FX.co ★ Serbia Industrial Output Growth at 4-Month High

In July 2025, Serbia experienced a 5.5% year-on-year increase in industrial production, a notable acceleration from the 2.5% growth observed in the previous month. This represents the highest growth rate since March, driven by a recovery in energy output, which surged by 7.1% after a decline of 3.1% in June, and non-durable consumer goods, which rose by 2.7% following a decrease of 0.8%. Conversely, output for durable consumer goods continued to decline, falling by 10.5%, compared to a 0.8% drop previously. There was also a slowdown in the growth of intermediate goods (excluding energy), showing an increase of 8.7%, down from 9.2%, and capital goods, which grew by 3.2%, slightly less than the 3.9% increase in June. On a seasonally adjusted monthly basis, industrial activity expanded by 1.8% in July, up from 1.2% in the previous month. Over the first seven months of the year, industrial production was up by 3% compared to the same period in the previous year.