Croatia's economic growth above EU average, national statistical office says

The growth of Croatia's economy in the second quarter of 2016 has exceeded the average growth in the EU 28 both annually and quarterly, reporters were told at the national statistical office (DZS) on Wednesday.

According to the first DZS estimates, in Q2 2016 GDP went up 2.8% annually in real terms, or by 2% according to seasonally adjusted data. Compared to the preceding quarter, it went up 0.6% in real terms according to seasonally adjusted data.

In the EU, growth in Q2 2016 went up 1.8% on average on the year according to seasonally adjusted data. The highest growth was recorded in Romania (+5.9), while Greece was the only member state to post a negative growth rate (-0.7%).

Compared to Q1 2016, the average growth in the EU was 0.4%, with Romania recording the highest growth (+1.5%).

"The main cause of the Croatian GDP growth is increased household consumption, followed by export growth, which was weaker than before but still the most significant component of the Croatian economy, and an unexpected growth in state consumption. Investments have been increasing for the fourth consecutive quarter, reaching a 6.3% growth rate," DZS head Marko Kristof said, adding that GDP had been growing since 2014 according to both original and seasonally adjusted data.

Kristof said state consumption went up 2.6%, with outlays for public sector employees going up 0.8%. Expenditures for final household consumption went up by 3% and exports by 4.1%, down from 7.1% in Q1 2016.

Kristof said the manufacturing industry contributed the most to GDP growth, followed by retail, including catering, tourism and transport (+3.3%), and construction (+4.3%).

Last update: Wed, 31/08/2016 - 13:35


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