Croatia: Decline in industrial output softens in March
Industrial output fell 5.0% year on year in working-day adjusted terms in March, which was above February’s 5.7% decrease. Looking at the details of the release, electricity, gas, steam and air conditioning supply output fell at a milder, albeit still pronounced, pace. Meanwhile, mining and quarrying production, and manufacturing output declined at more pronounced rates.
The trend pointed down, with the annual average variation of industrial production coming in at minus 0.7% in March, down from February’s minus 0.4%. On a seasonally and calendar adjusted monthly basis, industrial output rose 1.5% in March (February: -4.6% mom).