GDP in Croatia
Croatia - GDP
Private consumption growth gives GDP a helping hand in Q2
The economy performed well in the second quarter of 2017, despite the crisis affecting Croatia’s largest company Agrokor, whose outstanding obligations currently stand close to 15% of the country’s GDP according to the European Bank for Reconstruction and Development. Year-on-year economic growth was recorded at 2.8% in Q2 (Q1: +2.5% year-on-year), according to preliminary statistics released by the Statistical Institute.
Private consumption grew 3.8% in Q2 compared to the same quarter of the previous year (Q1: +3.5% yoy) and was underpinned by strong tourism activity and a tightening labor market which has encouraged wage growth. Government consumption was more lackluster by comparison, which has been the case since Q1 2015, although it still recorded an annual expansion of 1.7% in Q2 (Q1: +1.6% yoy). Meanwhile, fixed investment cooled, recording a growth rate of 3.2% in Q2 compared to 5.4% in Q1.
On the external front, growth in exports of goods and services came in at 3.6% in Q2 compared to the same quarter of the previous year, a slowdown compared to Q1’s 8.6% expansion and a four-year low. Q2’s slowdown was due to a sharp deceleration in the growth of exports in goods, while growth in exports of services increased because of healthy tourism activity. The rate of expansion of imports also decelerated in Q2, coming in at 4.6% (Q1: +10.1% yoy).
FocusEconomics panelists expect GDP to rise 2.8% in 2017, which is unchanged from last month’s estimate. In 2018, the panel expects economic growth of 2.6%.
Croatia - GDP Data
|Economic Growth (GDP, annual variation in %)||-2.2||-1.1||-0.5||2.2||2.9|
5 years of economic forecasts for more than 30 economic indicators.
Croatia GDP Chart
Source: Central Bureau of Statistics and FocusEconomics calculations.
|Bond Yield||2.56||0.71 %||Oct 16|
|Exchange Rate||6.36||0.21 %||Oct 16|
|Stock Market||1,855||-0.40 %||Oct 16|
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October 2, 2017
Industrial output in August increased 3.2% in working-day adjusted terms from the same month last year, following July’s softer 2.5% expansion. August’s result was driven by healthy expansions in the manufacturing and electricity, gas, steam, and air conditioning supply sub-sectors, although the mining and quarrying sub-sector continued to contract, albeit softly, in August. On a month-on-month basis, industrial production in August expanded 0.3% in seasonally- and working-day adjusted terms, contrasting July’s 1.1% decrease.
September 15, 2017
In August, consumer prices were flat from the previous month, following July’s 0.7% decrease.
September 1, 2017
Industrial output in July increased 2.5% in working-day adjusted terms from the same month last year, following June’s strong 4.0% expansion. July’s result was the lowest reading in three months.
August 30, 2017
The economy performed well in the second quarter of 2017, despite the crisis affecting Croatia’s largest company Agrokor, whose outstanding obligations currently stand close to 15% of the country’s GDP according to the European Bank for Reconstruction and Development.
August 18, 2017
In July, consumer prices fell 0.7% from the previous month, a sharper drop than June’s 0.5% decrease.