A record slump in industrial output was registered in November 2008 when set against figures for the rest of the year. According to data from the National Statistics Institute (NSI) the decrease was estimated to be five per cent on a monthly basis and an overall annual decrease of 8.8 per cent on 2007.

Another worrying factor is that the main engine of output - manufacturing - also decreased by 8.8 per cent compared to 2007. Moreover, chemical production is down by 22.5 per cent, timber production is down by 19.1 per cent, electrical machinery construction and equipment is down by 14.9 per cent, as reported by Dnevnik daily.

Sales of manufactured goods also registered a serious downfall. Overall, an eight per cent fall was registered by the NSI for October 2008 in comparison with October 2007. The annual fall was 11.5 per cent.

The construction sector is also going through a period of stagnation, with a 14.9 per cent decrease in comparison to 2007, the aforementioned statistics also incorporating the registered decline in business turnover by construction supply and logistic companies.

Experts claim that this is typical of the season; during winter there is traditionally a substantial decrease in construction activity throughout the sector. During November 2008, building construction and affiliated companies involved in material construction and supply were responsible for 68 per cent of the total construction output, which is 15.7 per cent less than the same period the previous year.

Construction production, however, experience annual growth of one per cent, explained by the increase of apartment estate construction, amounting to 3.7 per cent.