ZAGREB, September 2, 2019 – Croatia’s industrial production increased by 3 percent in July 2019 compared with the same month in 2018, returning to positive territory following a considerable decline in June, the State Bureau of Statistics (DZS) said on Monday.
According to calendar-adjusted data, industrial output in July increased by 4.8 percent from the previous month and by 3 percent from July last year.
Following a comparatively strong decline in June, of 5.6 percent, the volume of industrial production returned to positive values in July, analysts at Raiffeisenbank Austria (RBA) said in their comment on the DZS report.
Compared with July 2018, the production of intermediate goods increased the most, by 7.1 percent, followed by the production of non-durable consumer goods (+6.6 percent), energy (+3.6 percent) and durable consumer goods (+3.4 percent). The production of capital goods fell by 15.6 percent.
In the first seven months of this year, industrial production rose by 1.2 percent.
RBA analysts expect that the volume of industrial production will record a modest, yet positive growth rate in 2019.
Industrial production may be supported by solid domestic demand, but a slowdown in Croatia’s main foreign trade partners and the still low competitiveness are a drag on the recovery of industry, RBA said.
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