Croatia: Growth in industrial production loses steam significantly in May
June 30, 2016
In May, industrial output rose 1.6% over the same month of last year in working-day adjusted terms, which was a significant deceleration from April’s revised 5.0% increase (previously reported: +4.9% month-on-month) and marked the lowest reading in five months. The slowdown was mainly due to the much softer expansion recorded in production in the manufacturing sector, which tallied its worst reading in 13 months, as well as due to the more moderate growth rate recorded in the mining and quarrying sector. On the other hand, production in the electricity, gas, steam and air conditioning sector swung from contraction to expansion in May.
On a monthly basis, industrial production in May fell 1.4% in seasonally-adjusted terms, which was a less negative result than April’s 2.9% drop. Annual average growth in industrial production decelerated from April’s 4.6% expansion to 4.3% growth in May.