Croatia: Industrial output falls at steepest rate in nearly eleven years in April
May 29, 2020
Industrial output collapsed 11.0% year-on-year in working-day adjusted terms in April (March: -4.9% year-on-year), marking the worst downturn since June 2009. April’s plunge reflected a broad-based contraction across all sub-sectors, with output in the mining and quarrying sector falling the most.
On a seasonally-adjusted monthly basis, factory output plummeted 5.6% in April, notably below March’s 1.4% fall and the worst result since September 2013. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.4%, down from March's minus 1.2% reading.
Author: Javier Colato, Economist