Croatia Industry


Industrial output records 7th consecutive contraction in October

In October, industrial output contracted 3.4% over the same month last year in working-day adjusted terms. The decline marked an improvement over the 4.0% drop tallied in September, but represented the seventh consecutive decline in industrial output. The softer decline mainly reflected a mild rebound in manufacturing and stronger growth in electricity, gas, steam and air conditioning production.

A month-on-month comparison corroborates the improvement recorded in the annual figures; industrial production rose 1.2% in seasonally-adjusted terms in October (September: -3.2% month-on-month). Annual average growth in industrial production rose from minus 2.6% in September to minus 2.4% in October.

FocusEconomics Consensus Forecast panelists expect industrial production to decline 1.7% in 2013, which is down 0.7 percentage points from last month's estimate. In 2014, the panel sees industrial production growth at 0.9%, which is down 0.3 percentage points over the previous month's forecast.

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Croatia Industry Chart

Croatia Industry October 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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