Croatia GDP


Croatia: Economy slows less than initially expected in third quarter

December 20, 2011

In the third quarter, GDP grew 0.7% over the same quarter the year before, according to the second GDP estimate released by the Croatian Bureau of Statistics on 20 December. The print came in slightly above the 0.6% increase reported in the 25 November flash estimate, but still was a notch below the 0.8% rise recorded in the previous quarter. The main cause of the modest third quarter deceleration was a sharp deterioration in domestic demand (Q2: -2.0% year-on-year; Q3: -4.2% yoy), which this was partially offset by a marked improvement in the external sector. Private consumption grew 0.1% over the same period last year, which was down from the 0.6% rise seen in the second quarter. Public spending declined 0.4% (Q2: +1.7% yoy), due to government efforts to contain the fiscal deficit. Meanwhile, fixed investment deteriorated further to an outright contraction of 8.4% (Q2: -7.3% yoy), which represents the sharpest decline since Q3 2010. The external sector's net contribution to overall economic growth improved markedly due to a significant decline in import growth, while exports accelerated over the previous quarter. Imports contracted 8.3% in the third quarter, down from a 6.0% decline in the second quarter. On the other hand, exports of goods and services grew 2.0% (Q2: +1.1% yoy). As a result, the external sector's net contribution improved from 3.5 percentage points in the second quarter to 5.0 percentage points in the third. At the sector level, the third quarter slowdown was caused by a sharp contraction in the industrial sector (Q2: +2.2% yoy; Q3: -2.4% yoy). On the other hand, the service sector accelerated from a 0.6% increase in the second quarter to a 0.9% rise in the third, while agriculture rose 4.0% from a flat reading in the previous quarter.

Author: Ricard Torné, Head of Economic Research

Sample Report

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


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