In the third quarter of 2015, the Croatian economy grew 2.8 percent on the year, which was the fastest grow since Q2 in the pre-recession year 2008, when the year-on-year GDP growth was 2.9%, the national statistical office (DZS) said on Friday.
This was markedly better than expected. Eight economists polled by Hina predicted that GDP would grow 2.2% on the average, their forecasts ranging from 1.6 to 3%.
The third quarter of 2015 was the fourth in a row in which the economy grew. In Q2 2015, GDP grew 1.2% on the year.
The economic activity increase was mainly the result of a 1.4% increase in household spending. The contribution of the net foreign demand was positive, by 1.6 percentage points. The growth of service exports contributed the most to the increase of the GDP volume in Q3, mainly tourism services. The export of goods and services increased 8%. State spending increased 0.6%, while gross fixed capital formation jumped 2.2%.
In Q3, GDP increased 1.3% from Q2, according to seasonally adjusted figures.