Core Insights - Croatia's industrial finished goods inventory increased by 1.7% month-on-month and 5.2% year-on-year as of the end of July 2025 [1] Inventory Breakdown - The largest monthly increase in inventory was seen in energy products, which rose by 19.8% [1] - Durable goods inventory grew by 5%, capital goods by 1.1%, and non-durable goods by 0.1%, while intermediate products saw a decrease of 0.6% [1] - Year-on-year, non-durable goods inventory increased by 10.9%, and intermediate goods by 5.9%, whereas capital goods inventory decreased by 23.9%, and both durable goods and energy inventories fell by 3.7% [1] Sector Analysis - Mining and quarrying inventory rose by 1.8% month-on-month and 1.5% year-on-year [1] - Manufacturing inventory increased by 1.6% month-on-month and 5.5% year-on-year [1] - The largest monthly inventory increase in manufacturing was in coke and refined petroleum products (+32.1%), followed by chemicals and chemical products (+13.7%), and metal products (excluding machinery and equipment) (+11.5%) [1] - The most significant monthly inventory decreases were in the manufacture of motor vehicles, trailers, and semi-trailers (-21.7%) and tobacco products (-13.5%) [1] - Year-on-year, the largest inventory increase in manufacturing was in the automotive sector, which saw a tenfold increase, while the largest decrease was in machinery manufacturing, which fell by 65.6% [1]

Core Insights - Italy's industrial output increased by 0.4% month-on-month in July, surpassing the revised 0.2% growth in June and exceeding market expectations of a 0.1% decline, marking the strongest monthly growth since April 2025 [1] - Year-on-year, industrial output grew by 0.9% in July, reversing the 0.7% decline recorded in June, indicating a positive shift in the industrial sector [1] Sector Performance - Consumer goods output saw a significant month-on-month increase of 2.1%, while capital goods and intermediate goods rose by 1.6% and 0.7% respectively [1] - The energy sector experienced a notable decline, with output dropping by 7.8% month-on-month [1] Industry Highlights - The coke and refined petroleum products manufacturing sector was the standout performer, with a year-on-year growth of 10.8% [1] - The computer and electronic products manufacturing sector grew by 6.4% year-on-year, and the food, beverage, and tobacco industry saw a 5.7% increase, indicating strong internal growth dynamics [1] Economic Outlook - Analysts suggest that despite the significant drag from the energy sector, the ongoing expansion in key manufacturing areas indicates a solidifying recovery in Italy's industrial sector [1] - Current data reflects a rebound in domestic demand and resilience in investment goods production, providing support for the economic outlook in the second half of the year [1]