In the first quarter, GDP contracted 1.3% over the same quarter last year, according to the second GDP estimate released by the Croatian Bureau of Statistics on 20 June. The decline confirmed the 31 May flash estimate and exceeded the 0.4% drop recorded in the previous quarter. The main cause behind the first quarter contraction was a sharp deterioration in domestic demand. Private consumption fell 0.3% over the same quarter last year, which contrasted the mild 0.1% rise observed in the previous quarter. Moreover, public spending contracted for the third consecutive quarter on the back of government efforts to trim fiscal imbalances, declining 1.5% in the first quarter (Q4 2011: -0.9% year-on-year). Meanwhile, although gross fixed capital formation improved in the first quarter (Q4: -6.0% yoy; Q1: -2.8% yoy), it remained in the red for the thirteenth consecutive quarter. Exports of goods and services rebounded to a 2.4% expansion in the first quarter (Q4: -3.6% yoy), while imports rose 1.1% (Q4: -3.6% yoy). As a result, the external sector
Economy drops at fastest pace since Q2 2010
June 20, 2012
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Note: Year-on-year changes of GDP in %.
Source: Croatian Bureau of Statistics (CBS) and FocusEconomics Consensus Forecast.
Croatia Economic News
October 17, 2016
In September, consumer prices increased 1.0% from the previous month, which contrasted August’s 0.2% drop and marked the highest reading in four years.
September 29, 2016
After months of political conflict had led the government to collapse in June, snap elections were held in Croatia on 11 September.
September 29, 2016
In August, industrial output rose 2.5% over the same month of last year in seasonally and working-day adjusted terms, which represented an acceleration over July’s weaker 1.2% increase.
September 15, 2016
In August, consumer prices declined 0.2% over the previous month, which was a softer drop than July’s 0.7% decrease.
September 2, 2016
In July, industrial output rose 1.2% over the same month of last year in working-day adjusted terms, which represented a significant slowdown from June’s 4.1% increase and the lowest result in seven months.