Croatia: Industrial output logs best result on record in April
May 31, 2021
Industrial production expanded 17.3% year-on-year in working-day adjusted terms in April (March: +9.9% yoy). April's reading marked the strongest expansion on record. The result was flattered by a low base effect, however. April’s jump reflected stronger growth in manufacturing production and notably higher electricity, gas, steam and air conditioning supply output. Meanwhile, mining and quarrying output swung back to contraction.
On a seasonally- and calendar-adjusted monthly basis, industrial production fell 2.1% in April (March: +3.4% mom). Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at plus 1.2%, contrasting March's minus 1.0% reading.
FocusEconomics’ panelists see industrial production expanding 4.6% in 2021, which is up 0.2 percentage points from last month’s forecast. In 2022, our panel sees industrial production growing 3.5%.