Croatia GDP


Croatia: GDP contracts in Q2 according to flash estimate

August 29, 2014

In the second quarter, GDP fell 0.8% over the same period of the previous year, according to the preliminary estimate released by the Croatian Bureau of Statistics on 29 August. A decrease in gross fixed capital formation mainly drove the contraction, whereas exports contributed positively to GDP growth. On the production side, manufacturing made the largest positive contribution to the result and a decrease was recorded in construction.

The quarterly growth rate is calculated by means of a new methodology that has not yet been applied to calculating a revised estimate for historical data. For this reason, according to the national statistics office, the Q2 reading is not yet comparable to prints from previous quarters. On 10 September, the statistics office will publish revised data for previous quarters together with the release of more detailed GDP data.

The government expects the economy to expand 0.2% this year and to increase to a 1.3% expansion in 2015. FocusEconomics panelists’ assessment is more pessimistic and expect GDP to contract 0.5% in 2014, which is down 0.1 percentage points from last month’s estimate. In 2015, the panel expects economic growth to rebound to expand 0.8%, which is unchanged over the previous month’s estimate.

Author: Teresa Kersting, Economist

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Croatia GDP Chart

Croatia GDP Q2 2014 0

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

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