Croatia: Industrial production continues to fall in July
September 3, 2012
In July, industrial output contracted 5.5% over the same month last year in working-day adjusted terms, which mirrored the result tallied in June. According to the Croatian Bureau of Statistics, mining as well as electricity, gas, steam and air conditioning supply improved over the previous month, while the manufacturing sector declined further. A month-on-month analysis does not corroborate the decline suggested by annual figures, as industrial production increased 1.1% over the previous month in seasonally adjusted terms, which contrasted the 1.6% drop observed in June. However, owing to the negative annual readings seen in recent months, the trend continues to deteriorate, with annual average variation in industrial production falling from minus 3.4% in June to minus 4.0% in July.