Croatia's industrial production increases 3.0% y/y in July

Croatia's industrial production increases 3.0% y/y in July
Croatian industrial production was up 3% in July 2019 / bne IntelliNews
By bne IntelliNews September 3, 2019

Seasonally and working-day adjusted industrial production increased by 3.0% y/y in July 2019, while production was up by 4.8% m/m, new data from the Croatian Bureau of Statistics (DZS) revealed on September 2. 

Growth rebounded in July after a contraction the previous month, and modest growth since the start of this year. 

Compared to July 2018, production of intermediate goods increased by 7.1% in July 2019, while production of non-durable consumer goods was up by 6.6%, energy by 3.6% and durable consumer goods by 3.4%. On the other hand, production of capital goods decreased by 15.6%.

"After negative growth rates in June (-2.2% mom and -5.6% yoy) the industrial production came back to positive area in July. With 4.8% mom increase, in comparison to July 2018 the industrial production was higher by 3%," Raiffeisen analysts said in a note. 

"Although in the period from January to July, negative annual growth rate was recorded only in June, in the first seven months of this year the industrial production was higher by modest 1.2% yoy. Detailed structure revealed that practically every sector of industry contributed positively except capital goods where a 15.6% y/y decrease was recorded.

In July alone, production of intermediate goods showed the strongest increase compared to June 2019, rising by 11.0%. Production of non-durable consumer goods was up by 9.0% and energy by 1.7%. Production of capital goods decreased by 3.5% and of durable consumer goods by 2.9%.

In annual terms, working-day adjusted industrial production increased y/y in July 2019 in electricity, gas, steam and air conditioning supply by 5.3% and in manufacturing by 3.1%, while in mining and quarrying it decreased by 3.9%, the DZS said.

"Looking ahead, industrial production will maintain its volatile pattern as domestic demand will remain robust while slowdown of main trading partners and still low competitiveness are limiting any stronger recovery," according to Raiffeisen analysts. 

In the first half of 2019, total labour productivity in Croatian industry increased by 4.1% y/y.

Data

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