Croatia: Industrial sector expands for the first time this year
May 31, 2011
In April, industrial production rose a tiny 0.2% over the same month the last year, which represents the first positive reading so far this year (March: -3.0% year-on-year). The monthly expansion was driven by growth in manufacturing (+2.0% yoy), which reversed a negative trend in place since September 2010. In contrast, the other two main industrial sectors, mining and quarrying and electricity, gas and steam, continued recording losses. A month-on-month comparison points to a much stronger improvement than suggested by the annual figures. Industrial output jumped a seasonally adjusted 3.81% over the previous month in April, contrasting a 0.72% contraction in March. In fact, the strong performance registered in April represents the highest monthly reading in 15 months. Moreover, the trend improved, with the annual average variation in industrial production stepping up from minus 2.1% in March to minus 1.6% in April.