Serbia’s industrial production index reached 101.7 in April compared with the 2025 average, as manufacturing activity remained above the benchmark while electricity and gas supply weakened, according to the National Bank of Serbia bulletin.
The industrial data showed manufacturing at 104.6, while electricity, gas, steam and air-conditioning supply stood at 88.1. The divergence placed energy supply below the annual average even as factory production continued to expand.
Manufacturing Remains Above Annual Average
The manufacturing index indicated that Serbian factories continued operating above the previous-year average despite weaker European demand, higher financing costs and broader cost pressures. Serbia’s productive base includes export-oriented manufacturers, food processors, machinery producers, electrical-equipment suppliers and component manufacturers. These industries remain central to domestic industrial output and export activity. Manufacturing performance is also influenced by energy availability and pricing. Electricity and gas supply affect production costs across industrial sectors, including companies serving export markets.
Energy Supply Affects Industrial Costs
Lower output in electricity, gas, steam and air-conditioning supply increases the importance of energy imports and can contribute to uncertainty over energy prices and industrial margins.
For exporters, energy sourcing is also linked to carbon documentation, embedded emissions and requirements from European Union buyers. Energy-related data and supply conditions are therefore relevant to companies operating in carbon-sensitive supply chains.
Reliable electricity generation, grid capacity, balancing arrangements, renewable-energy integration and documentation of energy sources are linked to industrial production conditions. These factors affect the ability of manufacturers to participate in higher-value production and supply chains.
Inflation and Financing Conditions
Energy supply conditions also influence inflation through producer costs and consumer prices. Higher energy-import costs or weaker domestic energy output can affect pricing across the economy. Changes in energy costs can influence monetary-policy conditions and corporate financing expenses. Higher costs for companies may affect investment decisions, margins and industrial production planning.
The April figures showed manufacturing activity above the 2025 average, while the energy-supply index remained below that level. Industrial performance was shaped by manufacturing output alongside energy conditions, infrastructure, financing costs and external demand.
