Croatia: Industrial output pace of contraction slows in August
September 30, 2013
In August, industrial output contracted 3.5% over the same month last year in working-day adjusted terms, marking an improvement over the 4.1% drop tallied in July. The improvement reflected a strong rebound in electricity, gas, steam and air conditioning production, while the all-important manufacturing sector deteriorated sharply in August.
A month-on-month comparison corroborates the improvement seen in the annual figures; industrial production rose 0.9% in seasonally adjusted terms, which contrasted the 0.8% decline observed in July. Annual average growth in industrial production declined from minus 2.6% in July to minus 2.9% in August.
FocusEconomics Consensus Forecast panelists expect industrial production to decline 0.3% in 2013, which is up 0.3 percentage points from last month's estimate. In 2014, the panel sees industrial production growth at 2.0%, which is unchanged over the previous month's projection.