Croatia: Industrial production contracts at slower pace in November
January 7, 2013
In November, industrial output contracted 4.3% over the same month the year before in working-day adjusted terms. The negative print, however, marks an improvement over the 5.8% decline tallied in October and represented the softest contraction observed in three months. According to the Croatian Bureau of Statistics, all the main categories improved over the previous month. That said, mining and quarrying as well as manufacturing remained in the red, whereas electricity, gas steam and air conditioning expanded at its fastest pace in almost two years.
On a monthly basis, industrial production rose 1.1% over the previous month in seasonally adjusted terms, which followed the 1.0% increase observed in October. As a result of the annual contraction, the trend continues to point downwards, with annual average variation in industrial production falling from minus 4.5% in October to minus 4.9%.