Croatia Economic Outlook
January 11, 2022Economic activity likely continued to ease in the fourth quarter of last year. Industrial output growth slowed on average in October and November compared to the prior quarter, while cooling business confidence in the same period suggests that private sector activity moderated. Household spending likely also lost steam in the final months of the year. Retail sales expanded at a notably softer pace in October–November, which was likely influenced by an uptick in the unemployment rate through November, and markedly higher inflation in the same period: Price pressures reached an over eight-year high in November. Furthermore, consumer sentiment deteriorated in the first two months of the quarter. Meanwhile, Croatia entered a fourth wave of Covid-19 in late December, with the more transmissible Omicron variant fueling the country’s highest-ever case count in early January.
Croatia Economic GrowthEconomic growth is forecast to ease this year amid a tougher base of comparison. However, robust growth in fixed investment, supported by EU funds, and normalizing tourism activity will support the economy nonetheless. That said, Covid-19-related uncertainty clouds the outlook. FocusEconomics panelists forecast the economy to grow 4.4% in 2022, which is down 0.1 percentage points from last month’s estimate, and 3.7% in 2023.
Croatia Economy Data
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|Bond Yield||0.67||0.0 %||Dec 31|
|Exchange Rate||6.64||-0.54 %||Jan 01|
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Croatia Economic News
January 17, 2022
Consumer prices were flat from the previous month in December, after the 0.75% increase recorded in November.
December 30, 2021
Industrial production rose 3.7% year-on-year in working-day adjusted terms in November, up from October’s 2.7% increase.
December 17, 2021
Consumer prices increased 0.75% in November over the previous month, below October's 0.94% increase.
November 29, 2021
Industrial production grew a marginally weaker 2.6% in annual terms in October, from September’s 2.8%.
November 26, 2021
GDP expanded a robust 15.8% in annual terms in Q3, marginally below the 16.5% growth tallied in the prior quarter, supported by strong tourist activity which buoyed the external sector. The slowdown was due to a moderation in domestic activity.