MAT: Industrial Production in Serbia up 4.4% in Q1

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Industrial production in Serbia was up 4.4% YOY in Q1 2020, even though it was up 7% in the first two months, but plummeted in March due to the consequences of the COVID-19 pandemic, associates of the Macroeconomic Analyses and Trends (MAT) magazine said on May 8. 

In March this year, as they put it, overall industrial production decreased by 0.1% YOY. That month also saw a 9.8% reduction in power generation. 

The food industry maintained high growth, 8%, in March, while the meat industry saw a decrease of 1%. The pharmaceutical industry also registered high YOY growth in March, 14.6%, whereas motor vehicle manufacture dropped 25% and basic metals 26%. 

The MAT experts said that in March the food industry landed in first place in terms of export value, as it marketed goods worth EUR158m abroad, up 12.2% YOY. 

Motor vehicles and trailers were in second place in terms of export value, with a 25% decline and value of EUR138m, while the export of rubber and plastic goods totaled EUR128m, but that was 13.5% lower than in the same month of 2019. 

Electric equipment exports this March decreased by 4% YOY and were worth EUR127m, whereas the production of basic metals dropped 34.4% YOY, and their exports in March totaled EUR99m. 

If one compares data on the value of exports in March 2020 and March 2019, exports went up EUR8m in agriculture, 17m in the food industry, 26m in the tobacco industry, and in several other branches but for small value amounts.