Croatia Industry May 2018

Croatia

Croatia: Industrial production declines for a third consecutive month in May

June 29, 2018

Industrial output fell 0.7% in working-day adjusted terms from the same month last year in May, contracting for the third consecutive month, albeit at a softer pace than in April, when it fell 1.3%.

May’s result was driven by a sharper annual contraction in the mining and quarrying sector compared to April. Meanwhile, a rebound in production in the electricity, gas, steam and air conditioning supply sector and a slight improvement in manufacturing output partly offset the downturn in mining and quarrying.

On a month-on-month basis, industrial production in May expanded 1.8% in seasonally- and working-day adjusted terms, rebounding from April’s 0.9% drop and marking the highest reading in over a year. Meanwhile, annual average growth in industrial production moderated from 1.3% in April to 1.0% in May, the lowest print since April 2015.

FocusEconomics Consensus Forecast panelists expect industrial production to expand 2.3% in 2018, which is down 0.4 percentage points from last month’s estimate. In 2019, the panel sees industrial production growth of 2.8%.


Author:, Economist

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Croatia Industry May 2018

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Croatian Bureau of Statistics (CBS).


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