Croatian economy growth continues to slow in Q1

Figures

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Croatia's gross domestic product (GDP) advanced by 7% year-on-year in the first quarter of 2022, following a 9.7% expansion in the previous period, figures released by the Central Bureau of Statistics (Crostat) on Friday show.

It was the fourth consecutive quarter of growth following a pandemic-induced recession. Household consumption increased by 6.3% annually in real terms in the Q1, while government spending rose by 5.9%.

Gross fixed capital formation grew by 7.9%, which also led to an increase in the volume of construction works.

Meanwhile, the export of goods and services recorded a 29.4% increase in real terms, while the import of goods and services recorded a 25% growth rate.

The first estimate shows that the quarterly gross value added (GVA) increased in real terms by 6.3% in the first quarter of 2022 compared to the same quarter of 2021, based on non-adjusted data, the statistical office said.

The quarterly growth of GVA was recorded in all activities a nd it was mostly driven by wholesale and retail trade, transportation and storage, and accommodation and food service activities. Croatia's government expects the country's real GDP to grow by 3% in 2022. 

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