Croatia Industry


Industrial output pace of contraction slows in August

In August, industrial output contracted 3.5% over the same month last year in working-day adjusted terms, marking an improvement over the 4.1% drop tallied in July. The improvement reflected a strong rebound in electricity, gas, steam and air conditioning production, while the all-important manufacturing sector deteriorated sharply in August.

A month-on-month comparison corroborates the improvement seen in the annual figures; industrial production rose 0.9% in seasonally adjusted terms, which contrasted the 0.8% decline observed in July. Annual average growth in industrial production declined from minus 2.6% in July to minus 2.9% in August.

FocusEconomics Consensus Forecast panelists expect industrial production to decline 0.3% in 2013, which is up 0.3 percentage points from last month's estimate. In 2014, the panel sees industrial production growth at 2.0%, which is unchanged over the previous month's projection.

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Croatia Industry Chart

Croatia Industry August 2013

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Croatian Bureau of Statistics (CBS) and FocusEconomics calculations.

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