Croatia: Industrial production drops to near four-year low in September
October 30, 2018
In September, industrial output fell 2.6% in working-day adjusted terms over the same month last year, deteriorating further from 1.0% drop recorded in August and marking the worst reading in nearly four years.
September’s dip reflected a broad-based contraction across the major sectors. Manufacturing output declined for the third consecutive month, albeit at a slightly more moderate pace compared to August. In addition, mining and quarrying output continued to plunge and the electricity, gas, steam and air conditioning supply sector contracted in September after four successive months of expansion.
On a month-on-month basis, industrial production slid 1.5% in seasonally- and working-day adjusted terms in September, contrasting the 0.3% rise logged in August. Meanwhile, annual average industrial production swung from 0.3% growth in August to 0.2% contraction in September, the first annual average decline in four years.
Author: Javier Colato, Economist