Economy Grows 2.9% in 2nd Quarter

ZAGREB, August 29, 2018 – In the second quarter of 2018, the Croatian economy grew 2.9% on the year, faster than in Q1, mainly thanks to higher exports and consumption, the national statistical office said on Wednesday.

This year’s Q2 was the 16th quarter in a row that GDP increased. In Q1, GDP went up 2.5% on the year.

The biggest positive contribution to GDP in Q2 came from higher exports. The export of commodities went up 7.1% and that of services by 4.3%. The import of commodities went up 2.9% and that of services by 13.9%.

The contribution of domestic demand was also positive. Household consumption in Q2 went up 3.6% on the year. In Q1, the annual increase was 2.8%.

Government spending growth slowed down to 2.5%, while Q1 saw an annual increase of 2.8%. Gross investment in fixed capital went up 3.1%, down 0.5 percentage points from Q1.

According to seasonally adjusted data, in Q2 GDP increased 1.1% from the previous quarter and 2.8% from Q 2 2017.

 

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