Croatia’s industrial production slows to 0.2pc in May

ZAGREB (Xinhua) – Industrial production in Croatia grew by 0.2 per cent in May compared to the same month last year, which is a much slower growth compared to the previous months, according to data published on Friday by Croatian Bureau of Statistics.

In April and March this year, industrial production growth in Croatia was three per cent.

In May, production of durable goods grew by 5.6 per cent, while energy production increased by 1.2 per cent. Non-durable products declined by 4.8 per cent.

The number of employees in the industry at the end of May was 1.1 per cent lower than in April, and compared to May last year it was lower by 3.4 per cent.

“Stronger growth in industrial production was stopped by, among other things, annual drop in beverage production by 16.8 per cent, coke and refined petroleum products by 71.4 per cent, other means of transport by 38.3 per cent, and machinery and equipment by 19.5 per cent”, analysts from Raiffeisenbank Austria (RBA) estimated in a report released on Friday.

RBA analysts estimate that modest growth will continue, primarily due to the growth in wholesale and retail trade, transportation and storage, food preparation, and information, telecommunications and construction.