Croatia Q2 GDP contraction steepest on record

Analysis

Photo by Feng Yu / Shutterstock.com

Croatiaʼs gross domestic product (GDP) shrank by 15.1% in the second quarter of 2020 compared to the same period last year, the Croatian Bureau of Statistics (Crostat) said in a statement.

Image by Shutterstock.com

The drop, caused mainly by restrictive measures to combat the COVID-19 outbreak, is the largest one since the time series started in 1995. The biggest decline was recorded in tourism, which shrank by 67.4%.

Household consumption dropped by 14%, exports of goods and services decreased by 40%, and imports of goods and services shrank by 28.1%.

In the first quarter, Croatia managed to avoid an economic downturn, with its GDP shrinking by 0.4%.

On a seasonally adjusted quarterly basis, the GDP contracted by a record 14.9%, following an upwardly revised 1.3% decline in Q1.

ADVERTISEMENT

Raiffeisen predicts 4.5% GDP growth for 2022 Analysis

Raiffeisen predicts 4.5% GDP growth for 2022

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

New leasing and sales director at Horizon Development Appointments

New leasing and sales director at Horizon Development

Gov't calls for technical screening of László Papp Arena City

Gov't calls for technical screening of László Papp Arena

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.