Croatian GDP Growing More Than EU Average

Katarina Anđelković

2024 financial forecast for croatia

August 30, 2023 – The Minister of Economy and Sustainable Development, Davor Filipović, expressed his satisfaction with the data on the growth of Croatian GDP in the second quarter of this year.

As Index writes, Croatian GDP grew 2.7 percent at the annual level, which is a lot higher than the EU average.

“I think we can all be satisfied because, on one hand, there are countries like Germany, Austria, Poland, or the Czech Republic, which are seeing a decline in economic activity. On the other hand, we have had much higher growth than the European Union average,” said Filipović.

The Croatian Bureau of Statistics (DZS) published the first estimate according to which the gross domestic product (GDP) in the second quarter grew by 2.7 percent in real terms compared to the same period last year. According to seasonally adjusted data, the economy grew by 2.5 percent annually and 1.1 percent quarterly in the second quarter.

Effective Crisis Management

Filipović noted that the Croatian economy has been growing for the 10th quarter in a row, and he is especially pleased by the fact that from the last quarter of pre-pandemic 2019 to the second quarter of 2023, it grew by an average of 13 percent.

“This means that we have managed all the adversities and crises well and that we have firmly stood by our economy and citizens. We will continue to do so,” said the Minister of Economy.

He also said that the government will do everything to keep economic activity at this level, and when asked if he is concerned that growth is based on services and consumption while, for example, agriculture and production have stagnated and declined, Filipović repeated that Croatian GDP has grown far more than the average in the EU, which is 0.5 percent.

“As long as there is growth, it should be welcomed,” said Filipović.

Answering a journalist’s question, he also asserted that it would be good for banks to raise interest rates on citizens’ deposits and not just make a profit in a situation of rising interest rates.


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