Total industrial turnover in Serbia experienced an 8.0% year-on-year increase in February 2026, driven primarily by robust external demand. However, this figure reflects a 0.9% decrease compared to the average turnover from 2025, indicating a slight softening of activity on a monthly basis.
Key sectors contributed to this growth, with the mining sector reporting a turnover increase of 7.4%, while the manufacturing sector saw an expansion of 7.9%. These figures suggest stable performance across both upstream resource extraction and downstream industrial processing.
The growth in industrial turnover was largely fueled by external markets, which experienced an 11.1% increase year-on-year. In contrast, the domestic market saw a more modest growth rate of 4.7%. This disparity highlights Serbia’s ongoing reliance on export-oriented industries, particularly those integrated into broader European and global supply chains.
The current data illustrates a structural trend where industrial growth is predominantly driven by external demand, while domestic consumption and internal industrial activity are growing at a slower pace. This situation reflects both the competitiveness of Serbia’s export sectors and a more constrained growth environment domestically.
Additionally, the decline relative to the 2025 average suggests that industrial activity may be stabilizing after a phase of rapid expansion. Factors such as seasonal variations, reduced domestic demand, and rising input costs are likely contributing to this moderation in growth.
Overall, while Serbia’s industrial sector continues to expand, it increasingly depends on external demand to sustain this upward trend, even as domestic economic conditions remain relatively subdued.
