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Photograph: Freeimages.com/Dominik Gwarek

Croatia's economy grew 1.9% in the fourth quarter of 2015 on the year, which is a slower growth than in the previous quarter and a smaller growth than expected.

The national statistical office (DZS) on Friday published the preliminary forecasts regarding GDP in Q4 2015, according to which GGP was 1.9% higher on the year, which is less than expected.

Eight economists interviewed by Hina estimated that in that quarter the economy would grow 2.1% on the year on average, their estimates ranging from 1.8 to 2.6%.

The last quarter of last year was the fifth in a row in which GDP increased, although more slowly than in Q3, when it increased 2.8% on the year, the most since Q2 2008, the year before the recession.

That economic growth is due to stronger domestic consumption, the biggest GDP component. Household consumption in Q4 2015 was up 2.4% on the year. This growth was faster than in Q3 2015, when it amounted to 1.4%.

Exports of commodities and services in the past quarter increased by 11.6% on the year. Imports of commodities and services soared 13.6% so the contribution of the net foreign demand was negative by 1.1 percentage points.

Other GDP component recorded a growth. Gross investments in fixed capital rose by 3.7% on the year, significantly faster compared to the 2.2% growth in the previous quarter. Government consumption was up 0.8% on the year, which is faster that the 0.56% growth in Q3 2015.

According to seasonally-adjusted data, GDP in Q4 2015 was down 0.5% on the previous quarter, but it soared 2% on the year.

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