Croatia: Industrial output contracts in April
May 29, 2013
In April, industrial output contracted 0.5% over the same month last year in working-day adjusted terms, which contrasted the 4.1% rise tallied in March. The drop was mainly driven by a contraction in manufacturing and a further deterioration in mining and quarrying, whereas electricity, gas, steam and air conditioning supply improved compared to the previous month.
On a monthly basis, industrial production fell 1.5% in seasonally adjusted terms, which contrasts the 1.8% rise observed in March. Despite the annual contraction, the trend improved, with annual average growth in industrial production stepping up from minus 3.5% in March to minus 2.9% in April.
FocusEconomics Consensus Forecast panellists expect industrial production to fall 0.2% in 2013, which is down 0.4 percentage points from last month's estimate. In 2014, the panel sees industrial production growth at 2.5%.
Author: Armando Ciccarelli, Head of Data Solutions