Economic and Foreign Trade Activity
According to the Serbian Statistical Office data for February, industrial production rose 7.6% y-o-y, driven mainly by manufacturing and mining, and to a lesser degree, also by the energy sector.
Manufacturing went up by 8.6% y-o-y in February. Despite slackening external demand, growth was recorded in 18 out of 24 sectors, with the largest contribution coming from the production of pharmaceutical, metal and food products, followed by electrical equipment and rubber and plastic products.
Retail trade turnover continued to grow at high rates, climbing by 13.3% relative to February 2019.
February also saw a y-o-y rise in the number of overnight stays of foreign and domestic tourists (18.6% and 20.8%, respectively).
As regards foreign trade, during January and February both commodity exports and imports in euro terms increased y-o-y (11.5% and 10.3%). Within exports, high growth was recorded for manufacturing, while the dynamics of imports was determined primarily by the import of capital and consumer goods.