Croatia: Industrial production decelerates in March
April 29, 2014
In March, industrial output increased 0.7% over the same month last year in working-day adjusted terms, which was less than half the 1.6% expansion tallied in February. The figure mainly reflected that an acceleration in manufacturing more than compensated for a drop in production in the electricity, gas, steam and air conditioning sector, as well as in mining and quarrying output.
A month-on-month comparison does not corroborate the deceleration recorded in the annual figures; industrial production increased 1.3% in seasonally-adjusted terms in March (February: -2.8% month-on-month). Conversely, annual average growth in industrial production decreased from the previous month's minus 1.5% to minus 1.8% in March and thus indicates a downward trend.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 0.3% in 2014, which is unchanged from last month's estimate. In 2015, the panel sees industrial production growth at 2.2%.
Author: Armando Ciccarelli, Head of Data Solutions