Croatia: Industrial output declines less in June
July 31, 2013
In June, industrial output contracted 1.5% over the same month last year in working-day adjusted terms, marking an improvement over the 5.3% drop tallied in May. The improvement was mainly driven by a weaker contraction in manufacturing output and in mining and quarrying. On the other hand, electricity, gas, steam and air conditioning supply expanded in June, albeit at a slower pace.
A month-on-month comparison corroborates the improvement seen in the annual figures; industrial production expanded 1.7% in seasonally adjusted terms, which contrasted the 2.2% drop observed in May. The trend for industrial production improved in June as a result of the softer annual contraction; annual average growth stepped up from minus 3.0% in May to minus 2.7% in June.
FocusEconomics Consensus Forecast panellists expect industrial production to fall 0.5% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees industrial production growth at 2.1%.