Croatia: Industrial production declines at softer pace in May
June 29, 2012
In May, industrial output contracted 3.8% over the same month last year in working-day adjusted terms, which was above the harsh 9.3% drop recorded in April. According to the Croatian Bureau of Statistics, the figure mainly reflected a softer decline in manufacturing as well as a rebound in electricity, gas, steam and air conditioning supply. A month-on-month analysis, however, does not corroborate the deterioration suggested by the annual figures, as industrial production expanded 2.6% over the previous month in seasonally adjusted terms, which followed the 1.2% rise observed in April. Despite the softer annual drop recorded in May, the trend deteriorated, with the annual average variation in industrial production falling from minus 2.6% in April to minus 2.9%.