FX.co ★ Serbia Industrial Output Falls to Near 2-Year Low

In December 2025, Serbia experienced a 5.7% year-on-year decline in industrial production, expanding upon the 3.4% decrease recorded in the previous month. This represented the most significant contraction in industrial activity since March 2024. Contributory factors included a marked reduction in energy output, which fell by 23.4% following a 15% decline in November. The sectors of durable consumer goods and non-durable consumer goods also saw sharper downturns, with declines of 13.8% and 7.7%, respectively, compared to the previous figures of 9.9% and 4.8%. Meanwhile, the output of intermediate goods, excluding energy, displayed slower growth, registering a rise of 1.0% as opposed to 2.5% earlier. Conversely, the production of capital goods experienced accelerated growth, increasing by 25.2% compared to an 11.4% change prior. When adjusted for seasonal variations, industrial activity decreased by 4.4% from the 1.3% decline seen in November. Throughout the entirety of 2025, Serbia's industrial production reflected a 0.9% increase compared to 2024.