Croatia: Industrial production suffers sharpest contraction in over six years in December
January 29, 2019
In December, industrial output fell 6.6% in working-day adjusted terms over the same month last year, deteriorating from November’s 0.8% dip and marking the sharpest drop in over six years.
December’s plunge was largely driven by marked decline in manufacturing output, swinging from the mild expansion recorded in the previous month. In addition, both the mining and quarrying, and electricity, gas, steam and air conditioning supply sectors posted greater losses compared to November.
On a month-on-month basis, industrial production tumbled 2.9% in seasonally- and working-day adjusted terms in December, following November’s 0.4% downturn. Meanwhile, annual average variation in industrial output worsened to minus 1.0% in December from minus 0.7% a month earlier.
Author: Javier Colato, Economist