Croatia: Industrial production nosedives in September
October 30, 2012
In September, industrial output fell 7.7% over the same month last year in working-day adjusted terms, the steepest contraction observed in five months. The print contrasted the 0.6% rise tallied in August, which had represented the first expansion seen since December 2011. According to the Croatian Bureau of Statistics, the deterioration was broad-based, as all the main subcategories lost ground compared to the previous month, particularly manufacturing output as well as mining and quarrying. On a monthly basis, industrial production fell 3.7% over the previous month in seasonally adjusted terms, which contrasted the 0.7% rise observed in August. As a result of the sharp contraction seen in September, the trend is now pointing downwards, with annual average variation in industrial production falling from minus 3.6% in August to minus 4.0%.