Statistical Release
Industry - Production and stocks
30.08.2024
Preliminary results Periodicity: monthly Next publication date: 30.09.2024

Industrial production indices, July 2024

The industrial production in July 2024 increased by 4.6% relative to July 2023

Industrial production in the Republic of Serbia, in July 2024 was higher by 4.6% compared to the same month in 2023, and compared to the 2023 average was by 0.3%  lower. Industrial production in the period January – July 2024 relative to the same period 2023, increased by 2.5%. Seasonally adjusted index in July 2024, compared to June 2024, shows a decrease of the total industry by 1,0% and decrease by 0,5% of Manufacturing section. 

Observed by sections, in July 2024, compared to July 2023, industrial production in the Mining and quarrying section increased by 5.2%, in the Manufacturing section increased by 8.5% and in the Electricity, gas, steam and air conditioning supply section decreased by 14.9%.

 


1. Industrial production indices, by MIGs, sections and divisions, 2024

Republic of Serbia
  Ø 2023=100 VII 2024
VII 2023
I-VII 2024
I-VII 2023
VI VII I-VII
TOTAL1)102.599.7100.1104.6102.5
Energy85.889.089.792.090.7
Intermediate goods except energy109.1108.8107.8109.9110.6
Capital goods116.9110.3109.6122.0109.8
Durable consumer goods91.890.692.3106.094.1
Non durable consumer goods106.396.698.3103.6102.7
B - Mining and quarrying97.9104.5105.2105.2109.8
    05 Mining of coal and lignite77.387.691.482.498.9
    06 Extraction of crude petroleum and natural gas94.399.798.497.299.2
    07 Mining of metal ores114.3117.6118.4128.5119.6
    08 Other mining and quarrying115.3122.9103.7112.8116.1
C - Manufacturing108.1103.7100.7108.5103.6
    10 Manufacture of food products104.695.499.8105.4106.7
    11 Manufacture of beverages123.8119.6100.5106.199.9
    12 Manufacture of tobacco products121.183.696.6134.2105.6
    13 Manufacture of textiles84.775.493.098.694.0
    14 Manufacture of wearing apparel99.989.096.291.993.0
    15 Manufacture of leather and related products99.385.1100.886.9100.8
    16 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials100.899.395.7107.898.0
    17 Manufacture of paper and paper products111.8104.5110.3115.7112.3
    18 Printing and reproduction of recorded media95.9105.7100.0109.6105.9
    19 Manufacture of coke and refined petroleum products106.2113.777.2110.678.8
    20 Manufacture of chemicals and chemical products97.6116.1102.2113.9101.9
    21 Manufacture of basic pharmaceutical products and pharmaceutical preparations95.691.993.595.397.2
    22 Manufacture of rubber and plastic products106.895.9102.097.099.5
    23 Manufacture of other non-metallic mineral products103.2103.995.0103.9103.4
    24 Manufacture of basic metals128.2133.0127.2117.3138.4
    25 Manufacture of fabricated metal products, except machinery and equipment116.1107.9108.7108.3110.0
    26 Manufacture of computer, electronic and optical products199.6219.2169.8233.4195.6
    27 Manufacture of electrical equipment99.795.8104.3107.8108.9
    28 Manufacture of machinery and equipment n.e.c.94.085.192.598.689.3
    29 Manufacture of motor vehicles, trailers and semi-trailers111.299.0106.8117.0106.5
    30 Manufacture of other transport equipment138.6133.7111.6129.3113.3
    31 Manufacture of furniture88.694.393.4104.397.3
    32 Other manufacturing105.6100.7100.596.595.2
    33 Repair and installation of machinery and equipment99.8100.1105.599.6109.6
D - Electricity, gas, steam and air conditioning supply78.578.294.585.193.8
    35 Electricity, gas, steam and air conditioning supply78.578.294.585.193.8

1)The estimate of the industrial production of small-sized enterprises that are not covered by regular statistical surveys of industry was made for July 2024. The estimate was made on the basis of the sample. If the estimate of industrial production of small-sized enterprises is included, the industrial production index for July 2024/2023 average, for total industrial production stands at 99.6 and for manufacturing at 103.5.

2. Seasonally adjusted industrial production indices

Republic of Serbia Ø 2023=100
  I II III IV V VI VII VIII IX X XI XII
Total industry
202397.699.2102.5101.098.999.199.2101.5100.1100.4100.7101.7
2024102.4102.398.399.2102.0102.7101.7
Manufacturing
202398.798.9103.8100.498.499.398.1100.3101.0101.2100.1102.1
2024101.7103.099.8100.3102.5104.2103.7

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Methodological explanations

Data in this Communication represent previous results and may undergo certain modifications. Starting from 1999 the Statistical Office of the Republic of Serbia has not at disposal and may not provide available certain data relative to AP Kosovo and Metohia and therefore these data are not included in the coverage for the Republic of Serbia (total).

Industrial production index shows the percentage of decrease or increase in the quantities of produced manufactured products (services) on a selected territory. Hence, the index of industrial production presents trends of changes in industry development and the dynamics of its production in short time intervals.

There are two phases in the calculation of the index of production. In the first one, indices for groups and divisions are calculated on the basis of data on quantities, which are collected through the Monthly Survey on Industry, and on the basis of the weight by products (services).

Laspeyre’s formula is used for the calculation. The quantities of products in the current and referent period are multiplied by weights of those products then those multiplication products are divided.

IFO₀= (∑ q1k0 /∑ q0k0) * 100

IFOo – index of the physical volume of industrial production for divisions;
             q1 – quantity produced in the current period;
             q– quantity produced in the referent period;
             k0 – weights for the product in the referent period.

In the second phase, the index of the physical volume of industrial production for the overall industry, sections and MIGs is calculated on the basis of indices obtained for divisions and on the basis of the weight for divisions, the formula below being used for that purpose:

IFO= ∑ WiIi /∑ Wi

 IFO –  index of the physical volume of industrial production;
               Ii – index of the physical volume of industrial production in a division;
               Wi – weight for the division from the referent period

 

 Methodological explanations of Industrial Production Index could be found on the SORS website. Time series of Industrial Production Indices are available on the SORS website, in the database.