Croatia GDP

Croatia

Croatia: Economy drops at fastest pace since Q2 2010

June 20, 2012

In the first quarter, GDP contracted 1.3% over the same quarter last year, according to the second GDP estimate released by the Croatian Bureau of Statistics on 20 June. The decline confirmed the 31 May flash estimate and exceeded the 0.4% drop recorded in the previous quarter. The main cause behind the first quarter contraction was a sharp deterioration in domestic demand. Private consumption fell 0.3% over the same quarter last year, which contrasted the mild 0.1% rise observed in the previous quarter. Moreover, public spending contracted for the third consecutive quarter on the back of government efforts to trim fiscal imbalances, declining 1.5% in the first quarter (Q4 2011: -0.9% year-on-year). Meanwhile, although gross fixed capital formation improved in the first quarter (Q4: -6.0% yoy; Q1: -2.8% yoy), it remained in the red for the thirteenth consecutive quarter. Exports of goods and services rebounded to a 2.4% expansion in the first quarter (Q4: -3.6% yoy), while imports rose 1.1% (Q4: -3.6% yoy). As a result, the external sector


Author: Ricard Torné, Head of Economic Research

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


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