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