Croatia: Industrial production continues on free fall
May 29, 2012
In April, industrial output plummeted a working-day adjusted 9.4% over the same month last year, which was below the 7.9% drop observed in March and marked, in fact, the steepest fall recorded since November 2009. According to the Croatian Bureau of Statistics, the figure mainly reflected a sharp decline in manufacturing as well as in mining and quarrying. A month-on-month analysis, however, does not corroborate the deterioration suggested by the annual figures, as industrial production expanded 1.2% over the previous month in seasonally adjusted terms, which contrasted the 2.5% fall seen in March. Owing to the April decline, the trend deteriorated, with the annual average variation in industrial production falling from minus 1.5% in March to minus 2.5% in April.