Croatian Industrial Turnover up by 15.7% YoY in January 2022

Compared to January 2021, when pandemic measures were more strict and the economy was still in recovery, the industrial turnover increase amounted to 15.7% YoY. On an MoM basis, this increase amounted to 5.5%.

The Croatian Bureau of Statistics has published its latest report on the industrial turnover in Croatia for January 2022. According to the report, the total seasonally and working-day adjusted industrial turnover increased by 5.5% compared to the previous month. Compared to January 2021, this increase amounted to 15.7% YoY. The increase on a YoY basis can be attributed to the fact that during the winter of 2021, most of the COVID-19 related measures were still in place, which increased the number of people working from home, and in general, decreased industrial activity.

Meanwhile, if we compared the industrial turnover by the destination of the markets, it increased by 1.7% MoM and 11.6% YoY in the domestic market, and 2.2% MoM and 24.5% YoY in the non-domestic market. Breaking down the index according to product types shows that Energy recorded the largest increase, growing by 51.2% YoY, followed by Intermediate goods with 21.2%, Capital goods with 14.1%, Non-durable consumer goods by 11.5%, and Durable consumer goods by 7% YoY.

On an MoM basis, the story is similar, with Energy increasing the most, at 67.8%, followed by Durable consumer goods with 15.3%, Intermediate goods with 9.5%, Non-durable consumer goods with 6.6%, and Capital goods, with 1.9%.

We also decided to look at how the benchmark for the industry in Croatia, the CROBEXindu index, as well as its constituents, performed since the beginning of the year.

YTD performance of CROBEXindu

As can be seen from the graph above, the CROBEXindu index increased by 3.1% since the beginning of the year, currently standing at 1.156,84 points. Looking at how well the companies which comprised the index performed, we can see that Viktor Lenac experienced the largest increase, growing by 35.6% YTD. Following them, we have Đuro Đaković, which increased by 20.6% YTD.

On the flip side, the largest decrease by far was recorded by AD Plastik, which lost 40.2% of its value since the beginning of the year. In fact, most of this decline came after the Russian invasion of Ukraine, as AD Plastik has app. 27% of its revenue in Russia. With the conflict continuing, AD Plastik will surely experience a decline in sales, as well as FX losses, as the rouble already depreciated compared to the euro and the dollar significantly since the beginning of the conflict. The remaining companies of the index increased/decreased by +/- 2% YTD.

YTD performance of CROBEXindu constituents (%)

Category : Flash News

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