Croatia Economic Outlook
October 3, 2017The economic expansion carried over into Q3, after accelerating in Q2. The tourism sector, which underpinned GDP growth in H1, continued its robust performance in July, translating into another month of remarkable retail sales increases. A record tourist season was also reflected in tighter labor market conditions; the unemployment rate is hovering at multi-year lows. Furthermore, the strong economy is having a positive impact on public accounts: The budget deficit was just 0.4% of projected GDP in H1 according to the Ministry of Finance. Because a significant decrease in income tax revenues—resulting from the tax reform that came into effect this year—was more than offset by higher corporate tax and VAT revenues, overall tax proceeds grew at a faster rate than total government expenditures. The positive fiscal and economic dynamics led S&P Global Ratings to improve Croatia’s outlook from stable to positive on 22 September, while maintaining its credit rating unchanged.
Croatia Economy Data
5 years of Croatia economic forecasts for more than 30 economic indicators.
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|Bond Yield||2.56||0.71 %||Oct 16|
|Exchange Rate||6.36||0.21 %||Oct 16|
|Stock Market||1,855||-0.40 %||Oct 16|
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Croatia Economic Growth
October 3, 2017The economy should continue to grow at a healthy pace this year and next, buttressed by a growing tourism sector, solid household spending and increased EU funding. Nevertheless, some downside risks to the outlook remain, from multiple lawsuits associated with the Agrokor crisis and a possible tightening cycle by the ECB. Panelists project GDP will grow 2.9% in 2017 and 2.7% in 2018, up 0.1 percentage points from last month.
Croatia Economic News
October 2, 2017
Industrial output in August increased 3.2% in working-day adjusted terms from the same month last year, following July’s softer 2.5% expansion. August’s result was driven by healthy expansions in the manufacturing and electricity, gas, steam, and air conditioning supply sub-sectors, although the mining and quarrying sub-sector continued to contract, albeit softly, in August. On a month-on-month basis, industrial production in August expanded 0.3% in seasonally- and working-day adjusted terms, contrasting July’s 1.1% decrease.
September 15, 2017
In August, consumer prices were flat from the previous month, following July’s 0.7% decrease.
September 1, 2017
Industrial output in July increased 2.5% in working-day adjusted terms from the same month last year, following June’s strong 4.0% expansion. July’s result was the lowest reading in three months.
August 30, 2017
The economy performed well in the second quarter of 2017, despite the crisis affecting Croatia’s largest company Agrokor, whose outstanding obligations currently stand close to 15% of the country’s GDP according to the European Bank for Reconstruction and Development.
August 18, 2017
In July, consumer prices fell 0.7% from the previous month, a sharper drop than June’s 0.5% decrease.