Croatia: GDP shrinks at slower pace in Q1
May 29, 2013
In the first quarter, GDP dropped 1.5% over the same quarter last year, based on a preliminary flash estimate released by the Croatian Bureau of Statistics on 29 May. The print represents an improvement over the 2.3% contraction observed in the previous quarter but marks, nonetheless, a sixth consecutive drop in economic activity. The reading overshot market expectations of a 2.3% drop. Full details of the national accounts data will be published on 10 June.
The government expects GDP to expand 0.7% this year. FocusEconomics panellists have a more pessimistic assessment and expect GDP growth to be flat 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