Croatia Economy Expands Further in Q3, 1st Estimate

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Croatia's economic output expanded by 2.8% year-on-year in the third quarter of 2023, following a downwardly revised 2.6% advance in the previous quarter, the Zagreb-based Croatian Bureau of Statistics (Crostat) said on Tuesday, quoting non-adjusted data.

This marks the highest gross domestic product (GDP) growth since the last quarter of 2022, mainly due to an acceleration in gross fixed capital formation (6.1% vs 4.2% in Q2 of 2023) and household consumption (3% vs 2.1%).

Conversely, government consumption increased at a slower pace (2.1% vs 6.8%).

On the external demand, imports declined 12.1% (vs -1.6%), while exports fell at a softer 8.5% (vs -0.7%). On a seasonally adjusted quarterly basis, Croatia's GDP expanded 0.3%, following an upwardly revised 1.5% rise in the previous quarter.

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