FX.co ★ Serbia Industrial Output Slips in October

Industrial production in Serbia experienced a 2.3% year-on-year decrease in October 2025, marking the first contraction since February and overturning the 2.5% growth recorded in September. This decline was primarily caused by a significant reduction in energy output, which fell by 17% compared to a 1% decrease in September, and a minor contraction in the production of durable consumer goods, which, despite being less severe than the previous month's 5.7% drop, still declined by 0.2%. Meanwhile, the production of intermediate goods, excluding energy, increased at a slower pace, with a rise of 0.9% compared to September's 7.9% growth. On the positive side, output growth in capital goods picked up speed, advancing by 16.2% against 11.3% previously, while non-durable consumer goods made a comeback, growing by 2.7% after a previous decline of 4.2%. Seasonally adjusted, industrial activity on a monthly basis saw a contraction of 2.1%, reversing the 1.1% growth witnessed in September. Over the first ten months of 2025, however, industrial production was 2.1% higher compared to the same period the previous year.