Bosnia's industrial production growth slows to 1.7% y/y in March 2014

By bne IntelliNews May 8, 2014

Bosnia's working-day adjusted industrial production rose 1.7% y/y in March 2014, slowing down from a revised 6.8% y/y growth in February as mining and manufacturing output expanded at a weaker rate and utilities production deepened its decline, the country’s statistics office said in a statement.

In monthly terms, the seasonally-adjusted industrial output swung to a 3.0% contraction in March after going up for two straight months.

Bosnia’s industrial production increased 4.6% y/y in the first three months of the year.

The manufacturing output growth weakened to 8.9% y/y in March from a revised 12.3% y/y the month before. The reading was underpinned by higher production of chemicals, fabricated metal products, machinery and equipment, wearing apparel, textiles, leather, beverages and wood. On the other hand, falling food, basic metals, pharmaceuticals and coke and refined petroleum products curbed the overall index growth during the month.

The mining and quarrying sector grew by 4.6% y/y in March, likewise, slowing from a 9.3% y/y hike in February. Slower growth of metal ores and coal and lignite extraction was partly offset by falling other mining and quarrying production during the month.

The utilities sector declined for a fourth straight month in March, going down by 21.5%y/y and following a revised 10.2% annual contraction the month before. The decline partly reflects high prior-year base.

Bosnia's working-day adjusted industrial production index grew 6.7% in 2013 after contracting 5.2% the year before, on the back of higher manufacturing and electricity output which offset a decline in the mining and quarrying sector.

The country’s industrial output accounts for around 17% of Bosnia’s GDP, according to latest data from the statistics office.

According to the central bank’s latest forecast, strong industrial production growth should support a 2.4% GDP growth this year after the economy expanded by 1.5% in 2013. The 2014 growth will be underpinned by stable sales abroad of electricity, wood and food products as well as planned infrastructure projects, the central bank’s governor Kemal Kozaric has said earlier.

Bosnia's industrial production growth, y/y,%  Dec'14 Jan'14 Feb'14 Mar'14 Jan-Mar'14
Total 6.7 5.6 6.8 1.7 4.6
Intermediate goods 10.9 13.1 15.6 16.0 15.0
Energy 1.0 -2.1 -4.3 -15.2 -7.3
Capital goods 8.2 15.9 18.1 8.3 13.9
Consumer durables 5.3 17.8 13.8 -12.3 4.5
Consumer non-durables 10.3 3.5 8.3 6.0 5.9
Mining and quarrying 15.3 1.3 9.3 4.6 4.9
Manufacturing 11.4 10.9 12.3 8.9 10.6
Electricity, gas, steam and air conditioning supply -6.9 -7.6 -10.2 -21.5 -13.3
Source: Stats office          

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