May 28 (SeeNews) - Serbia's industrial production will be negatively affected by the coronavirus-related restrictions on economic activity in the second quarter of 2020, Austria-based Erste banking group said on Friday.
"Despite the fact that the peak of infections is likely behind us, the continuation of business activities is likely to be slow while overall business and consumer confidence indices still point to the downside, hence overall output and growth figures during the 2Q will continue to be heavily influenced by the distortions related to the virus outbreak," Erste said in an instant comment after Serbia's statistical office released industrial output data earlier in the day.
The year-on-year drop across all sub-sections in April was expected, given the lockdown measures, Erste said.
Serbia's industrial production declined by 16.6% year-on-year in April, after edging down by 0.1% in March, the statistical office said. On a seasonally-adjusted monthly comparison basis, the industrial output went down 18.2% in April after increasing 2.8% a month earlier.
Serbia's industrial output, breakdown by industry (y/y pct change):
|
Apr'20 |
Mar'20 |
Total |
-16.6 |
-0.1 |
- mining |
-0.1 |
0.5 |
- manufacturing |
-19.9 |
2.7 |
- utilities |
-9.9 |
-9.8 |