Croatia's industrial output in August 2015 was up 2.8% from the same month of 2014, and August was the seventh consecutive month in which industrial production increased albeit at a slower rate than the month before.
The national statistical office said on Tuesday that according to seasonally-adjusted data industrial output in August dropped 4.1% from July and that according to working day-adjusted data, it was 2.8% higher than in August 2014.
August was the seventh consecutive month to see an increase in industrial output but its growth was slower than in July, when it went up 3.9% on the year.
The August increase in industrial production was lower than expected by four macroeconomists polled by Hina who had expected it to grow by 4.4% on average on the year, with their forecasts ranging from 4% to 5.5%.
In the first eight months of this year industrial output was 1.9% higher than in the same period of last year.
"Due to an extremely low base, the continuation of growth of foreign demand and a mild recovery of domestic demand, we expect industrial output to continue growing year on yearuntil the end of 2015," analysts of Raiffeisenbank Austria have said.
If their forecast proves correct, 2015 would be the second year in a row with industrial production growth. Industrial output in 2014 grew 1.3% from 2013, which was the first time after five years that industrial production grew.
(Text: Hina)
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