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
July 16, 2021
Consumer prices flatlined in June over the previous month, which was below May's 0.19% increase.
June 30, 2021
Industrial production grew 15.8% year-on-year in working-day adjusted terms in May, down from April’s 17.3% rise.
June 16, 2021
Consumer prices increased 0.19% from the previous month in May, moderating from the 0.68% increase recorded in April.
May 31, 2021
Industrial production expanded 17.3% year-on-year in working-day adjusted terms in April (March: +9.9% yoy).
May 28, 2021
GDP dropped at a significantly softer pace of 0.7% in annual terms in the first quarter of the year, following Q4’s 7.2% plunge.