Croatia: Industrial output contracts most in five months in May
June 28, 2013
In May, industrial output contracted 5.3% over the same month last year in working-day adjusted terms, which followed the 0.5% drop tallied in April. The drop was mainly driven by a further contraction in manufacturing output. On the other hand, mining and quarrying continued to decline, albeit at a slower pace, whereas electricity, gas, steam and air conditioning supply improved compared to the previous month.
On a monthly basis, industrial production fell 2.2% in seasonally adjusted terms, which was slightly up from the 2.4% drop observed in April. As a result of the annual contraction, the trend now points downwards, with annual average growth in industrial production stepping down from minus 2.9% in April to minus 3.0% in May.
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%.