Croatia: Industrial output deteriorates again in September
October 29, 2013
In September, industrial output contracted 4.0% over the same month last year in working-day adjusted terms, marking a deterioration over the 3.5% drop tallied in August. The reading reflected a contraction in the all-important manufacturing sector - albeit less sharp than in August - as well as a deceleration in electricity, gas, steam and air conditioning production.
A month-on-month comparison corroborates the deterioration recorded in the annual figures; industrial production fell 3.2% in seasonally-adjusted terms in September (August: +0.9% month-on-month), which marks the sharpest contraction in 20 months. Annual average growth in industrial production, however, rose from minus 2.9% in August to minus 2.6% in September.
FocusEconomics Consensus Forecast panelists expect industrial production to decline 0.7% in 2013, which is down 0.4 percentage points from last month's estimate. In 2014, the panel sees industrial production growth at 1.4%, which is down 0.6 percentage points over the previous month's forecast.