Croatia GDP

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Croatia: Pace of contraction in GDP eases further in Q1 driven by exports

May 27, 2014

In the first quarter, GDP fell 0.4% over the same period of the previous year according to the preliminary estimate released by the Croatian Bureau of Statistic on 30 May. The print came in above the 1.2% contraction registered in Q4 and, if confirmed, this will mark the lowest pace of contraction since Q3 2011. The largest positive contribution to GDP growth came from an increase in exports of goods whereas the biggest negative contribution was from imports of goods. More detailed data will be released on 10 June.

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; they expect GDP to contract 0.2% in 2013, which is unchanged from last month’s estimate. In 2014, the panel expects economic growth to rebound to 1.0%, which is also unchanged over the previous month’s estimate.


Author: Teresa Kersting, Economist

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Croatia GDP Q1 2014

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


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