GDP contracted 0.6% over the same quarter last year in Q3, according to detailed figures released by the Croatian Bureau of Statistics on 10 December. The decline was in line with the 29 November flash estimate and marks an improvement over the 0.8% contraction tallied in the previous quarter. Although the print represented the softest contraction since Q4 2011, it also marked the eighth consecutive quarter of declining economic activity. The improvement tallied in Q3 was driven by external demand, whereas domestic demand deteriorated compared to the previous quarter. Private consumption rose a meagre 0.2% over the same quarter last year (Q2: +0.4% year-on-year), while government spending contracted 0.9% (Q2: +1.4% yoy). Gross fixed capital formation grew 0.3%, which was below the 0.9% increase tallied in Q2. On the external side of the economy, exports of goods and services contracted 1.3% in Q3, contrasting the 1.4% increase seen in Q2. Imports dipped 1.6% over the same period last year (Q2: +5.5% yoy). As a result, the external sector's net contribution to overall economic growth rose from minus 1.6 percentage points in Q2 to minus 0.1 percentage points in Q3. The government expects the economy to expand 0.2% this year and 1.3% in 2014. FocusEconomics panelists' assessment is more pessimistic; they expect GDP to contract 0.8% in 2013, which is unchanged from last month's estimate. In 2014, the panel expects economic growth to rebound to 0.7%, which is also unchanged over the previous month's estimate.
Pace of GDP contraction eases in Q3
December 10, 2013
Looking for forecasts related to GDP in Croatia? Download a sample report now.
Croatia GDP Chart
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.