Croatia Industrial production May 2020

Croatia

Croatia: Industrial output drops at sharpest pace since mid-2009 in May

June 30, 2020

Industrial production plummeted 12.4% year-on-year in working-day adjusted terms in May (April: -11.0% yoy). May's result marked the sharpest decline since June 2009 and reflected a broad-based contraction across the major sectors, with manufacturing output shrinking the most.

On a seasonally-adjusted monthly basis, industrial output fell at a softer pace of 3.5% in May (April: -5.6% mom). Moreover, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.4%, down from April's minus 2.4%.

FocusEconomics’ panelists see industrial production contracting 8.4% this year, which is up 0.2 percentage points from last month’s forecast. Next year, our panel sees industrial production growing 4.6%.


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Croatia Industry May 20 20

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


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