Croatia Among the Top in the EU for Industrial Production Growth in May

Industrial production in the EU and the eurozone nearly stagnated in May, while Croatia, along with Slovenia, recorded the strongest growth, according to data from the European statistical office released on Thursday.

Industrial production in the eurozone increased by 0.2 percent in May compared to April, when it grew by one percent, according to Eurostat. In the EU, it rose by only 0.1 percent, following a 0.6 percent increase in April, according to revised data. The production of capital goods saw the highest increase in both areas, rising by one percent after a double-digit jump in the previous month.

The production of non-durable consumer goods increased by a modest 0.3 percent in the eurozone and by 0.7 percent in the EU. Only energy production decreased, by 1.1 percent in the eurozone and by 1.8 percent in the EU, according to the statistical office’s data.

Croatia alongside Slovenia

Among the countries for which Eurostat had data, Slovenia saw the highest monthly increase in industrial production in May, at 7.9 percent. Croatia follows with a 4.3 percent increase in industrial production in May, according to seasonally adjusted data, compared to April when it decreased by 2.3 percent, as shown in Eurostat tables. Slovakia and Finland also recorded notable growth, at 2.5 percent. The largest decrease in production was in Ireland, at 4.9 percent, followed by Lithuania with a production drop of 2.8 percent. Eurostat did not have data for Cyprus.

Decreased energy production

On an annual basis, industrial production in the eurozone and the EU fell in May by 2.2 and 1.8 percent, respectively, following stagnation in April, as determined by Eurostat. The production of energy saw the largest decline in both areas, falling by 6.2 percent in the eurozone and by 7.5 percent in the EU.

The eurozone deviated from the EU only with a more pronounced decline in the production of non-durable consumer goods, which fell by 2.8 percent compared to May of last year. In the Union, production in this sector was nearly stagnant.

Growth was recorded in both areas only in the capital goods sector, increasing by 2.5 percent in the eurozone and by 3.5 percent in the EU.

Sharp decline in Ireland

The largest decrease in May and on an annual basis was in Ireland, at 16.2 percent. Double-digit declines were also recorded in Estonia and Bulgaria, at 12.8 and 11 percent, respectively. In Croatia, industrial production in May increased on an annual basis by 1.1 percent, following a 3.4 percent decline in April. Malta recorded the highest growth, at 12.2 percent, followed by Denmark with 7.8 percent.