Croatia: Industrial production grows at softer pace in January
Industrial production growth decelerated to 3.5% year-on-year in working-day adjusted terms in January, down from December’s 5.9% increase. January’s deterioration was attributed to softer increases in manufacturing output and electricity, gas, steam and air conditioning supply, as well as dropping mining and quarrying production.
On a seasonally- and calendar-adjusted monthly basis, industrial production fell 0.5% in January (December: +2.0% s.a. mom). Meanwhile, the trend improved slightly, with the annual average growth of industrial production coming in at plus 6.8%, up from December’s 6.7% reading.
FocusEconomics’ panelists see industrial production expanding 2.9% in 2022, which is down 0.5 percentage points from last month’s forecast. In 2023, our panel sees industrial production growing 3.1%.