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.

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