Croatia: Industrial production declines at fastest pace since November 2009
April 30, 2012
In March, industrial output plummeted a working-day adjusted 7.9% over the same month last year, which was below the revised 5.6% drop observed in February (previously reported: -5.2% year-on-year) and marked the steepest fall recorded since November 2009. According to the Croatian Bureau of Statistics, the figure mainly reflected a sharp decline in manufacturing as well as in electricity, gas, steam and air conditioning supply. A month-on-month analysis corroborates the deterioration suggested by the annual figures, as industrial production contracted 2.5% over the previous month in seasonally adjusted terms, which contrasted the 0.6% rise seen in February. Owing to the subdued March reading, the trend deteriorated, with annual average variation in industrial production falling from minus 1.1% in February to minus 1.5% in March.