Industrial production in Serbia fell by 2.3% year-on-year in July 2026, marking the first decline since February and reversing a 0.8% increase in the previous month. The contraction was driven by declines in electricity, gas, steam and air conditioning supply (-8.8%) and manufacturing (-1.6%), while mining and quarrying output increased by 3.0%. By economic destination, production of durable consumer goods fell by 7.9%, energy by 7.5%, and non-durable consumer goods by 5.1%. In contrast, intermediate goods excluding energy rose by 0.3%, while capital goods increased by 8.8%. On a seasonally adjusted monthly basis, overall industrial production increased by 0.6% from June, although manufacturing declined by 1.9%. Despite the July contraction, industrial production increased by 0.3% in the January–July 2026 period compared with the same period a year earlier.