The State Bureau of Statistics (DZS) on Friday released its first estimate of GDP growth in the third quarter of the year, under which it is 15.8% higher than in Q3 2020.
That is the second-largest jump in economic activity after a record growth of 16.5% in Q2.
HGK: GDP growth in three quarters as much as 10.7%
Considering the good results in Q2 and Q3, in the first three quarters of the year GDP went up by as much as 10.7% compared to the same period of 2020, the Croatian Chamber of Commerce (HGK) said in its analysis of the latest DZS data.
Real GDP was not only significantly higher than in 2020 but it even exceeded the 2019 GDP by about 1.5%, putting Croatia among the most successful EU countries for which data is available.
“Of a total of 21 member states for which Eurostat has data for all three quarters, only ten achieved a GDP that was higher than in 2019. Compared to other member states, Croatia also stands out for the growth rate, having achieved the highest growth,” the HGK said.
According to the European Commission, with an average GDP growth of 5.7% in this and in the next two years Croatia could rank third among EU countries, behind Ireland and Romania, and its growth is expected to be more dynamic than that of the entire EU, which will enable it to get closer to the EU development average.
HUP: GDP at end 2021 just a little higher than it was a decade ago
The Croatian Employers’ Association (HUP) underscored that based on available indicators, the DZS’s initial estimate confirms the double-digit growth rate of real GDP in the third quarter of this year as against the same period last year, however, it noted that at the end of 2021, GDP would be just a little higher than the growth achieved more than a decade ago.
HUP notes that based on most economic indicators, Croatia continues to be at the bottom of the EU along with Bulgaria.
“In order to change that and for growth to be stepped up and the level of development of other EU members from central and eastern Europe to be achieved, we need to use the present time to create foundations for strong and sustainable growth rates in the future,” HUP underscored.
Joining the euro area and accessing EU funds “could additionally push growth rates up in the coming period but exclusively on the condition reforms are implemented to enable investments and new employment.”
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