ZAGREB, 8 July 2022- In June 2022, industrial producer prices jumped 24% on the year, going up for the 16th consecutive month, which was the highest increase since 2011, according to the Croatian Bureau of Statistics.

In March 2021, producer prices were up 3.5% year on year, last December the increase was 16%, followed by 17.1% in January, 17.2% in February, 19.5% in March, 21.9% in April and 23.7% in May.

The increase in producer prices was in large part due to energy prices. With the exclusion of energy, industrial producer prices in June 2022 were 0.7% higher on the month and 9.6% on the year.

On the foreign market, industrial producer prices in June 2022 were 1.4% higher on the month and 15.8% on the year, while on the domestic market, they were up 0.8% on the month and 30.8% on the year.

On the domestic market, energy prices jumped 90% year on year in June 2022, followed by intermediate products (+11.5%), non-durable consumer products (+10.2%), durable consumer products (+9.9%) and capital products (+4.8%).

Month on month, the prices of non-durable consumer products were up 1.4%, followed by durable consumer products (+1.1%), energy and capital products (+0.5% each), and intermediate products (+0.4%).

ZAGREB, 31 March 2022 - Croatia's industrial production continued to rise in February for the 15th month in a row, and faster than the previous month, indicating further recovery of the economy.

In February 2022, industrial production increased by 2.6% compared with the previous month and by 4.0% compared with February 2021, the National Bureau of Statistics (DZS) reported on Thursday.

This was faster growth than in January when production had risen by 3.5% year on year.

The growth was recorded in all five sectors. 

Production of capital goods increased the most, by 11.5%, production of durable consumer goods by 5.4%, production of energy by 3.9%, production of non-durable goods by 2.6% and production of intermediate goods by 1.3%.

In the first two months of 2022, industrial production increased by 3.8% compared with the same period in 2021.

In 2021, industrial production bounced back by 6.7% after shrinking by 3.4% in 2020 on account of the coronavirus crisis.

This year, however, production might slow down due to the economic consequences of the Russian military invasion of Ukraine, analysts at Raiffeisenbank Austria (RBA) said in their comment on the DZS report.

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ZAGREB, 6 Oct, 2021 - Croatia's industrial producer prices jumped by 12.1% in September 2021 compared with the same month in 2020, their highest rise since January 2011, according to the data released by the National Bureau of Statistics.

This was the seventh month in a row to see an increase in industrial producer prices on an annual level, following the 9.3% rise in August.

The positive streak began in March this year with an annual rise of 3.5% and was followed by increases of 5.8% in April, 7.6% in May, 7.2% in June and 7.9% in July. 

The rise was mainly driven by energy prices. Excluding energy, producer prices in September were 0.5% higher than in August and 3.5% higher than in September last year.

On the foreign market, industrial producer prices in September 2021 increased by 1.0% compared with August 2021 and by 10.1% compared with September 2020. On the domestic market, they rose by 3.2% month on month and by 13.7% year on year.

Broken down by main industrial groupings, in September compared with August, prices of energy on the domestic market increased by 9.4%, prices of capital goods by 0.5%, prices of intermediate goods by 0.4%, prices of durable consumer goods by 0.1%, and prices of non-durable consumer goods by 0.1%.

On an annual level, prices of energy on the domestic market rose by 42.2%, prices of intermediate goods by 6.2%, prices of durable consumer goods by 2.5%, prices of capital goods by 2.5%, and prices of non-durable consumer goods by 1.2%.

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ZAGREB, 2 Sept 2021 - Industrial producer prices in Europe increased in July at the highest rate since statistics have been kept by Eurostat, reflecting the recovery of demand as COVID-19 restrictions were eased, the EU's statistical office reported on Thursday.

In July 2021, industrial producer prices rose by 2.3% in the euro area and by 2.2% in the EU, compared with June 2021, the strongest increase in the past twenty years. In June prices increased by 1.5% in the EU and by 1.4% in the euro area.

The accelerated increase in industrial producer prices reflects strong demand and frequent problems in the supply of parts and raw material alongside economic recovery from the coronavirus crisis and the hike in energy prices.

The highest increase in prices on the month was registered in the energy sector, of 5.3% in the EU and 5.7% in the euro area.

In the EU, industrial producer prices increased by 2.1% for intermediate goods, by 0.7% for durable consumer goods, by 0.6% for capital goods, and by 0.1% for non-durable consumer goods. Prices in total industry, not including energy, increased by 1.1%.

Industrial producer prices increased in all member States except Malta, where they remained stable. The highest increases were recorded in Ireland (+20.6%), Estonia (+6.4%), and Belgium (+4.2%).

In Croatia, industrial producer prices increased by 1.5% on the month, the strongest jump since the end of 2016. In June they increased by 1.1%.

Year-on-year, industrial producer prices in the EU increased by 12.2% in July and by 12.1% in the euro area. In June they increased on the year by 10.4% and 10.2% respectively.

The increase in prices was the strongest in the energy sector, where prices jumped by 28.3% in the EU and 28.9% in the euro area.

Industrial producer prices increased in all member states, with the highest increases being registered in Ireland (+67.7%), Estonia (+23.5%), and Belgium (+23.0%).

In Croatia the annual increase in industrial producer prices in July was 8.9%, this being the biggest increase since September 2012. In June they increased by 8.0% y-o-y.

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ZAGREB, 1 Sept, 2021 - Croatia's industrial production rose in July for the eighth month in a row, growing by nearly 4% on an annual level, indicating further recovery of production and the entire economy from the coronavirus crisis.

The Croatian Bureau of Statistics (DZS) reported on Wednesday that industrial production had shrunk by 1.6% in July compared with the previous month, while increasing by 3.9% compared with July 2020. This was slower growth than in June, when production had jumped by 8.3% year on year.

"Growth in the volume of industrial production continued in July, albeit at a slower rate compared with the previous months when stronger annual growth was the result of last year's low base," analysts at Raiffeisenbank Austria (RBA) said in their comment on the DZS report.

Growth was reported for three of five sectors. Energy production rose the most, by 13.1%, followed by production of non-durable consumer goods (+4.2%) and capital goods (+2.8%). Production of durable consumer goods and intermediate goods fell by 4.7% and 4.1% respectively.

After dropping by 3.4% last year, industrial production increased by 8.7% in the first seven months of this year compared with the same period of last year, contributing to the economic growth and recovery.

The data on further growth of industrial production, as well as recent figures on further growth of retail trade indicate continued recovery of the national economy from the coronavirus crisis. Last week, the DZS released data showing that GDP had jumped by a record 16.1% in the second quarter, its first growth after four quarters of decline.

"Although the epidemiological picture will continue to affect the pace of economic recovery, the growth of foreign and domestic demand and the industry confidence index, which continued to grow in July, nearing 2019's levels, confirm our expectations of a solid continuation of growth in the volume of industrial production until the end of the year," RBA said.  

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ZAGREB, 9 Aug 2021 - In July 2021, producer prices of industrial products increased by 7.9% compared to July 2020, which is their highest increase since April 2011, show data from the Croatian Bureau of Statistics.

Compared to June 2021, producer prices of industrial products were 1.3% up.

The jump in producer prices was to a large extent due to energy prices as, without their contribution, the increase in producer prices was 0.4% compared to June, and 2.3% compared to July 2020.

On the domestic market, producer prices increased by 1.5% compared to June, the highest monthly increase since December 2016, while producer prices on the foreign market were 1.1% up month-on-month and 6.9% year-on-year.

Month-on-month, producer prices of energy on the domestic market increased by 3.4%, prices of non-durable consumer goods by 0.7%, prices of intermediate goods by 0.5%, and prices of durable consumer goods by 0.3% while prices of capital goods remained stable.

As compared to June, producer prices increased the most in Mining and quarrying, 8.9%, followed by Manufacturing, 1.2%, Electricity, gas, steam, and air conditioning supply, 1%, and in Water supply; sewerage, waste management, and remediation activities, 0.1%.

Year on year, producer prices of industrial goods have been on the rise since February 2021 and growing constantly, with the rate exceeding 7% since May.

According to the main industrial groupings, year-on-year producer prices of energy on the domestic market grew the most, by 25.8%.

The current trends regarding producer prices and the strong contribution of energy have been reported in the EU as well as the USA, analysts of Raiffeisenbank Austria (RBA) have said, pointing to market factors such as a sudden recovery of demand and disruptions on the supply side as well as growing costs of commodity transport.

According to the national classification of activities, year-on-year producer prices grew the most in Mining and quarrying, by 129%.

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ZAGREB, 31 May 2021 - Croatia's industrial output jumped by a record-high 17.3% in April, rising for five straight months, which is perceived as an indicator of the post-corona crisis recovery of the production and the whole economy.

The national statistical office (DZS) on Monday published data showing that Croatia's industrial production in April fell 2.1% compared to March, whereas it soared 17.3% in comparison to April 2020, and this is the highest year-on-year increase since the start of keeping data on industrial production trends in 2001.

All five sectors see rise y-o-y

The production of durable consumer goods skyrocketed by 138.7%.

The production of intermediate goods increased by 19.5%, and of energy by 18%.

The capital goods production increased 14.1%, and production of consumer non-durables rose by 11% on the year.

The recovery of the economy is also reflected in the fact that the retail turnover in April soared by 34.4% on the year.

The economy is on the track of recovery since Croatia's GDP saw a rise for the third quarter on a quarterly basis.

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ZAGREB, September 1, 2020 - In July 2020 industrial production in Croatia fell by 1.6% on the year, decreasing for the ninth consecutive month, albeit at a slower rate than in June, according to the national statistical office DZS.

Month on month, industrial production in July increased by 5.6%, but fell by 1.6% on  the year.

"The annual decrease in the volume of industrial production, which has been ongoing since November last year, has slowed down ," analysts at Raiffeisenbank Austria (RBA) said in reference to the DZS report.

Industrial production contracted in two of five sectors, mostly in the production of non-durable consumer goods (-9.3%) and intermediate goods (-2.6%).

On the other hand, the production of capital goods increased by 14.7%, followed by energy (+2.1%), and durable consumer goods (+1.7%).

In the first seven months of the year, industrial production decreased by 5.7% on the year. 

Data indicates a continued fall in third quarter

The decrease in production in July and the recent information about the fall in retail sales indicate that the economy will continue to contract in the third quarter.

That means that the economy will officially dive into a recession, which is defined as a fall of GDP for two consecutive quarters.

Last week DZS reported that GDP had contracted by a record 15.1% in Q2 on the year, which is the first time GDP has fallen since mid-2014.

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