Croatia economy shrinks at a softer pace in Q3

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Croatiaʼs gross domestic product (GDP) shrank by 10% year-on-year in the third quarter of 2020, following an upwardly revised record 15.4% contraction in the previous period, amid the gradual easing of coronavirus lockdown restrictions, data from the Croatian Bureau of Statistics (Crostat) showed.

Image by Myvector / Shutterstock.com

Household spending went down 7.5%, less than a 14% plunge in the second quarter of the year; and fixed capital formation fell 3%, softer than a 14.7% plunge. Additionally, government expenditure grew 1.5%, more than a 0.5% expansion in the prior quarter.

Net trade contributed negatively to the GDP as exports slumped 32.3% (vs -40.7% in Q2) and imports declined at a slower 14.1% (vs -27.5% in Q2). On a seasonally adjusted quarterly basis, the economy grew 6.9%, the most since series began, recovering from a record upwardly revised 15% contraction in the previous period.

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