In May 2016, industrial production in Croatia went up 1.6% on the year, increasing for the 16th consecutive month, but slower than in April and less than projected.
Month on month, industrial production in May 2016 fell 1.4%, the national statistical office said on Thursday.
In April 2016, industrial production went up 4.9% on the year.
Four economic analysts polled by Hina projected that in May 2016 industrial production would increase 2.7% on the year on average, their projections ranging from 1.5 to 4.5%.
A 16-month consecutive increase in industrial production on the annual level was not recorded since 2007, before a six-year recession.
Over the first five months of 2016, industrial production went up 5.4% on the year thanks to stronger foreign demand, which is also reflected in a years-long export increase.
The production growth trend is now in its third year. In 2015, industrial production went up 2.6% after increasing 1.3% in 2014.