Croatia Industry July 2016


Croatia: Growth in industrial production decelerates considerably in July

September 2, 2016

In July, industrial output rose 1.2% over the same month of last year in working-day adjusted terms, which represented a significant slowdown from June’s 4.1% increase and the lowest result in seven months. The deceleration was due to weaker expansions in all three sectors of industry: manufacturing, mining and quarrying, and electricity, gas, steam and air conditioning. The sharp deceleration in growth from 32.6% in June to 6.9% in July observed in the electricity, gas, steam and air conditioning sector is not uncommon in this traditionally highly volatile sector.

On a monthly basis, industrial production in July dropped 0.5% in seasonally-adjusted terms, which contrasted June’s mild 0.3% growth. Annual average growth in industrial production decelerated from June’s 4.5% expansion to 4.3% in July.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 3.9% in 2016, which is unchanged from last month’s estimate. In 2017, the panel sees industrial production growth stable at 3.4%.

Author: Massimo Bassetti, Economist

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