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Serbia’s industrial production surges: Achieves three-decade high in January 2024

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In January 2024, Serbia witnessed a substantial 6.9 percent growth in industrial production compared to the same month in the previous year, marking the highest volume of industrial output recorded in the country over the past three decades. The driving force behind this surge is the processing sector, as highlighted in the joint publication of Macroeconomic Analysis and Trends by the Economic Institute and the Serbian Chamber of Commerce.

Despite external challenges, Serbia experienced an increase in merchandise exports last year. Notably, the growth in processing sector exports stemmed from products classified as having medium-high technological complexity, reaching 1,163.8 million euros (a growth of 12.5 percent), and products falling under the category of high technology, totaling 135.7 million euros (a growth of 15.6 percent).

The export of products with medium-high technological intensity reached a record volume last year, achieving full coverage of imports within this product group for the first time in history, according to the analyses.

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The positive impact of reduced inflation is reflected in a 4.9 percent increase in real earnings on a year-on-year basis in December, as indicated in the published document.

Furthermore, inflation continued to decrease in January 2024 on a year-on-year scale. The National Bank of Serbia anticipates a further decline in year-on-year inflation to around 5.5 percent in February 2024.

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