Serbia's industrial output growth speeds up to 3.5% y/y in April 2013 – seasonally adjusted

By bne IntelliNews May 31, 2013

Serbia's industrial production growth quickened to 3.5% y/y in April from 2.2% the month before lifted by a 5.0% y/y rise in the manufacturing sector, seasonally-adjusted data of the statistics office showed. In monthly terms, the seasonally-adjusted industrial output inched up 1.8% m/m in April following a 1.2% drop a month earlier. The manufacturing sector’s output grew 4.1% m/m in April.

Compared to the 2012 average, the seasonally-adjusted industrial production increased 4.9% in April, while the manufacturing sector rose 6.6%.

In seasonally-unadjusted terms, industrial output expanded 5.7% y/y in April, speeding up from a mild 0.8% increase in March due to strong activity in the manufacturing sector.

The seasonally-unadjusted manufacturing output rose 9.0% y/y in April supported by higher motor vehicles production (up 198% y/y). The low base effect played a major role as Fiat's plant in Kragujevac launched its operations in July 2012. Rising production of coke and refined petroleum products (up 39% y/y), reflecting increased capacity of the Pancevo oil refinery of local energy firm NIS, also pushed the overall manufacturing output up.

The mining sector production remained in the red, shrinking 3.4% y/y in April after a 7%y/y drop in March, due to falling coal and lignite extraction. The utilities sector output swung to a 3.0% y/y decline in April from a 13.6% growth in March. However, lower mining and quarrying and utilities output were largely offset by higher manufacturing production. 

 

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