Croatia GDP Q1 2016


GDP growth speeds up in Q1

GDP expanded 2.7% in Q1 over the same quarter of last year, according to preliminary figures released by the Croatian Bureau of Statistics on 31 May. The reading was up from the 1.9% growth tallied in Q4.

The acceleration in Q1 reflected a less negative contribution from the external sector as well as faster growth in private consumption and fixed investment. Private consumption increased 3.1% over the same quarter of last year (Q4: +2.4% year-on-year) and fixed investment rose 4.3%, which was above Q4’s 3.7% annual increase. However, government consumption grew 0.6% annually, which was a slowdown compared to Q4’s 0.8% growth.

On the external side of the economy, exports of goods and services grew 7.1% in Q1, which was below the 11.6% growth recorded in Q4, while imports grew 6.1% (Q4: +13.6% yoy). The external sector’s net contribution to overall economic growth improved in Q1, rising from minus 1.0 percentage points in Q4 to minus 0.2 percentage points in Q1.

FocusEconomics panelists expect GDP to rise 1.6% in 2016, which is unchanged from last month’s estimate. In 2017, the panel expects economic growth to accelerate to 1.8%.

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Croatia GDP Chart

Croatia GDP Q1 2016

Note: Year-on-year changes of GDP in %.
Source: Croatian Bureau of Statistics (CBS) and FocusEconomics Consensus Forecast.

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