Croatia’s Economy Grew By 1.9 Percent in Fourth Quarter

Total Croatia News

First estimate shows a somewhat lower growth than expected

The first estimate published the Croatian Bureau of Statistics shows that GDP in the fourth quarter of 2015 was higher by 1.9 percent compared to the same quarter of 2014. That is the fifth consecutive quarter that GDP is growing, although a bit more slowly than in the previous quarter, when the economy surged 2.8 percent year on year, which was the fastest growth since the second quarter of 2008. Estimates of the economists who took part in a HINA survey were in the range between 1.8 to 2.6 percent, reports on February 26, 2016.

The first estimate of the annual economic growth shows that GDP in 2015 was higher by 1.6 percent than in 2014.

The largest positive contribution to GDP growth in the fourth quarter of 2015 was achieved due to the growth of exports of goods. The contribution of domestic demand was also positive. Among the components of domestic demand, the strongest positive impact on the economic activity was caused by the growth of household consumption. The contribution of net external demand was negative (1.1 percentage points).

The first estimate shows that the quarterly gross value added in the fourth quarter of 2015 was higher by 1.6 percent in real terms compared to the same quarter of 2014. The largest contribution to the growth of the quarterly gross value added was recorded in the processing industry, while the largest negative contribution was achieved in the construction industry.

Former Prime Minister Zoran Milanović and former Minster of Entrepreneurship Gordan Maras commented on the latest figures. “Facts and figures speak about our work in the past four years, as evidenced by the growth of GDP in the fourth quarter of 2015. We did not complain, and we have left a better Croatia to the new government. These are the results of our work in the last four years that we have not wasted for nothing. We are ready at any time to take responsibility for the country, because what we have today in Croatia is bad and that is becoming evident every single day”, wrote Milanović on his Facebook page.

“I have seen the budgetary guidelines prepared by the new government. There will be no turnaround. Mr. Orešković will continue our policy of reducing deficit thanks to the GDP growth that was created by Zoran Milanović’s government. They do not offer anything new, expect unstable government, scandals and coalition conflicts”, wrote Maras.


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