GDP in Croatia

Croatia GDP | Economic News & Forecasts

Croatia - GDP

GDP growth slows considerably in Q4 on weaker fixed investment and exports

The economy lost considerable steam in the fourth quarter of 2017, restrained by a softer increase in exports and weaker fixed investment growth, which was likely held back by the restructuring of Croatia’s largest private company, food giant Agrokor. Year-on-year economic growth was 2.0% in Q4 (Q3 +3.3% year-on-year), according to preliminary estimates released by the Statistical Institute on 28 February. Q4’s result brought full-year growth for 2017 to 2.8%, below the 3.2% growth recorded in 2016.

Fixed investment expanded a meagre 1.7% in Q4, half of Q3’s 3.4% growth. The ongoing debt restructuring of Agrokor, with spillovers on the food giant’s providers and the banking system, likely discouraged investment decisions. However, private consumption grew a solid 3.4% in Q4 compared to the same quarter of the previous year (Q3: +3.7% yoy), again supported by strong tourist inflows and rising wages. Moreover, government consumption growth accelerated in annual terms to 2.6% in Q4 (Q3: +2.3% yoy).

On the external front, growth in exports of goods and services came in at 3.6% in Q4, a notable slowdown from Q3’s 5.7% increase. The moderation was mainly due to a deceleration in exports of goods growth. Growth in exports of services also slowed, despite the record-high tourist season, but to a lesser extent. Similarly, the rate of expansion of imports lost strength in Q4, coming in at 6.0% (Q3: +9.5% yoy), dragged down by softer growth in fixed investment.

FocusEconomics panelists expect GDP to rise 2.7% in 2018, which is unchanged from last month’s estimate. In 2019, the panel expects economic growth of 2.6%.

Croatia - GDP Data

2012  2013  2014  2015  2016  
Economic Growth (GDP, annual variation in %)-2.2  -1.1  -0.5  2.2  2.9  

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Croatia GDP Chart

Croatia GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Central Bureau of Statistics and FocusEconomics calculations.

Croatia Facts

Bond Yield2.260.0 %Mar 22
Exchange Rate6.05-0.54 %Mar 22
Stock Market1,841-0.48 %Mar 22

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