Croatia Economic Outlook
November 3, 2020Following the historic GDP plunge in Q2, recent data points to a recovery in activity in Q3. The decline in industrial production continued to ease in September, recording the softest contraction in almost a year, while the unemployment rate continued to fall steadily from its over one-year high logged in May. Moreover, retail sales dropped at a markedly softer pace in Q3 than in the previous quarter, while economic sentiment showed signs of improvement overall. However, it deteriorated slightly in October amid increased pessimism in the industrial and retail trade sectors. This, together with soaring Covid-19 infections in the same month—which prompted the government to introduce tighter restrictions—could weigh on the crucial tourism industry and hinder the overall recovery in Q4.
Croatia Economic GrowthGDP is seen dropping at the sharpest pace in more than 25 years this year before rebounding solidly in 2021, on the back of reviving foreign demand and strengthening domestic activity. That said, the uncertain trajectory of the pandemic and its impact on the tourism industry, which also faces stronger competition from other destinations, poses a key risk to the outlook. FocusEconomics panelists forecast the economy to grow 5.0% in 2021, which down 0.1 percentage points from last month’s estimate, and 3.8% in 2022.
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 29, 2021
Industrial output grew 0.3% year-on-year in working-day adjusted terms in December 2020, rebounding from November’s 1.7% contraction.
January 15, 2021
Consumer prices dropped 0.58% from the previous month in December, following November’s 0.29% drop and logging the sharpest fall in prices since January 2019.
December 31, 2020
Industrial output declined 1.7% year-on-year in working-day adjusted terms in November, contrasting October’s 2.2% expansion and marking the lowest reading in five months.
December 16, 2020
Consumer prices dropped 0.29% from the previous month in November, contrasting October's 0.39% rise and marking the sharpest fall in prices since July.
November 30, 2020
Industrial output grew 2.8% year-on-year in working-day adjusted terms in October, contrasting September's 1.1% decrease and marking the best result since July 2019.