Croatia GDP


Croatia: Economy contracts the most since Q2 2010

September 20, 2012

In the second quarter, GDP contracted 2.2% over the same quarter last year, according to the second GDP estimate released by the Croatian Bureau of Statistics on 20 September. The result, which represents the largest contraction recorded since Q2 2010, exceeded both the 1.3% contraction tallied in the previous quarter and the 2.1% drop previously reported in the 31 August flash estimate. The main cause behind the deterioration seen in the second quarter was a sharp drop in domestic demand. Private consumption fell 3.4% over the same quarter last year, exceeding the 0.3% decline observed in the previous quarter. Moreover, gross fixed capital formation contracted 5.9% year-on-year, which more than doubled the 2.8% drop seen in Q1. On the other hand, government spending contracted at a softer pace (Q1: -1.5% yoy; Q2: -0.2% yoy). Exports of goods and services fell 1.8% in the second quarter, contrasting the 2.4% rise seen in Q1, while imports contracted at a 3.3% pace (Q1: +1.1% yoy). As a result, the external sector's net contribution to overall economic growth stepped up from 0.2 percentage points in the first quarter to 0.8 percentage points in the second. The Central Bank expects GDP to contract about 1.6% this year.

Author: Ricard Torné, Head of Economic Research

Sample Report

Looking for forecasts related to GDP in Croatia? Download a sample report now.


Croatia GDP Chart

Croatia GDP Type Q2 2012

Note: Year-on-year changes of GDP in %.
Source: Croatian Bureau of Statistics (CBS) and FocusEconomics Consensus Forecast.

Croatia Economic News

  • Croatia: Stronger fixed investment and solid household spending underpin growth in Q3

    December 1, 2017

    The economy gained traction in the third quarter of 2017, supported by a surge in fixed investment and solid household spending, despite the uncertainty still surrounding the restructuring of Croatia’s largest private company, food giant Agrokor.

    Read more

  • Croatia: Industrial production growth slows in October

    November 29, 2017

    Industrial output in October increased 4.3% in working-day adjusted terms from the same month last year, following September’s softer 3.0% expansion. October’s result was pushed-up by a remarkable expansion in manufacturing sector: Manufacture of wood and wood products, as well as of refined petroleum products and of food products recorded particularly high growth rates.

    Read more

  • Croatia: Inflation stable in October

    November 16, 2017

    In October, consumer prices increased 0.4% from the previous month, following September’s over five-year high of 1.5% increase.

    Read more

  • Croatia: Industrial production growth slows in September

    October 30, 2017

    Industrial output in September increased 3.0% in working-day adjusted terms from the same month last year, following August’s slightly stronger 3.2% expansion. September’s result was pushed-up by a faster expansion in the electricity, gas, steam, and air conditioning supply sub-sector, and by a turnaround in the mining and quarrying sub-sector, while growth in the manufacturing sector slowed considerably from August, weighing on the final result. On a month-on-month basis, industrial production in September expanded 1.4% in seasonally- and working-day adjusted terms, following August’s much softer 0.3% uptick.

    Read more

  • Croatia: Inflation continues to climb in September

    October 23, 2017

    In September, consumer prices increased 1.5% from the previous month, following August’s flat result and marking the highest reading since May 2012.

    Read more

More news

Search form