Croatia GDP

Croatia

Croatia: Pace of GDP contraction eases in Q3

December 10, 2013

GDP contracted 0.6% over the same quarter last year in Q3, according to detailed figures released by the Croatian Bureau of Statistics on 10 December. The decline was in line with the 29 November flash estimate and marks an improvement over the 0.8% contraction tallied in the previous quarter. Although the print represented the softest contraction since Q4 2011, it also marked the eighth consecutive quarter of declining economic activity. The improvement tallied in Q3 was driven by external demand, whereas domestic demand deteriorated compared to the previous quarter. Private consumption rose a meagre 0.2% over the same quarter last year (Q2: +0.4% year-on-year), while government spending contracted 0.9% (Q2: +1.4% yoy). Gross fixed capital formation grew 0.3%, which was below the 0.9% increase tallied in Q2. On the external side of the economy, exports of goods and services contracted 1.3% in Q3, contrasting the 1.4% increase seen in Q2. Imports dipped 1.6% over the same period last year (Q2: +5.5% yoy). As a result, the external sector's net contribution to overall economic growth rose from minus 1.6 percentage points in Q2 to minus 0.1 percentage points in Q3. The government expects the economy to expand 0.2% this year and 1.3% in 2014. FocusEconomics panelists' assessment is more pessimistic; they expect GDP to contract 0.8% in 2013, which is unchanged from last month's estimate. In 2014, the panel expects economic growth to rebound to 0.7%, which is also unchanged over the previous month's estimate.


Author: Ricard Torné, Head of Economic Research

Sample Report

Looking for forecasts related to GDP in Croatia? Download a sample report now.

Download

Croatia GDP Chart


Croatia GDP Q3 2013

Note: Year-on-year changes of GDP in %.
Source: Croatian Bureau of Statistics (CBS) and FocusEconomics Consensus Forecast.


Croatia Economic News

  • Croatia: Stronger fixed investment and solid household spending underpin growth in Q3

    December 1, 2017

    The economy gained traction in the third quarter of 2017, supported by a surge in fixed investment and solid household spending, despite the uncertainty still surrounding the restructuring of Croatia’s largest private company, food giant Agrokor.

    Read more

  • Croatia: Industrial production growth slows in October

    November 29, 2017

    Industrial output in October increased 4.3% in working-day adjusted terms from the same month last year, following September’s softer 3.0% expansion. October’s result was pushed-up by a remarkable expansion in manufacturing sector: Manufacture of wood and wood products, as well as of refined petroleum products and of food products recorded particularly high growth rates.

    Read more

  • Croatia: Inflation stable in October

    November 16, 2017

    In October, consumer prices increased 0.4% from the previous month, following September’s over five-year high of 1.5% increase.

    Read more

  • Croatia: Industrial production growth slows in September

    October 30, 2017

    Industrial output in September increased 3.0% in working-day adjusted terms from the same month last year, following August’s slightly stronger 3.2% expansion. September’s result was pushed-up by a faster expansion in the electricity, gas, steam, and air conditioning supply sub-sector, and by a turnaround in the mining and quarrying sub-sector, while growth in the manufacturing sector slowed considerably from August, weighing on the final result. On a month-on-month basis, industrial production in September expanded 1.4% in seasonally- and working-day adjusted terms, following August’s much softer 0.3% uptick.

    Read more

  • Croatia: Inflation continues to climb in September

    October 23, 2017

    In September, consumer prices increased 1.5% from the previous month, following August’s flat result and marking the highest reading since May 2012.

    Read more

More news

Search form