Serbia's industrial output growth speeds up to 13% y/y in Sept 2013 – seasonally-adjusted data

By bne IntelliNews October 31, 2013

Serbia's industrial production rose 12.6% y/y in September 2013, quickening from a revised 7.1%y/y increase the month before due to stronger automobile, oil and metal sectors output, IntelliNews calculations based on seasonally-adjusted data of the statistics office showed.

The manufacturing sector production expanded 11.6% y/y in seasonally-adjusted terms after a 3.2% y/y rise in August.

In monthly terms, the seasonally-adjusted industrial output went up 1.9% in September, whereas the manufacturing sector’s output grew 3.2%. Compared to the 2012 average, the seasonally-adjusted industrial production rose 10.6% in September, while the manufacturing sector increased 8.8%.

In seasonally-unadjusted terms, the industrial output climbed 13.4% y/y in September, following a 5.7% y/y rise the month before. The annual growth of the manufacturing sector output speeded up to 12.2% in September from 1.8% the month before, supported by the more than five-fold increase of coke and refined petroleum products reflecting the increased capacity of energy firm NIS' Pancevo oil refinery following a major revamp, which was completed in October 2012.

An increase in basic metals output (up 75% y/y in September), evident since July 2013 also pushed up the overall index. The trend likely reflects the government’s decision from earlier this year to restart production in loss-making steel mill Zelezara Smederevo (a former US Steel unit) - a major steel-exporting plant.

Motor vehicles production likewise continued increasing in September, climbing 153.9% y/y thanks to the local plant of Italy's Fiat.

The utilities sector output jumped 19.8% y/y in September after rising 19.5% y/y in August. September’s mining and quarrying sector production likewise increased 10.4% y/y, speeding up slightly from the 10.2% y/y growth the month before, on the back of higher coal and lignite and metal ores extraction.

The industrial production grew 6.4% y/y in seasonally-unadjusted terms in January-September 2013, the statistics office said.

The automobile, oil and metal sectors should continue supporting the industrial production growth in the coming months. The latter is expected to contribute to the projected 2-3% GDP expansion this year after the economy contracted 1.7% in 2012.

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