Croatia: Industrial production declines in August
September 30, 2011
In August, industrial production fell 4.5% over the same month the last year, which was a stronger contraction than the previous month's 0.6% decrease and represented the sharpest drop since January 2011. According to the statistics office, the main driver behind the August deterioration was a sharp fall in manufacturing. A month-on-month comparison points to an even sharper contraction than the suggested by the annual figures. Industrial output plunged a seasonally adjusted 4.85% over the previous month, contrasting a 1.65% expansion in July. Moreover, the annual average variation in industrial production stepped down from minus 0.8% in July to minus 1.2% in August.