Industrial production in Serbia declined by 0.3% year-on-year in February 2026, easing from a 9.1% decline in January. This marks the lowest contraction level in four months, as output showed broad-based recovery. Energy production fell by 4.9%, easing significantly from a 21.1% drop in the previous month. Contractions in consumer goods also moderated, with durable goods output declining by 12.4% compared to 24.9%, and non-durable goods falling by 1.7% from an 8.0% decrease. Intermediate goods excluding energy edged down by 0.4%, improving from a 3.4% decline. In contrast, capital goods production increased, rising by 16.7% from 8.6%. On a seasonally adjusted monthly basis, industrial activity increased by 5.5%, following a 1.4% gain in January. In the first two months, industrial production declined by 4.7% compared to the same period a year earlier.