Croatia: Industrial production deteriorates in December
January 29, 2014
In December, industrial output contracted 2.8% over the same month of the previous year in working-day adjusted terms, which was a deterioration over the 0.8% drop tallied in November. The print represented the ninth consecutive contraction in industrial output. The larger drop mainly reflected a sharp decline in electricity, gas, steam and air conditioning production as well as a deterioration in manufacturing output. Conversely, the mining and quarrying category rebounded in December.
A month-on-month comparison corroborates the deterioration recorded in the annual figures; industrial production fell 2.3% in seasonally-adjusted terms in December (November: +3.0% month-on-month). In the full year 2013, industrial production declined 2.0%, which was up from the 5.2% drop tallied in 2012.
FocusEconomics Consensus Forecast panelists expect industrial production to rise 0.9% in 2014, which is unchanged from last month's estimate. In 2015, the panel sees industrial production growth at 2.3%.