Industrial production in Serbia fell 2.3% year-on-year in October 2025, marking the first decline since February and reversing the 2.5% growth recorded in September.

The slowdown was mainly due to a sharp contraction in energy output (-17% vs -1% in September) and a slight decline in durable consumer goods (-0.2% vs -5.7%).

Other sectors showed mixed performance:

• Intermediate goods (excluding energy) grew 0.9%, slowing from 7.9% previously.
• Capital goods production accelerated to 16.2% from 11.3%.
• Non-durable consumer goods rebounded, rising 2.7% after a -4.2% drop in September.

On a seasonally adjusted monthly basis, industrial activity contracted 2.1%, reversing a 1.1% growth in September.

For the first ten months of 2025, Serbia’s industrial production remained 2.1% higher compared to the same period in 2024, indicating overall modest growth despite the October decline.