Croatia: Industrial production continues to decline in December
Industrial output dropped 2.5% in working-day adjusted terms from the same month last year in December, a sharper contraction from November’s 1.7% drop and marking the worst result in almost three years.
December’s result was dragged down by contractions in the mining and quarrying, and manufacturing sectors. The manufacture of leather products, beverages and textiles recorded particularly sharp falls. Meanwhile, production in the electricity, gas, steam and air conditioning sector rebounded vigorously.
On a month-on-month basis, industrial production in December expanded 1.6% in seasonally- and working-day adjusted terms, contrasting November’s 1.6% decrease. Annual average growth in industrial production in December decelerated to an over two-year low of 2.0% (November: +3.5% year-on-year).