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 more complete data released by the Croatian Bureau of Statistics on 7 June. 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, while growth in domestic demand decelerated. Private consumption increased 3.1% over the same quarter of last year (Q4: +2.4% year-on-year), marking the best result since Q1 2008. Fixed investment rose 4.3%, which was above Q4’s 3.7% increase and represented the highest reading since Q3 2008. However, government consumption grew 0.6% annually, which was a slight slowdown compared to Q4’s 0.8% growth. Moreover, overall growth was negatively affected by a sharp destocking process.

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.

FocusEconomics panelists expect GDP to rise 1.7% in 2016, which is up 0.1 percentage points from last month’s estimate. In 2017, the panel expects economic growth to accelerate to 1.9%.

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Croatia GDP Chart

Croatia GDP Q1 2016 0

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

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