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Croatia Private consumption

Croatia Private consumption

Private Consumption in Croatia

The Croatian economy recorded average private consumption growth of 2.2% in the decade to 2022, above the 1.0% average for the Euro Area. In 2022, private consumption growth was 6.7%. For more information on private consumption, visit our dedicated page

Croatia Private consumption Chart

Note: This chart displays Private Consumption (annual variation in %) for Croatia from 2014 to 2023.
Source: Macrobond.

Croatia Private consumption Data

2019 2020 2021 2022 2023
Private Consumption (ann. var. %) 4.0 -5.2 10.7 6.7 3.1

Economic growth slows in the first quarter

GDP growth waned to 3.9% year on year in the first quarter of 2024, from 4.4% in the fourth quarter of last year. On a seasonally adjusted quarter-on-quarter basis, economic growth waned markedly to 1.0% in Q1, from the previous period's 2.0% increase.

Government spending growth slowed to 1.0% in Q1 (Q4 2023: +4.6% yoy). More positively, private consumption growth accelerated to 6.0% in Q1 compared to a 5.3% expansion in Q4, supported by lower inflation. In addition, fixed investment growth sped up to 10.8% in Q1, from the 6.0% expansion in the prior quarter. Meanwhile, the external sector detracted from the headline reading. Exports of goods and services contracted at a slower pace of 2.0% in Q1 (Q4 2023: -4.4% yoy), while imports of goods and services bounced back, growing 2.2% in Q1 (Q4 2023: -7.1% yoy), marking the highest reading since Q4 2022.

Our panelists expect the economy to expand at a slower pace in the coming quarters as investment activity loses steam. That said, over 2024 as a whole, the economy is set to register one of the fastest expansions in the Euro area, supported by stronger private spending growth and a rebound in exports.

Alen Kovac, analyst at Erste Bank, commented on the outlook: “We reiterate a strong private consumption outlook amid tight labor market conditions, especially strong wage dynamics, particularly in the public sector […] along with employment gains (expected in 1.5-2.0% band for 2024) and real wages remaining close to the double-digit region throughout most of 2024.”

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 private consumption projections for the next ten years from a panel of 18 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 private consumption forecast available for Croatian private consumption.

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

Want to get access to the full dataset of Croatian private consumption forecasts? Send an email to info@focus-economics.com.

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