Croatia: Industrial production drops at fastest pace in over a year
September 30, 2014
In August, industrial output shrank 4.7% over the same month last year in working-day adjusted terms, contrasting July’s 1.4% expansion and recording the largest drop since May of last year. The contraction mainly reflected sizable declines in the production of the electricity, gas, steam and air conditioning sector as well as in mining and quarrying. Manufacturing remained stable.
A month-on-month comparison corroborates the deterioration recorded in the annual figures; industrial production decreased 4.1% in seasonally-adjusted terms in August, contrasting July’s 2.0% increase. The overall trend worsened as annual average growth in industrial production inched down from July’s minus 0.7% to minus 0.8% in August.