Croatia: Industrial production contracts further in February
March 29, 2012
In February, industrial output decreased a working-day adjusted 5.2% over the same month last year, which was below the 4.9% drop observed in January and marked, in fact, the steepest fall recorded since January 2011. According to the Croatian Bureau of Statistics, the figure mainly reflected a deeper decline in manufacturing as well as in mining and quarrying. A month-on-month analysis does not corroborate the deterioration suggested by the annual figures, as industrial production rose 0.9% over the previous month in seasonally adjusted terms, which contrasted the 5.7% drop seen in January. Nevertheless, owing to the subdued February reading, the trend deteriorated slightly, with annual average variation in industrial production inching down from minus 1.0% in January to minus 1.1% in February.