Croatia: Industrial output records 7th consecutive contraction in October
November 29, 2013
In October, industrial output contracted 3.4% over the same month last year in working-day adjusted terms. The decline marked an improvement over the 4.0% drop tallied in September, but represented the seventh consecutive decline in industrial output. The softer decline mainly reflected a mild rebound in manufacturing and stronger growth in electricity, gas, steam and air conditioning production.
A month-on-month comparison corroborates the improvement recorded in the annual figures; industrial production rose 1.2% in seasonally-adjusted terms in October (September: -3.2% month-on-month). Annual average growth in industrial production rose from minus 2.6% in September to minus 2.4% in October.
FocusEconomics Consensus Forecast panelists expect industrial production to decline 1.7% in 2013, which is down 0.7 percentage points from last month's estimate. In 2014, the panel sees industrial production growth at 0.9%, which is down 0.3 percentage points over the previous month's forecast.