Croatia Industry


Industrial output records mildest decline in seven months

In November, industrial output contracted 0.8% over the same month of the previous year in working-day adjusted terms, which was an improvement over the 3.4% drop tallied in October. Although the print represented the eighth consecutive contraction in industrial output, it marked the mildest decline since April 2013. The softer drop mainly reflected a mild decrease in both manufacturing output and mining and quarrying. Growth in electricity, gas, steam and air conditioning production slowed markedly in November.

A month-on-month comparison corroborates the improvement recorded in the annual figures; industrial production rose 3.0% in seasonally-adjusted terms in November (October: +1.3% month-on-month). Annual average growth in industrial production rose from minus 2.4% in October to minus 2.1% in November.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 0.9% in 2014, which is unchanged from last month's estimate. In 2015, the panel sees industrial production growth at 2.3%.

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Croatia Industry Chart

Croatia Industry November 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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