As Serbia's manufacturing industry hums with a 5.8% quarterly growth, a closer look at sectors from booming metals to resilient textiles reveals an economy powered by diversified, export-driven production and a steady influx of industrial investment.
Key Takeaways
- Serbia's manufacturing industry contributed 14.5% to GDP in 2022 with a total output value of €12.3 billion
- In Q4 2023, Serbia's industrial production index for manufacturing reached 112.4 (2015=100), marking a 5.8% increase from the previous quarter
- Food manufacturing subsector in Serbia produced 2.1 million tons of processed goods in 2022, accounting for 28% of total manufacturing
- Serbia's copper mining production reached 22,000 tons in 2022, primary for RTB Bor
- Coal extraction in Serbia totaled 35.6 million tons in 2023, mainly lignite from Kolubara basin
- Iron ore production was 1.2 million tons in 2022 from Rudnik mine
- Serbia's total installed electricity capacity was 7,800 MW in 2023
- Thermal power plants generated 25.4 TWh of electricity in 2022, 70% of total production
- Hydroelectric production reached 6.2 TWh in 2023 from Đerdap and other plants
- Serbia's construction sector grew by 12.5% in 2022, contributing 6.8% to GDP
- Building permits issued for 15.2 million square meters in 2023, up 8.4%
- Residential construction output value was €4.1 billion in 2022
- Serbia's industrial employment totaled 320,000 workers in 2023, 25% of total employment
- FDI in industry reached €1.2 billion in 2022, mainly manufacturing
- Average wage in manufacturing sector was €650 net in 2023, up 9.2%
Serbia's industrial sector shows robust growth across manufacturing, mining, and energy production.
Construction Sector
- Serbia's construction sector grew by 12.5% in 2022, contributing 6.8% to GDP
- Building permits issued for 15.2 million square meters in 2023, up 8.4%
- Residential construction output value was €4.1 billion in 2022
- Road construction contracts totaled €2.3 billion in 2023 for highways
- Non-residential building completions reached 2.8 million sqm in 2022
- Concrete production for construction was 12.5 million cubic meters in 2023
- Bridge construction projects numbered 45 in 2022, with €650 million invested
- Cement production for construction sector was 2.6 million tons in 2023
- Housing starts increased 11.2% to 28,000 units in 2022
- Public infrastructure construction spending was €1.8 billion in 2023
- Steel usage in construction reached 850,000 tons in 2022
- Railway construction output value €450 million in 2023 for modernization
- Commercial real estate developments totaled 1.2 million sqm in 2022
- Water supply infrastructure built 320 km of pipelines in 2023
- Industrial facilities construction permits issued for 450,000 sqm in 2022
- Construction material prices rose 11.3% in 2022
- Belgrade Waterfront construction cost €1.5 billion by 2023
- Highway construction 45 km completed in 2023, €320 million
Construction Sector Interpretation
Serbia's construction sector is frantically building the future from the ground up, laying everything from highways and housing to pipelines and penthouses, all while fighting a spirited battle with inflation as its constant sidekick.
Electricity and Energy
- Serbia's total installed electricity capacity was 7,800 MW in 2023
- Thermal power plants generated 25.4 TWh of electricity in 2022, 70% of total production
- Hydroelectric production reached 6.2 TWh in 2023 from Đerdap and other plants
- Lignite-fired power output was 18.5 TWh in 2022 from EPS plants
- Renewable energy share in electricity production was 32% in 2023, up from 28% in 2022
- Natural gas consumption for industry was 1.2 billion cubic meters in 2022
- Solar PV installed capacity grew to 250 MW in 2023
- Wind power generation totaled 1.1 TWh in 2022 from 400 MW capacity
- Electricity exports from Serbia reached 5.8 TWh in 2023 to neighboring countries
- Coal consumption for power generation was 30 million tons in 2022
- Biomass energy production contributed 0.4 TWh in 2023
- Transmission losses in electricity grid were 8.2% in 2022
- Pumped storage hydro capacity is 600 MW at Đerdap 2 in 2023
- District heating supplied by cogeneration plants covered 45% of urban needs in 2022
- Oil refinery output at NIS Pančevo was 3.2 million tons in 2023
- Gasoline production totaled 1.1 million tons in 2022
- Diesel fuel production reached 1.8 million tons in 2023 from NIS refinery
- Serbia electricity consumption was 32.5 TWh in 2022, industry 45%
- Gas-fired power generation 2.1 TWh in 2023
- HPP Iron Gates I generated 5.4 TWh in 2022
- Wind farm Kovačica capacity 106 MW, producing 0.25 TWh yearly
Electricity and Energy Interpretation
Serbia's energy landscape is currently a story of two realities: it leans heavily on its smoky, lignite-rich past, accounting for over half its power, while simultaneously building a more sustainable future with notable growth in renewables and a surprisingly robust export business.
Industrial Employment and Investment
- Serbia's industrial employment totaled 320,000 workers in 2023, 25% of total employment
- FDI in industry reached €1.2 billion in 2022, mainly manufacturing
- Average wage in manufacturing sector was €650 net in 2023, up 9.2%
- Industrial R&D expenditure was 0.45% of GDP in 2022, €320 million total
- Unemployment rate in industrial sectors was 7.8% in Q4 2023
- Labor productivity in industry grew 5.1% to €28,500 per worker in 2022
- Investment in industrial machinery reached €2.5 billion in 2023
- Female employment in industry was 32% of total industrial workforce in 2022
- Vocational training programs for industry trained 15,000 workers in 2023
- Energy sector employment was 28,500 in 2022
- Construction employment totaled 185,000 in 2023, 14% growth since 2020
- Mining employment was 12,200 workers in 2022, average wage €850
- Private sector investment in industry €4.8 billion in 2023
- Union membership in industry 35% of workforce in 2022
- Digital skills training for 8,000 industrial workers in 2023
- Serbia industrial accidents numbered 1,250 in 2023
- Industry training funds €45 million in 2022
- Industrial SMEs employed 150,000 in 2022
Industrial Employment and Investment Interpretation
Serbia's industrial sector is impressively juggling ambitious modernization with a stubborn wage reality, where surging investment, rising productivity, and a hungry-for-skills workforce haven't yet lifted the average factory floor paycheck much beyond the price of a good smartphone.
Manufacturing Production
- Serbia's manufacturing industry contributed 14.5% to GDP in 2022 with a total output value of €12.3 billion
- In Q4 2023, Serbia's industrial production index for manufacturing reached 112.4 (2015=100), marking a 5.8% increase from the previous quarter
- Food manufacturing subsector in Serbia produced 2.1 million tons of processed goods in 2022, accounting for 28% of total manufacturing
- Serbia's textile and apparel manufacturing employed 45,000 workers in 2023, with exports valued at €1.2 billion
- Metal processing in manufacturing output grew by 7.2% in 2023, reaching 1.8 million tons of steel products
- Chemical manufacturing sector in Serbia produced 450,000 tons of fertilizers in 2022, up 3.5% from 2021
- Furniture manufacturing output in Serbia was €850 million in 2022, with 65% exported to EU markets
- Pharmaceutical manufacturing in Serbia generated €620 million in revenue in 2023, producing 150 million packs of medicine
- Rubber and plastics manufacturing subsector output increased 6.1% in 2023 to 320,000 tons
- Electrical equipment manufacturing in Serbia reached €1.1 billion in 2022, employing 12,500 people
- Paper and printing industry produced 450,000 tons of paper products in 2022, with a 4.8% growth rate
- Non-metallic mineral products manufacturing output was €2.4 billion in 2023
- Machinery manufacturing subsector exported €750 million worth of goods in 2022
- Leather products manufacturing employed 8,200 workers in 2023, producing 15 million units
- Wood processing industry output reached 3.2 million cubic meters in 2022, up 5.3%
- Beverage manufacturing produced 1.2 billion liters in 2023, contributing €1.5 billion to economy
- Tobacco manufacturing output was 25 billion cigarettes in 2022, with €450 million revenue
- Basic metals manufacturing produced 1.9 million tons in 2023, growth of 8.1%
- Fabricated metal products subsector value added €1.8 billion in 2022
- Computer and electronics manufacturing grew 12.4% in 2023, exports €300 million
- Manufacturing PMI averaged 52.3 in 2023, indicating expansion
- Automotive parts manufacturing output €2.1 billion in 2022, exports to Fiat
- Tire production reached 4.5 million units in 2023 from Tigar factory
- Aircraft parts manufacturing grew 15% to €120 million in 2022
- Manufacturing investment incentives attracted €850 million in 2022
- Steel mill output in Smederevo 2.2 million tons in 2023
- Electronics manufacturing exports €450 million in 2023
Manufacturing Production Interpretation
While Serbia's industrial backbone might not be glamorous, it’s impressively sturdy—it seems the country runs on a reliable mix of steel, medicine, food, and a surprisingly healthy dose of car parts and cigarettes.
Mining and Quarrying
- Serbia's copper mining production reached 22,000 tons in 2022, primary for RTB Bor
- Coal extraction in Serbia totaled 35.6 million tons in 2023, mainly lignite from Kolubara basin
- Iron ore production was 1.2 million tons in 2022 from Rudnik mine
- Zinc and lead concentrate output reached 45,000 tons in 2023 from Trepča complex
- Bor copper mine produced 180,000 tons of copper cathode in 2022
- Quarry output for construction aggregates was 28 million tons in 2023
- Gold production in Serbia totaled 4.5 tons in 2022 from small-scale operations
- Salt production reached 120,000 tons in 2023 from Pančevo plant
- Limestone quarrying produced 15 million tons in 2022 for cement industry
- Bauxite mining output was 1.8 million tons in 2023 from smaller deposits
- Sand and gravel extraction totaled 10.5 million cubic meters in 2022
- Silver production in Serbia was 25 tons in 2023 as byproduct of copper mining
- Clay and kaolin output reached 650,000 tons in 2022 for ceramics
- Phosphate rock mining produced 200,000 tons in 2023
- Dimension stone quarrying output was 1.2 million tons in 2022
- Serbia's nickel mining production was 1,200 tons in 2022
- Gypsum quarrying output 450,000 tons in 2023
- Bor mine copper concentrate 250,000 tons in 2023
- Lead production 18,000 tons in 2022 from Rudnik
Mining and Quarrying Interpretation
Serbia's industrial spine is clearly built from copper, coal, and grit, with a healthy side of precious metals, as it tirelessly excavates its geological pantry to keep the lights on, the cement poured, and its economic engine humming.
Sources & References
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