Page 46 - bne IntelliNews Southeastern Europe Outlook 2025

2.10.2 Industrial production
Serbia's industrial production is poised for a strong performance in
2025, building on the solid growth achieved in 2024.
Following a 2.7% y/y increase in 2023, industrial output grew by 2.8% in the first nine months of 2024, driven by robust domestic demand, a recovery in exports and significant investments across key industries.
Key highlights from 2024 included record-breaking monthly increases, such as a 14.4% surge in October compared to the 2023 average, and steady growth in September and July at 4.6% y/y. Sector-specific gains were particularly notable in motor vehicle production, which grew by 24.3% in April and 9.9% over the year's first four months.
Despite a temporary setback in the energy sector due to an overhaul at the Pancevo Refinery, which led to a 78.5% drop in oil production in April, other areas compensated for the decline. Growth in electricity generation and mining contributed significantly to overall output, with Chinese-operated copper production at Bor, led by Zijin, playing a pivotal role.
Other growth drivers included advancements in the production of smart meters, metal products, chemicals and electronic and optical goods, reflecting a diverse industrial base and technological progression.
2.11 Macroeconomy – Slovenia
Key economic figures and forecasts
2016 2017 2018 2019 2020 2021 2022
Nominal GDP (EUR bn) 40 43 46 48 47 52 57
Real GDP (% y/y) 3.0 5.2 4.4 3.5 -4.1 8.4 2.7
Industrial output (% y/y) 6.6 8.0 4.6 3.0 -6.2 10.2 1.7
Unemployment rate (avg, %) 8.0 6.6 5.1 4.5 5.0 4.7 4.0
Producer prices (avg, % y/y) 0.5 2.2 2.1 0.0 -0.2 5.5 19.6
Consumer prices (avg, % y/y) -0.1 1.4 1.7 1.6 -0.1 1.9 8.8
Consumer prices (eop, % y/y) 0.5 1.5 1.4 1.9 -1.1 4.9 10.3
General budget balance (% of GDP) -1.9 0.1 0.9 0.7 -7.7 -4.6 -3.0
Public debt (% of GDP) 78.5 74.2 70.3 65.4 79.6 74.4 72.5
46 SE Outlook 2025 www.intellinews.com