Croatia: Industrial production slumps in November
Industrial output dropped 1.6% in working-day adjusted terms from the same month last year in November, strongly contrasting October’s 4.3% expansion and marking the worst result in almost three years.
November’s result was dragged down by contractions in the electricity, gas, steam, and air conditioning and manufacturing sectors. The manufacture of transport equipment, metal products, and refined petroleum products recorded particularly sharp falls. Meanwhile, production in the mining and quarrying sub-sectors expanded, albeit moderately.
On a month-on-month basis, industrial production in November contracted 3.6% in seasonally- and working-day adjusted terms, contrasting October’s 2.7% increase. Annual average growth in industrial production in November decelerated to an almost two-year low of 3.5% (October: +4.2% year-on-year).