GDP

Croatia's GDP per capita in 2014 was EUR 10,152

Gross Domestic Product (GDP) per capita in Croatia in 2014 was HRK 77,456 or EUR 10,152, and broken down by region, the highest GDP per capita was recorded in Zagreb, being 76.4% above the national average, while the north-eastern Virovitica-Podravina County had the lowest GDP per capita, 44.3% below the national average, show figures provided by the national statistical office (DZS).

Economy minister says government's goal is permanent 5% economic growth

The government's goal is to achieve a permanent economic growth rate of 5%, Economy, Entrepreneurship and Crafts Minister Martina Dalic said on Monday at a business lunch organised by the American Chamber of Commerce (AmCham).

EC forecasts Croatia's economy to rise 3.1 pct in 2017

The European Commission has considerably revised upward the projections for Croatia's economy in 2016 from the previously projected growth of 2.6%  in its autumn forecast to 2.8% and from 2.5% to the latest projection of 3.1% in 2017, according to the Commission's Winter Forecast, published on Monday.

CEIZ index indicates annual GDP growth in 2016 at 3.1%

The CEIZ index in December 2016 was 4.2 points, its highest level since March 2007, the Zagreb Institute of Economics (EIZ) said on Tuesday.

German economy sizzles at 1.9 per cent in 2016, strongest since 2011

The German economy grew by 1.9 per cent in 2016, the Federal Statistics Office announced Thursday, posting the strongest growth in five years for Europe's largest economy.

Croatia records highest Q3 GDP growth in EU

The European Union's economy grew by 0.4% in the third quarter of 2016 compared with the previous quarter, and Croatia recorded the highest growth rate, according to data released by the EU statistical office on Tuesday.

PBZ puts Croatia's growth at 2.7% in 2016

Privredna Banka Zagreb (PBZ) has revised upward its forecast of Croatia's economic growth for 2016 from 2.3% to 2.7%.

The Economist forecasts Croatia's GDP to grow 2.2 pct in 2017

The Economist weekly forecasts that Croatia's economy will grow 2.2% in 2017, spurred by stronger consumer confidence, "but the economy will remain below its 2007-08 peak."

Croatia posts fastest quarter-to-quarter GDP growth in EU

Croatia is in the upper half among European Union member states in terms of the annual GDP growth in the third quarter of 2016, while recording the fastest growth in comparison with the previous quarter, the head of the national statistical office (DZS), Marko Kristof, said on Wednesday.

Employers welcome government's GDP projection

The Croatian Employers' Association (HUP) welcomes the government's optimistic projection of GDP growth for next year, but believes that it is not enough to catch up with other countries after years of recession.

Central bank forecasts real GDP growth to exceed 2.3 pct this year

Croatian National Bank (HNB) analysts predict that real GDP will exceed 2.3% this year, which they predicted in July, primarily owing to stronger economic growth in the second quarter and better trends at the beginning of the third, thanks in great part to a good tourism season.

Statistical office confirms 2.8% GDP growth in Q2

The national statistical office on Wednesday confirmed its preliminary estimate showing that GDP in Q2 this year grew 2.8% from Q2 2015.

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.

Croatia's economy grew 2.8% in Q2

Croatia's economy in the second quarter of 2016 grew by 2.8% from the same period of last year, which is a slightly faster growth rate than in the previous quarter and higher than expected.

Oreskovic expects excellent data on GDP

Caretaker Prime Minister Tihomir Oreskovic said at the start of a government session on Wednesday that he was confident data on GDP in the second quarter of this year would be excellent and that rating agencies were expected to improve the country's credit rating by the end of the year.

In 2015 Croatia on par to Romania in consumption per capita

Huge discrepancies in consumption and Gross Domestic Product per capita were recorded in 2015 in the 28 European Union member states with Croatia being on par to Romania at the lower end of the EU scale, Eurostat reported on Wednesday.

HNB: Croatian economy continues to grow

The HNB Council discussed the latest economic and monetary indicators, adopted the annual report on the HNB's work in 2015, the annual report on the work of the Croatian Monetary Institute in 2015, and several decisions.

World Bank upgrades growth projections for Croatia

This year the Croatian economy is projected to increase 1.9%, half a percentage point more than what the World Bank forecast in January. The forecast for 2015 was increased by 0.6 pp to 1.6%.

Eurozone growth at 0.6 per cent in first quarter, final data shows

The eurozone's economy expanded by 0.6 per cent in the first three months of this year, posting more solid growth than previously expected, new data showed on Tuesday.

DZS: Croatia's GDP growth higher than EU average

Seasonally-adjusted data show that Croatia's GDP grew by 0.6% in the first quarter of 2016 compared with the fourth quarter of 2015 and by 2.3% compared with the first quarter of 2015.

Analysts say GDP growth good news but...

A higher growth of Gross Domestic Product (GDP) than expected is good news by all means, analysts have said, however, they warn that the continuation of political instability could negatively affect economic trends.

SDP MP says GDP growth owing to previous gov't, HDZ MP disagrees

"This is the sixth quarter in a row that we are recording growth. That means that we did a good job," Grcic said, adding that current problems in the functioning of the incumbent government would reflect on results in the second half of the year.

PM pleased with GDP growth of 2.7%

Prime Minister Tihomir Oreskovic said on Tuesday he was pleased that the Croatian economy had grown 2.7% in the first quarter of this year, which was more than expected.

Economic growth up 2.7% in Q1

Croatia's economic growth in Q1 was up 2.7% compared to the same period last year, a faster growth than recorded in the quarter preceding it and higher than had been expected.

PM says govt functioning

Prime Minister Tihomir Oreskovic claimed on Monday that the "government is functioning" and that he hoped that reporters would not just focus on the current political situation but also on the results the government is achieving.

Differences between Croatian regions have increased, panel hears

Vuckovic said her ministry would present a draft of a new regional development strategy by the end of June so that it could be adopted in the third quarter of the year.

Euro growth still "solid" in early 2016 despite forecast downgrade

The economy of the eurozone, the embattled currency bloc within the European Union, expanded in early 2016 by slightly less than anticipated last month, but still posted "solid" growth, official data showed on Friday.

Spending on migrants helps boost German first-quarter growth

A surge in government spending to support the influx of migrants to Germany over the last year was one of the main drivers in first-quarter economic growth, Germany's statistics agency reported Friday.

Eurozone first quarter growth downgraded to 0.5 per cent

The eurozone economy expanded in early 2016 by slightly less than anticipated last month, but still posted solid growth, official data showed on Friday.

PM says refom package will bring better future to all citizens

"Great changes are ahead of us and we must keep our promise," the prime minister told Croatian Television.

Eurozone "astonishes" with GDP growth, but inflation still too low

The eurozone's economy grew by a better-than-expected 0.6 per cent in the first three months of this year, but prices of goods and services were back in decline despite efforts to boost inflation, data released on Friday showed.

Eurozone "astonishes" with 0.6-per-cent GDP growth in first quarter

The eurozone's gross domestic product (GDP) posted quarterly growth of 0.6 per cent in the first three months of the year, official data showed Friday, a better-than-expected result for the world's third-largest economic bloc.

Central bank governor says GDP growing on healthy foundations

He voiced optimism, underlining however, that reforms were necessary in all sectors -- the public administration, judiciary, the health sector, education.

Bank economists raise GDP growth forecast to 1.3 pct

The chief economists of the six biggest Croatian banks have raised their forecast of Croatia's growth this year to 1.3 percent, the Croatian Banking Association (HUB) said on Friday.

Croatia in group with France, Austria concerning deficit, debt

Croatia's budget deficit of -3.2% in 2015 puts it among the European Union member-states that have failed to downsize their budget gap below 3% of GDP.

Slovenia's budget gap 2.9% of GDP

Slovenia's general government deficit in 2015 was 1.13 billion euros or 2.9 per cent of Gross Domestic Product, according to the latest figures released by the national statistical office.

Putin: Russia GDP expected to recover from contraction, grow in 2017

Russia's gross domestic product is expected to recover from contraction and grow 1.4 per cent next year, President Vladimir Putin said Thursday.

AmCham presents 8 recommendations for better investment climate

Nearly 10 percent of Croatian companies are owned by foreigners but they generate 25 percent of all investments in the country and over one third of all exports, said Andrea Doko Jelusic, AmCham Executive Director.

Croatia's end-2015 public debt at 86.7% of GDP

Croatia's public debt in December 2015 was HRK 289.7 billion or 86.7% of GDP, stagnating monthly, but increasing annually by 1.9% or HRK 5.5 billion, analysts at Raiffeisenbank Austria (RBA) said in a report on Wednesday.

Croatia and Macedonia could appear together on third markets - ambassador

After conducting talks with Sisak Mayor Kristina Ikic Banicek, Karagjozoska visited the county chamber of commerce where she met with entrepreneurs and informed them of business conditions in Macedonia and of possible investment opportunities.

HAAB says GDP to grow 1% this year

Hypo Alpe Adria Bank (HAAB) has projected this year's GDP growth rate at 1% and expects the growth rate in 2017 to be 1.5%.

In Croatia social protection accounts for highest item of gov't expenditure

Social protection was one of the most important functions in government expenditure in 2014 and it was also the most important in Croatia, the European statistical office Eurostat reported on Tuesday.

Institute of Economics revises upward forecast for Croatia's economy

"After six consecutive years of declining activity, Croatian GDP rebounded in 2015 and recorded a positive growth rate of 1.6 percent, still far from pre-crisis growth levels, but nonetheless an important turnaround for future prospects. 

PM announces cuts to parafiscal charges by year's end

Prime Minister Tihomir Oreskovic said on Wednesday that parafiscal charges for companies would be cut by about 330 million kuna (4 million euros) or 0.1 percent of GDP by the end of this year and that an online central land registry would be established.

PM presents budget proposal in parliament

Prime Minister Tihomir Oreskovic presented in the parliament on Tuesday a budget proposal for this year, describing 2016 as a watershed year in which Croatia would have the last chance to start dealing with accumulated problems.

Central bank says is economical, successful, with strict audit

The Croatian National Bank (HNB) said on Monday that it ranked among Europe's economical central banks which at the same time operated successfully, although this was not its main task, and that its work was subject to a strict audit.

Moody's lowers Croatia's rating, maintains negative outlook

Croatia is faced with continuing weak medium-term economic growth prospects, which derive from historically low investment and structural rigidities, including a low labour force participation rate, as well as bottlenecks in the absorption of EU funds.

Karamarko dismisses criticism of draft 2016 budget

"Once you get to the structure (of the draft budget) you'll see that there are reforms there, harsh reforms. It's not true that we cut funds only to those on welfare, disabled people and high school students. We received positive assessments from Brussels for this," 

HGK, HUPsays projected GDP growth biggest risk for budget

The Croatian government adopted the draft 2016 budget at its meeting on Thursday, projecting revenues at HRK 114.9 billion, expenditures at HRK 122.4 billion and a deficit of HRK 7.5 billion or 2.2% of GDP.

Proposed 2016 budget not reform-oriented, analysts say

The proposed 2016 budget is not reform-oriented, and genuine reforms might be visible only in the government's economic programme, which the European Commission will assess in May, and in the 2017 budget, analysts say.

Government adopts draft 2016 budget

The government on Thursday unveiled the draft 2016 budget projecting revenues at HRK 114.9 billion, expenditures at HRK 122.4 billion and the deficit at HRK 7.5 billion or 2.2% of GDP.

Budget gap to be 2.2% of projected GDP

The Croatian government will present on Thursday its budget proposal for 2016, which envisages a deficit of HRK 7.4 billion or 2.2% of the projected GDP.

Unions won't back down from 6% pay rise claim

At the meeting with the government we will see how and in what period the pay rise will be negotiated, we are open to all options, said Plesa.

Croatia's economy grows 1.9% in Q4 2015, DZS confirms

The Croatian economy grew 1.9% in the last quarter of 2015 compared with the same period of 2014, while in entire 2015 it increased by 1.6% in real terms, the National Bureau of Statistics (DZS) confirmed in its second estimate on Friday.

Croatia's public debt reaches 85.5% of GDP, foreign debt 107.7% of GDP

Croatia's public debt reached HRK 285.3 billion at the end of November 2015, representing 85.5% of the estimated GDP for 2015, while gross foreign debt totalled EUR 47.2 billion or 107.7% of GDP, the latest figures provided by the Croatian National Bank (HNB) show.

Chamber of Commerce doesn't expect more dynamic growth

The Croatian Chamber of Commerce (HGK) said on Friday the 1.9% GDP growth in the last quarter of 2015 was as it had expected and that it did not expect this year's GDP growth to be more dynamic than in 2015.

Milanovic: GDP growth result of my government's work

Social Democratic Party (SDP) leader Zoran Milanovic said on Friday that the 1.9% increase of GDP in the final quarter of 2015 was the result of the work of his government over the previous four years.

GDP in Q4 2015 up 1.9 pct

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.

Chamber of Commerce: 2% GDP growth feasible, albeit optimistic

"The proposed guidelines are just the first step, which should be followed by structural reforms as only they can ensure a long term sustainability of public finance and return the country to the level of investment rating in the short term," Savic said.

Budget revenues planned at HRK 113b, expenditures at HRK 120.4b

Maric said the plan is to reduce unemployment to below 16% this year and below 14% by the end of the projected period. He said employment growth would be monitored too.

Croatian GDP has grown over 2 pct again?

Thanks to stronger consumption, exports and investments, economists estimate that Croatia's economy increased more than two percent in the last quarter of 2015, but at a slower rate than in the third quarter.

FinMin says expects 2% GDP growth, but there are negative risks

Finance Minister Zdravko Maric said on Saturday that this year the government expected the economy to grow approximately 2%, but that there were negative risks that come with those assessments, primarily due to external factors.

Govt. set to cut unemployment below 14%, raise GDP to 3 pct

There are three key government goals, to reduce unemployment to below 14 percent, to increase annual GDP growth to 3% and to try not to rely exclusively on big government investments, Entrepreneurship and Crafts Minister Darko Horvat said on Thursday.

Croatia's GDP per capita in 2013 was EUR 10,228

Expressed in the kuna, the country's GDP per capita rose in 2013 from 2012 by a slight 0.07%, and expressed in the euro it declined by 0.67%.

FinMin: Budget to be adopted on March 10, deficit target 3% of GDP

The Croatian government intends to adopt a budget for this year on March 10 and plans to reduce the budget deficit to 3% of GDP, Finance Minister Zdravko Maric said in Brussels on Friday.

Italy growth in 2015 estimated at a disappointing 0.6 per cent

Italy's economy grew by 0.6 per cent last year, below government estimates and economists' forecasts, national statistics institute Istat reported Friday.

Spain misses deficit target agreed with EU

Spain missed the target agreed with the European Union for cutting its budgetary deficit last year, Prime Minister Mariano Rajoy announced in Madrid on Thursday.

Public procurement accounts for 12.8% of GDP

Lawmakers consider that legislation regulating public procurement requires adaptation and that the most economical and not the cheapest bid should be favoured.

2015 budget deficit considerably lower than planned

Croatia's consolidated central government deficit in 2015 was HRK 9.6 billion or 2.9 percent of GDP according to the GFS 2001 methodology, preliminary data provided by the Ministry of Finance show.

PM says every option possible to cut budget deficit

Prime Minister Tihomir Oreskovic said on Wednesday the priority regarding this year's budget was to reduce the public debt, adding that attempts would be made to reduce the deficit to three percent of GDP, with every option open and every card on the table.

Milanovic dismisses Karamarko's statement about growth forecast as unfounded

Tim's PowerPoint presentation did not provide any impulse to these results and the Commission's revision of its growth forecast for the Croatian economy for this year from 1.4 to 2.1 per cent speaks of the work of our government. 

Analysts consider EC forecast of GDP growth optimistic

The European Commission on Thursday revised upward its outlook of Croatia's growth in 2016 from a previous 1.4% to 2.1%, which some domestic analysts consider to be an optimistic forecast, but they agree that public debt might grow at a slower rate.

EC revises upward outlook of Croatia's GDP growth to 2.1 pct

The European Commission on Thursday revised upward its outlook of Croatia's growth in 2016 from a previous 1.4% to 2.1%, saying however that the pace of the recovery remained constrained by the still high stock of debt in both the private and public sectors.

Fitch Affirms Croatia at 'BB'; Outlook Negative

Fitch Ratings has affirmed Croatia's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB' and 'BB+' respectively.

New gov't to increase funds for culture, education and science

In 2017 and 2018, budget funds for culture would be increased to 1.5% of GDP. Allocations for culture in the 2014 budget were 0.49% of GDP.

Oreskovic: Main goal is to improve economy and living standards

Prime Minister-designate Tihomir Oreskovic presented his programme in parliament on Friday, saying that the main goal of his government would be to improve the economic and social situation in Croatia and increase living standards.

Greek debt back on the upswing, reached 171 per cent in third quarter

Greece's public debt swung back up in the third quarter of last year, reaching 171 per cent of gross domestic product (GDP) and registering one of the largest quarterly increases in Europe, new data showed Friday.

Mild increase in tax-to-GDP ratio in EU and Croatia

Tax revenue in the share of Gross Domestic Product (GDP) in the EU in 2014 stood at 40% compared with 39.9% in 2013, in Croatia in 2014 it was 36.7% compared with 36.6% in 2013.

Current account surplus in Q3 2015 reaches EUR 3.89b

In Q3 2015, the current account surplus rose to 4.7% of GDP from 0.8% in Q4 2014. Central bank analysts estimate that the current account surplus for 2015 could be 4.8% of GDP.

FinMin says state purse in very good state

Lalovac said he hoped the new government would continue to reduce the income tax. This year the non-taxable part of income was increased, resulting in higher net salaries, consumption and GDP.

HRK 2.34 bln spent for research and development in 2014

More than two-thirds of budget funds for research and development, or 67.6%, were intended for the sector of higher education, followed by the state sector, with a 26.4% share.

World Bank projects Croatia's growth in 2015 at 1.5%

In order to ensure macroeconomic stability and growth, it is essential to continue dealing with fiscal weaknesses and the high rates of inactivity and unemployment and to resolutely implement long-term structural reforms

EIZ: GDP growth of 1.5% forecast for 2015

EIZ upgraded its previous estimate by one percentage point compared with figures released in September, when EIZ forecast a GDP growth of 0.5% on the year.

Croatia among EU countries with highest Q3 growth

Croatia's seasonally adjusted GDP increased by 1.3 per cent in the third quarter of 2015, compared with the previous quarter when it recorded 1.0% growth.

Public sector unions refuse meeting with caretaker govt

Labour and Pension Systems Minister Mirando Mrsic invited unions to a meeting concerning the possible implementation of the agreement to increase wages.

Croatian banks see reduced space for financing state

"Each bank runs its own crediting policy and the banks will make sure that further financing of the state remains possible, but there is no much space for the exposure level to rise," 

Unions says gov't using tricks to avoid base pay increase

Deputy Prime Minister Branko Grcic told reporters that a decision on the matter would be made by the new government in talks with trade unions.

CEIZ index indicates economic recovery

The CEIZ index has been recording a noticeable growth since June 2014, the institute said adding that since then it had gone up by 2.3 index points.

Gross foreign debt grows 4.1% on year

Compared to July, the gross foreign debt was 1.5 billion euros down, but compared to August 2014, it went up by 1.9 billion euros. 

Croatia's public debt up 6% y-o-y

General government debt, which includes the debt of central government, social security funds and local government, decreased by HRK 1.8 billion or 0.6 per cent from July,

Croatia among fastest-growing economies in EU

Seasonally adjusted statistics, comparable with figures from other EU countries, show that Croatia's GDP rose 2.7% in Q3 2015 year on year, while the original data put this rate at 2.8%.

GDP in Q3 jumps 2.8 pct, record high since 2008

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%.

Croatia's economy set to grow by 2.2% in Q3 2015 - analysts

If these projections prove to be correct, Croatia will have a positive growth for four straight quarters, with the latest quarter seeing the fastest growth,

Economist says Croatia needs radical reforms

Croatia needs radical reforms and the independent coalition MOST (Bridge) should be given the opportunity to form the new government and nominate a prime minister designate

Croatia's gross foreign debt exceeds EUR 49bn

Croatia's gross foreign debt reached 49.2 billion euros at the end of July 2015, or 113.8% of the estimated GDP, according to the latest figures from the Croatian National Bank (HNB).

HGK: Growth insufficient to reach EU average at faster pace

The Croatian Chamber of Commerce (HGK) said on Thursday that the latest forecasts by the European Commission on Croatia's economic growth were as expected ...

Employers say additional effort needed to reach 3 pct growth

Croatian Employers Association (HUP) president Gordana Deranja said on Thursday she was not pleased with the European Commission's latest forecast of Croatia's economic growth,

EC to publish autumn economic forecast Thursday

The European Commission will present its autumn economic forecast, including information on GDP, inflation, employment, budget deficit and public debt in the member states, ...

Croatia's public debt reaches 87% of GDP in July

General government debt in July 2015, compared with June 2015, increased by HRK 6.1 billion or 2.2%, while compared with July 2014 it went up by HRK 18.2 billion or 6.7%.

Croatia among 14 EU states with excessive budget deficit

Last year four EU member states recorded a surplus -- Denmark (+1.5%), Luxembourg (+1.4%), Estonia (+0.7%) and Germany (+0.3%).