Croatia: GDP drops for fifth consecutive quarter
February 28, 2013
In the fourth quarter, GDP dropped 2.3% over the same quarter the previous year, based on a preliminary flash estimate released by the Croatian Bureau of Statistics on 28 February. The print followed the 1.9% contraction observed in the previous quarter and marked the fifth consecutive drop in economic activity. Moreover, the figure represents the largest contraction recorded since the second quarter of 2010.
In the full year 2012, the economy contracted 2.0%, which was down from the flat growth experienced in 2011 and broadly in line with the latest FocusEconomics Consensus Forecast. Full details of the national accounts data will be published on 20 March.
The government expects GDP to expand 1.8% this year. FocusEconomics panellists have a more pessimistic assessment and expect that GDP will expand 0.0% in 2013, which is down 0.2 percentage points from last month's estimate. In 2014, the panel expects economic growth to rebound to 1.4%.
Author: Armando Ciccarelli, Head of Data Solutions