In line with expectations, according to data published by the Croatian Bureau of Statistics, the total seasonally and calendar adjusted industrial production in February was 2.6 percent higher compared to January. Compared to the same month in 2021, the volume of industrial production increased by 4 percent. In the first two months of this year, the average annual growth rate of industrial production volume was 3.8 percent.
Monthly, growth was recorded in all categories of GIG, led by stronger positive rates in the categories of Non-durable consumer goods (+6%) and Capital goods (+5.5%), while in other categories, the monthly growth rate was as follows: Durable consumer goods (+2.4%), Energy (+1.8%), and Intermediate goods (+0.3%). According to NKD, Mining and quarrying recorded a positive rate of 3.8 percent, while Supply of electricity, gas, steam, and air conditioning recorded a lower production of 0.5 percent, while the most significant share, Manufacturing, was higher by 4.5 percent.
Annual growth rates of industrial production volume have been ongoing since December 2020, and in February, the dynamics accelerated to 4 percent. The manufacturing industry, which accounts for nearly 84 percent of total industrial production, increased by 4.2 percent in February (calendar adjusted indices). In 19 activities of the manufacturing industry, growth was recorded, while 5 activities recorded a decrease in production compared to February 2021. The most pronounced declines were recorded in the following: Production of coke and refined petroleum products (-23.1%), Production of motor vehicles, trailers, and semi-trailers (-18.2%), and Production of basic pharmaceutical products and pharmaceutical preparations (-13.9%), which in this category is also a result of the base period as this was the industry that recorded the strongest growth rates during the pandemic.
