Growth in Croatia's industrial output accelerates in March

By bne IntelliNews April 29, 2015

Croatia's working-day adjusted industrial output rose 3.5% y/y in March, accelerating from a 1.9% annual hike in the previous month, the statistics office said on April 29. The rise in March’s industrial production was supported by increasing output in all sectors.

The output in the manufacturing sector rose by 2.9%, slightly accelerating from a 2.7% increase in February. Production the mining sector also increased, by 4.1%, speeding up from a 2.5% hike in the previous month.

Production in the electricity, gas, steam and air conditioning sector jumped 7.7%, swinging from a 0.9% decline in February.

In the first quarter of the year, industrial output inched up 0.3% on the year.

On a seasonally-adjusted basis, the industrial production increased by 2.5% m/m in March, after rising 3.4% on the month in February.

The Croatian industrial output is likely to continue the upward trend it started at the end of last year. However, it is not expected to be a driver of economic recovery this year. The country’s GDP contracted for six consecutive years and is expected to post modest growth this year. Domestic demand will remain low and is likely to pick up only in 2016. However, a positive impact on industrial output is seen coming from exports, which are expected to grow this year.

y/y change in %, working-day adjusted Mar-15 Feb-15 Jan-March 2014
INDUSTRIAL OUTPUT 3.5 1.9 0.3 1.3
Mining and quarrying 4.1 2.5 3.8 -6.4
Manufacturing 2.9 2.7 -0.1 3.1
food products 7.1 3.9 3.6 2
beverages 1.9 -0.3 -0.9 -3.2
tobacco products -13.5 34.7 16.9 -14.7
textiles -2.8 40.5 12.2 -5
leather and related products 23.7 16.2 12.6 15.7
wood products except furniture 4.2 4.4 5.6 2.9
paper and paper products -4.8 2.2 -2.7 3.6
coke and refined petroleum products 74.5 -55.4 -24.5 -13
chemicals and chemical products -3.4 2.6 -9.8 2.7
pharmaceutical products -3 5.3 -4.4 11.9
rubber and plastic products 16.1 59.9 37.1 24.4
basic metals -1.5 -14.3 -14.2 8.4
computer, electronic and optical products 11 21.6 9.3 7.3
electrical equipment 1.6 21.1 14.5 10
machinery and equipment -19.9 -1.3 -10.8 6.9
motor vehicles, trailers, semi-trailers -8.1 -15.8 -12.5 7.2
other transport equipment 57 41.2 37.3 2.4
furniture 2.2 -1.9 -4 7.5
other manufacturing -1.5 -7 -15.5 -12.8
repair and installation of machinery and equipment 1.8 -8.1 -8.6 0.4
Electricity, gas, steam and air conditioning supply 7.7 -0.9 2.5 -5.2
Source: Croatia's Stats Office        

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