FX.co ★ Croatia Industrial Production Decreases For Second Month

Industrial production in Croatia continued its downward trend in November, marking the second consecutive month of decline, primarily driven by a downturn in the manufacturing sector, as per the preliminary data released by the statistical office on Tuesday. Overall, industrial production witnessed a working-day adjusted decrease of 6.6% year-on-year in November, following a 2.1% downturn in October.

The manufacturing output contracted by 8.1%, while the utilities sector saw a reduction of 1.2% in its production. Conversely, the mining and quarrying sector experienced an increase in output by 3.0%.

In terms of specific categories, production of capital goods and durable goods plummeted by 15.8% and 18.9%, respectively. The output of non-durable goods fell by 9.6%, and intermediate goods saw a reduction of 4.2%. Meanwhile, energy output recorded a growth of 3.5%.

In other economic indicators, Croatia's retail sales growth remained stable at 6.7%, while the unemployment rate rose to 5.0%.

When adjusted for seasonal and working-day variations, industrial production decreased by 2.4% month-on-month in November, after experiencing a 3.9% decline in October.

Stocks of finished products saw a year-on-year decrease of 5%, although they rose by 2.4% compared to the previous month in November.

In the industrial sector, employment contracted by 2.1% year-on-year but remained level with that of October.