Serbia, The production of the processing industry fell in October

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In Serbia, the production of the manufacturing industry fell the most in October of this year, by two percent year-on-year, it was announced in the latest issue of the monthly Macroeconomic Analysis and Trends (MAT).

“Due to the decline in the production of the processing industry in October, the cumulative year-on-year increase in the January-October period was reduced to 2.1 percent,” it was stated in MAT.

It is added that the decline in total industrial production in October was symbolic, because within mining, apart from the exploitation of metal ores, there was also a year-on-year increase in the exploitation of coal.

As stated, the decline in electricity industry production in October remained symbolic, but the number of areas of the processing industry in which production decreased year-on-year increased from ten in September to 14 in October.

In particular, as pointed out, the decline in the production of the food industry (11 percent) which covers about 20 percent of the total production of the processing industry, followed by the chemical industry (13 percent), the production of metal products and devices (more than 10 percent), and smaller and production of permanent means of transport (ships, rail vehicles).

In October, as stated, the value of the increase in imports was higher than the increase in exports, and this was largely based on the increase in prices and higher imports of goods.

Interannual inflation in September and October 2022, as before, was higher in Serbia than in the European Union, but also lower in Serbia than in some members of the European Union.

In September and October 2022, year-on-year inflation was 13.6 percent and 14.6 percent in Serbia, and 10.9 percent and 11.5 percent in the EU. Compared to Serbia, the same eight EU countries had higher year-on-year inflation in both September and October 2022, but their order was somewhat different.

In October 2022, year-on-year inflation was lower in Serbia than in Bulgaria (14.8 percent), the Czech Republic (15.5 percent), Poland (16.4 percent), the Netherlands (16.8 percent), Latvia (21, 7 percent), Hungary (21.9 percent), Lithuania (22.1 percent) and Estonia (22.5 percent).

Let us remind you that in September 2022, the annual inflation was lower in Serbia than in Bulgaria (15.6 percent), Poland (15.7 percent), the Netherlands (17.1 percent), the Czech Republic (17.8 percent), Hungary ( 20.7 percent), Latvia (22 percent), Lithuania (22.5 percent) and Estonia (24.1 percent), N1 writes.

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