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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SerbiaSerbia Industrial Production YoY fell to 3.4% in April 2026
FMPMonthlyReleased May 2026
Serbia Industrial Production YoY fell to 3.4% in April 2026, released May 2026, down 3.0% from March's 6.4% reading. The reading missed the 7.0% consensus by 3.6%. The print is running well above the 12-month average of 0.27%. Over the past 3 months, Industrial Production YoY averaged 3.05%, vs -6.07% in the prior 3-month window. The reading is in the 69th percentile of the trailing 24-month range.
Latest Release
3.4
Actual
7
Consensus
6.4
Previous
Median Absolute Error
±1.9 percentage points
across last 12 releases
Last Call
May 2026
Predicted: 6.25
Actual: 3.4
Error: +2.85
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| S&P 500 | ▲ Direct | +0.87 | INDEX | Bullish S&P 500 | → View |
| EUR/USD | ▲ Direct | +0.56 | FOREX | Bullish EUR | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Industrial Production YoY (Serbia) was reported at 3.4% in May 2026. This missed the market consensus of 7% by 3.6%. The reading fell from the previous value of 6.4%. Trailing 12-month context per ETL data through May 2026. Over the past 12 months, the indicator has averaged -0.19%, ranging from -9.1% to 5.5% across 11 releases.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged -2%, up from the prior three at -3.8%. Volatility over the past year (σ 4.32%) is higher than the prior year (σ 2.89%). In May readings over the past 3 years, Industrial Production YoY has averaged 2.87%.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with S&P 500 (Bullish S&P 500). A secondary relationship exists with EUR/USD, positively correlated (Bullish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 1.9%.
WHAT TO WATCH NEXT
The next release is scheduled for June 30, 2026.
Auto-generated from current model state · Refreshes on each release · Last update May 2026.
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Industrial Production YoY - RS
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About Industrial Production YoY — Serbia
DEFINITION
Industrial Production YoY (Year-over-Year) is a key economic indicator that measures the change in the total output of the manufacturing, mining, and utilities sectors over a 12-month period. It provides valuable insights into the health and growth of a country's industrial sector, which is a crucial component of its overall economic performance. This indicator is closely monitored by investors, policymakers, and analysts as it can signal potential shifts in the economy and help inform business and investment decisions. A positive YoY growth in industrial production indicates a strong and expanding industrial sector, while a negative growth may suggest a slowdown or contraction.
WHY THIS INDICATOR MATTERS
Manufacturing and factory-order series capture cyclical inflection earlier than aggregate output, and have outsized influence on industrial-sector equities. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 3.4 %, consensus 7 %. Prior reading (Mar 2026): 6.4 %. Before that (Feb 2026): -0.3 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with S&P 500 (Bullish S&P 500, r=0.87) — a useful reference for index-focused traders.