Industrial production in Croatia grew by 2.7% in November, which is the tenth consecutive month of growth, however, that growth was slower than in October.
The State Bureau of Statistics (DZS) on Tuesday reported that according to seasonally adjusted data, industrial production fell by 0.8% in November on the month while according to working-day adjusted data, it rose by 2.7% on the year.
That growth is slower than in October, when industrial output grew by 6.4%, which was the greatest leap on the year since May 2007. The November 2015 industrial output growth is also slower than had been forecast. Four Raiffeisenbank Austria Bank (RBA) analysts had told Hina that they estimated industrial production in November would be 3.5% higher on the year. Their estimates ranged from 2.5% to 4.5%.
November 2015, however, is the tenth consecutive month to see an increase in industrial output, which has not been recorded since 2007, two years prior to the six-year recession.
"That growth was largely backed by the recovery of foreign demand, the base period and a drop in reserves in the preceding period," analysts at RBA said.
In the first 11 months of this year, industrial production was 2.7% higher in comparison with the same period last year. In that regard, 2015 will be the second consecutive year to see growth in industrial production. Last year, industry strengthened by 1.3% compared with 2013, which was the first year of growth after five years of continual fall.
"The continued growth of industrial production in the last quarter will certainly contribute positively to a stronger gross value added, which was also recorded in the preceding three quarters," RBA's analysts concluded.