Industrial production in Croatia in January increased by 9.3% on the year which is the largest leap since March 2007 and significantly higher than expected.
The State Bureau of Statistics (DZS) on Tuesday reported that according to seasonally-adjusted data, industrial production in January increased by 3.2% on the month, whereas working day-adjusted data indicates that industrial production jumped by 9.3% year-on-year.
That is a significantly faster growth compared with the previous month when production increased by 0.6% and the highest increase since March 2007 when production was up 11.8%.
This is also a significantly larger growth than expected. Analysts participating in a Hina survey had forecast an average growth of 5% in industrial production for January. Their outlooks ranged from a growth of 3.5% to 6.5%.
The growth in January is a continuation of growing industrial production for the 12th consecutive month which has not been recorded since 2007, two years prior to the six-year recession.