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