Economy Growth Prediction Increased

Such growth is attributed to low oil prices, but also tax changes in 2015 and conversion of loans tied to the Swiss Franc

Due to favourable indicators of industrial production, a continuing growth of export rates and deflation, analysts of the Economic Institute Zagreb (EIZ) have enlarged their prognosis of economic growth for the current year from 1.5 to 1.9%, and for 2017 from 1.8 to 2.1%.

“The main reason behind the change in prognosis we find in very favourable results of industrial production, high rates of export and a deflation that makes the realistic growth of the GDP larger than nominal,” the EIZ reported on Friday at the occasion of the new issue of their quarterly publication “Croatian Economic Outlook Quarterly.”

Explaining their positive correction of prognosis for the current and following years, the EIZ reminds that after a 1.2% growth in 2015, domestic demand in the first trimester of this year grew by 3.1% annually, the largest rate since the beginning of 2008. Such growth is attributed to low oil prices, but also tax changes in 2015 and conversion of loans tied to the Swiss Franc.

 

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