Consumption in Croatia

Croatia Consumption | Economic News & Forecasts

Croatia - Consumption

GDP growth slows, but remains healthy, in the first quarter

GDP growth slowed to 7.0% year on year in the first quarter, from 9.7% in the fourth quarter of last year. Q1's reading marked the worst result since Q1 2021.

Private consumption growth fell to 6.3% in Q1, marking the weakest expansion since Q1 2021 (Q4 2021: +7.7% yoy). Government consumption growth moderated to 5.9% in Q1 (Q4 2021: +14.4% yoy). Meanwhile, fixed investment growth improved to 7.9% in Q1, from the 0.8% increase recorded in the prior quarter.

On the external front, exports of goods and services increased 29.4% on an annual basis in the first quarter, which was below the fourth quarter's 31.7% expansion. Conversely, imports of goods and services growth picked up to 25.0% in Q1 (Q4 2021: +16.4% yoy), marking the best reading since Q2 2021.

FocusEconomics panelists forecast GDP to expand 4.5% in 2022, which is down 0.1 percentage points from last month’s estimate. For 2023, our panel sees GDP growth at 3.8%.

Croatia - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)0.2  3.1  3.2  3.2  3.6  

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Note: Annual variation of private consumption in %.
Source: Central Bureau of Statistics and FocusEconomics calculations.

Croatia Facts

Value Change Date
Bond Yield0.670.0 %Dec 31
Exchange Rate6.64-0.54 %Jan 01

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