Serbia's industrial output growth accelerates to 5.1% y/y in July.

By bne IntelliNews September 1, 2010
After moderating in June, Serbia's industrial output growth accelerated again in July to 5.1% y/y, the latest data released by the stats office showed. The main driver of the improvement was the utilities sector, where the output dropped by 1.6% y/y in July, thus considerably improving from a 17% annual decline in June. Mining and quarrying and manufacturing also contributed to the output growth (up 15.3% y/y and 5.9% y/y respectively in July). However, the output growth in manufacturing decelerated for the third consecutive month. In another breakdown, industrial output of intermediate goods posted the biggest annual increase of 16.6%, while energy output rose 2.6% y/y. On the other hand, capital goods output, as well as durable and non-durable consumer goods output all declined in y/y terms. The growth in July was 4.6% above the average in 2009. In January-July, the industrial output increased by 4.8%. Seasonally adjusted output increased 4.4% m/m, while seasonally adjusted output in manufacturing went up by 4.1% m/m. We note that domestic demand in the country is expected to remain subdued this year, thus the industrial output growth would largely depend on foreign demand e.g. the situation in international markets.

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