HUP, HGK urge immediate action to remove macroeconomic imbalances

Croatian Employers' Association (HUP) Director-General  Davor Majetic said on Thursday that the latest statistical data on Croatia's deficit and debt showed that some progress had been achieved in addressing the budget gap, but stressed that growing public debt needed urgent action.

Croatia's consolidated general government budget deficit in 2015 was HRK 10.7 billion or 3.2% of Gross Domestic Product, while consolidated general government debt reached HRK 289.7 billion or 86.7% of GDP, according to figures  presented at the National Bureau of Statistics (DZS). By comparison, general government deficit in 2014 was HRK 18.1 billion or 5.5% of GDP, while general government debt at the end of 2014 was HRK 284.2 billion or 86.5% of GDP, the DZS's revised data show.

The HUP official said that the figures showed that some headway had been made last year regarding the reduction of the budget deficit, but not regarding the public debt.

Majetic admitted that responsibility for years of failure to implement reforms lay not only with the governments but also "with all those reluctant to accept any change".

The Croatian Chamber of Commerce (HGK) today warned that Croatia still failed to meet the European Union's criteria for fiscal sustainability and urged the authorities to remove macroeconomic imbalances.

The HGK also called for more resolute implementation of reforms in 2016 and 2017.

Last update: Thu, 21/04/2016 - 15:36

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