MAT: Production of Manufacturing Industry in November Lower Than One Year Before

The growth of the total industrial production in November 2022 in Serbia, due to a drop in economic activities, was only 0.4% compared to the year before, primarily thanks to the sudden 8% increase in the production of the power sector, which previously, from mid-2021, had experienced a systematic decrease – writes the latest issue of the Makroekonomske analize i trendovi (MAT) magazine.

– The growth of the production of the power sector is a result of a systematic stabilization, and not a change in the ratio of the supply and the demand in the market – the economist Stojan Stamenkovic says in an article in said monthly publication.

He adds that the production of the manufacturing industry in November records a year-on-year drop for the third consecutive month, that there has been a downward trend since the second quarter and that its values are perceptibly lower than the previous year’s average.

He says that it is interesting that there was no year-on-year drop in the production of the food industry in November, which is a result of the seasonal peak in the production of sugar beet, whereas the production of the meat industry did drop.

The harshest impact on the drop in the production of the manufacturing industry in November, according to him, was in the field of base metals, where the already deep cumulative drop was deepened even further.