Croatian Economy Grew 2.8% in 2023

Lauren Simmonds

croatian economy

February the 27th, 2024 – The Croatian economy saw growth of 2.8 percent last year, primarily owing to the continued growth of consumption (spending) and investments.

As Zvonimir Varga/Poslovni Dnevnik writes, owing to the growth of consumption and investments, the Croatian economy grew in the fourth quarter of last year – and that growth represented the 12th quarter in a row dominated by growth. The Croatian economy as such grew by 4.3 percent on an annual basis, while throughout the whole of last year, it grew by 2.8 percent.

The State Bureau of Statistics (DZS/CBS) published their first estimates on Tuesday this week, according to which, Croatian gross domestic product (GDP) grew by 4.3 percent in real terms in the fourth quarter of last year when compared to the same period of the previous year.

This represented more rapid growth for the Croatian economy than was seen back during the third quarter of last year, when GDP grew by 2.8 percent. The Croatian economy’s growth during the last quarter of last year was the fastest growth since the third quarter of 2022.

According to seasonally adjusted data from the aforementioned institution, the Croatian economy grew by 4.3 percent on an annual basis and 1.3 percent on a quarterly basis in the last quarter of last year.

All of the above is excellent news following an extended period of extreme insecurity and difficulty in prediction, dominated first by the negative consequences of the coronavirus pandemic, and followed by a lack of market stability as a result of Russia’s shock invasion of neighbouring Ukraine in early 2022.


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