported value reaching €135.7 million.

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The export of medium-high technological intensity products reached a record volume in the past year, and for the first time in history, achieved full coverage of imports for this product group.

“The slowdown in inflation is having positive effects on the year-on-year calculation of real wages, which increased by 4.9% in December,” highlighted in the MAT report.

Inflation, as emphasized, increased on a monthly basis in January 2024, but decreased on an annual basis. In December 2023 and January 2024, monthly inflation rates were 0.1% and 0.3%, respectively, while the year-on-year inflation rates were 7.6% and 6.4%.

The reduction in year-on-year inflation, which began in April 2023, continued in January 2024, reaching 5.5%.

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Serbia had a higher year-on-year inflation rate than the European Union (EU) average in both December 2023 and January 2024, and only one EU member state had a lower year-on-year inflation rate than Serbia.

In December 2023 and January 2024, the year-on-year inflation rate, according to the Harmonized Index of Consumer Prices, stood at 7.5% and 6.4% in Serbia, compared to 3.4% and 3.1% in the EU.

In December 2023, Serbia had a lower year-on-year inflation rate than the Czech Republic, and in January 2024, it had a lower rate than Romania.

The year-on-year inflation rate reached 7.6% in the Czech Republic in December 2023 and 7.3% in Romania in January 2024.

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