Croatia: Pace of contraction slows in Q2, GDP drops for eight straight quarters
August 30, 2013
GDP dropped 0.7% over the same quarter last year in Q2, according to the Croatian Bureau of Statistics' preliminary flash estimate released on 30 August. While the decrease represents an improvement over the 1.5% contraction observed in the previous quarter, it marks the seventh consecutive drop in economic activity. Full details of the national accounts data will be published on 10 September.
The government is adamant that the economy will expand 0.7% this year. FocusEconomics panelists' assessment is more pessimistic; they 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