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Croatia GDP

Croatia GDP

Economic Growth in Croatia

Croatia recorded an average real GDP growth rate of 2.6% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, real GDP growth was 6.3%. For more GDP information, visit our dedicated page.

Croatia GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Croatia from 2014 to 2023.
Source: Central Bureau of Statistics Croatia.

Croatia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 3.0 3.4 -8.5 13.0 7.0
GDP (USD bn) 61.8 61.9 58.1 69.6 71.9
GDP (EUR bn) 52.4 55.3 51.0 58.9 68.4
Economic Growth (Nominal GDP, ann. var. %) 5.1 5.5 -7.8 15.5 16.2

GDP growth records best reading since Q3 2022 in Q4

GDP growth accelerated to 4.3% year on year in the fourth quarter from 2.8% in the third quarter. Q4's reading marked the strongest expansion since Q3 2022. On a seasonally adjusted quarter-on-quarter basis, GDP growth accelerated to 1.3% in Q4 from 0.5% in Q3. Looking at 2023 as a whole, economic growth decelerated to 2.8% from 6.3% in 2022.

Private consumption accelerated to 5.3% yoy in the fourth quarter, supported by declining inflation and marking the best reading since Q3 2022 (Q3: +3.0% yoy). Less positively, public consumption growth was the slowest since Q2 2023, expanding 0.2% (Q3: +2.1% yoy). Meanwhile, fixed investment growth eased to 6.0% in Q4 from 6.1% in the previous quarter. On the external front, exports of goods and services fell 4.4% on an annual basis in the fourth quarter, which was an improvement from the third quarter's 8.5% contraction. Meanwhile, imports of goods and services contracted at a slower pace of 7.1% in Q4 (Q3: -12.1% yoy).

Shifting to 2024, the economy is projected to grow at a similar rate to 2023. Private spending will remain supportive thanks to lower inflation. Moreover, a rebound in exports—spurred by a robust tourism sector—will enhance growth. Meanwhile, tight financing conditions are set to take a toll on investment activity. The disbursement of EU funds is a key factor to watch.

Alen Kovac, analyst at Erste Bank, commented on the outlook: “Domestic demand, especially private consumption, should remain the growth backbone. Private consumption prospects [have] gained further traction as decelerating inflation supports real wages growth (currently in the double-digit region), coupled with employment gains, public sector wage hikes, resilient consumer confidence and solid consumer credit dynamics.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Croatian GDP projections for the next ten years from a panel of 25 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Croatian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Croatian GDP projections.

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