Croatia: Industrial output records mildest decline in seven months
December 30, 2013
In November, industrial output contracted 0.8% over the same month of the previous year in working-day adjusted terms, which was an improvement over the 3.4% drop tallied in October. Although the print represented the eighth consecutive contraction in industrial output, it marked the mildest decline since April 2013. The softer drop mainly reflected a mild decrease in both manufacturing output and mining and quarrying. Growth in electricity, gas, steam and air conditioning production slowed markedly in November.
A month-on-month comparison corroborates the improvement recorded in the annual figures; industrial production rose 3.0% in seasonally-adjusted terms in November (October: +1.3% month-on-month). Annual average growth in industrial production rose from minus 2.4% in October to minus 2.1% in November.
FocusEconomics Consensus Forecast panelists expect industrial production to rise 0.9% in 2014, which is unchanged from last month's estimate. In 2015, the panel sees industrial production growth at 2.3%.