ZAGREB, November 27, 2019 – In the third quarter of 2019, the Croatian economy grew by 2.9% on the year, a somewhat faster growth compared to the second quarter when GDP increased by 2.4%. The Croatian Bureau of Statistics (DZS) on Wednesday released its initial estimate according to which Gross Domestic Product (GDP) in the third quarter increased by 2.9% on the year.
That is the 21st quarter in a row that Croatia’s GDP has grown.
The biggest positive contribution to GDP in Q3 came from a growth in the export of commodities and services, and household consumption, DZS reported.
Household consumption increased 3.3% in Q3 year-on-year and 2.7% compared to the second quarter.
The export of commodities and services increased by 4.7% in Q3, Y-o-Y and by 3.3% Q-o-Q. The export of commodities jumped by 7.1% while services exports increased 3.1%.
The import of commodities and services also increased on the year (+1.1%), significantly slower than in the preceding quarter when it jumped by 8.3%. The import of commodities increased by 0.9% while imported services increased by 1.8%.
The growth of gross investments in fixed capital increased by 5% in Q3 on the year, which was slower than in Q2 when it increased by 8.2%.
Government consumption also increased in Q3 (+2.9%) compared to the same quarter last year, which is a slower growth than in the second quarter (+3.9%).
In Q3 2019, according to seasonally adjusted data, Croatia’s GDP grew by 0.8% from Q2 and 2.8% from Q3 2018.
That is a higher growth than the EU average. Recently, the Eurostat statistical office reported that the EU economy grew by 1.3% in Q3 on the year and 0.3% on the quarter.
More news about GDP growth can be found in the Business section.