branko grčić.jpg
Photograph: HINA/ Mario STRMOTIĆ/ ik

 Regional Development and EU Funds Minister Branko Grcic said on Thursday that the 5.4% industrial output growth recorded in September on the year was yet another indicator that Croatia's economy was growing and that this process was irreversible.

Grcic told the press after the government session on Thursday that last year's industrial output was up 1.3% and in only nine months of 2015 it grew by 2.3%, which means that Croatia's industry this year was growing at a faster pace.

He underscored that in the third quarter alone, Croatia's industry grew by 4% which according to Grcic is an exceptionally high growth rate.

Given a significant share of the industry sector in Gross Domestic Product, which amounts to slightly below 20%, and the industry would contribute by 0.8 in GDP's growth in Q3, Grcic said.

Retail sales figures will be released next week and this sector, along with industry, has the biggest share in GDP, Grcic added. "The two sectors account for more than 40% of GDP," he added.

Economy Minister Ivan Vrdoljak said the industry strategy, adopted last year, projected industrial output growth in 2014 at 1% and in 2015 at 2%.

"Last year we exceeded that and this year we will also exceed the projections and our final objective is to have the country re-industrialised and create nearly 86,000 new jobs by 2020. When we adopted the strategy, everyone doubted it and in the first two years we performed even better than we had planned,"  Vrdoljak said, underscoring that one should not look down on those results.

Croatia's industrial output in September 2015 jumped by 2.8% from the same month of 2014, which is the highest increase since 2008.

September was the eighth consecutive month in which industrial production went up.

The national statistical office said on Thursday that according to seasonally-adjusted data industrial output in September soared 5.9% from August and that according to working day-adjusted data, it was 5.4% higher than in September 2014.

September was the eighth consecutive month to see an increase in industrial output and its growth was much faster than in August , when it went up 2.8% on the year.

The September increase in industrial production was also higher than expected by four macroeconomic analysts polled by Hina who had anticipated a growth of 1.1% on average on the year, with their forecasts ranging from stagnation to 2%.

Related stories

Industrial output soars 5.4 pct in Sept on year

Seasonally adjusted industrial output in Croatia down in Nov.

Industrial production grows for 10th consecutive month

Industrial output in 2015 soars 2.6%

Latest news

Earthquake rocks buildings in northern Zambia; no injuries reported

A 5.9-magnitude earthquake struck Zambia and neighbouring countries early Friday, the US Geological Survey reported.

China overtook US, France as Germany's top trading partner in 2016

China overtook the United States as Germany's biggest trading partner in 2016, according to data provided by the Federal Statistics Office on Friday.

Orban upset by end of Budapest 2024 bid; IOC to ponder adjustments

Hungarian Prime Minister Viktor Orban on Friday reiterated his regret about the end of his nation's Olympic dream while the International Olympic Committee (IOC) could further revise future bid campaigns in the wake of Budapest's withdrawal.

Italy seizes millions from dodgy Rome businessman

Italian police on Friday seized assets worth 40 million euros (42.4 million dollars) from a Rome businessman who falsely claimed residence in Dubai to dodge taxes.

UN, HRW workers in crosshairs as Israel cites bias, Hamas membership

The United Nations on Friday rejected Israeli claims that one of its aid workers in the Palestinian Territories is a "terrorist" who belongs to the radical Islamist Hamas movement.

Consulates deny telling teachers, parents to denounce Erdogan critics

Turkish consulates in the German state of North Rhine Westphalia on Friday dismissed allegations that they instructed teachers and parents to denounce critics of Turkish President Recep Tayyip Erdogan.

Source: Le Pen defied police summons in assistants' pay enquiry

Marine Le Pen failed to appear for a summons for police questioning on Wednesday, a source close to the investigations has told dpa.

Iraqi forces claim key Mosul base, enter first western district

Iraqi forces seized a major military base from Islamic State on Friday and stormed the first district in the western section of Mosul, part of their campaign to dislodge the radical group from its last key Iraqi stronghold, a senior commander said.

BASF sales down 18 per cent due to Gazprom asset swap

German chemicals giant BASF said Friday that its revenues decreased by 18 per cent, to 57.6 billion euros (60.9 billion dollars), in 2016, due mainly to a multibillion-euro asset swap with Gazprom, Russia's state-backed gas group.

New Delhi shocked at reports of Indian national dead in US shooting

India was in shock and dismay Friday at the news of the death of an Indian engineer in an alleged racially motivated killing in the United States earlier this week.

42 killed in car bombing in Syria's al-Bab, monitor says

At least 42 people are dead after a car bombing in Syria's northern city of al-Bab on Friday, a day after Turkish-backed rebels seized control of the city from the Islamic State extremist militia, a monitoring group reported.

Car bombing kills at least eight soldiers in Yemen

At least eight government soldiers died in a Friday car bombing in Yemen’s southern province of Abyan, a local security official said.